Is Now A Good Time To Move House?

It’s the question on everybody’s lips. So, let’s dive into a topic that’s been on many people’s minds lately: moving house. Whether you’re feeling the itch for a change or life circumstances are nudging you in a new direction, the decision to move is never one to take lightly. So, let’s have a delve into the facts about moving house in 2023 and whether now is now a good time to move house.

Checking Your Financial Pulse

First things first, let’s talk equity. Equity is like that little cushion of financial comfort you’ve built up in your current home over time. If you’ve been in your current property for a while, the value of your home has increased, you might find yourself with a nice chunk of equity. This equity can play a big role in making your next move smoother by giving you a bigger deposit or covering some of the upfront costs.

To Move or Not to Move? That is the Question

Now, let’s consider the need to move. Are you feeling cramped and in dire need of extra space? Or maybe your job is relocating you to a new city? Life has its way of throwing curveballs at us, and sometimes moving is just the best way to hit those balls right back. But if you’re only feeling a slight itch for change and your current space is working just fine, it might be worth pondering a bit longer.

Counting the Pounds: Affordability

Ah, affordability – the word of the moment. Take a good look at your budget. Can you afford the upfront costs of moving? These could include the deposit, stamp duty, legal fees, and any repairs or updates your new place might need. Don’t forget to factor in moving expenses too! It’s like planning a road trip – you need gas money and snacks along the way so don’t forget about this extra costs that need to be factored in even before you move!

Crunching the Numbers: How Much Can You Borrow?

Before you start scanning listings for your dream home, get pre-approved for a mortgage. This nifty step gives you a solid idea of how much you can borrow, which will ultimately help you set your house-hunting expectations. Remember, just because you can borrow a certain amount doesn’t mean you should. Staying within a budget that aligns with your financial goals is key.

More Than Just the Sticker Price: Additional Costs

Moving house isn’t just about the price tag on that ‘for sale’ sign. There are all those little extras that add up – property taxes, homeowner’s insurance, and maybe even homeowners association fees. Plus, if you’re moving into a larger space, think about how those utility bills might change. Bigger house, bigger bills, right? It’s like upgrading your cable package – more channels, more fees.

So, Is Now the Right Time to Move?

In the end, the right time to move house is a unique decision for each person. Take some time to reflect on your current situation, your goals, and your finances. If you’ve got a decent amount of equity, a legitimate need to move, a budget that can handle it, and you’ve crunched those numbers to understand how much you can borrow and what those extra costs might be, then you’re on the right track.

Remember, moving house is a big step, but with careful consideration and a sprinkle of excitement, you can turn it into a wonderful adventure. So, go ahead and take that leap – or, if the timing isn’t quite right, keep dreaming and planning until the stars align.

Until next time, happy house hunting, friends

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If you have any further questions, get in touch with Propertyable today.