Improve or move?
The first factor to consider before deciding to move is whether a move is the right thing for your family or whether you would be better off doing some work to your current property. Indeed, sometimes the very things that are at the root of your desire to move home can be sorted out without having to uproot your entire life.
For instance, if you find that you no longer have enough space for your whole family, you could consider adding an extension to your home or remodelling a part of it to add more bedrooms.
Similarly, if your kitchen is annoying you because of its layout, there is always the option to rip it out and start again. Yes, this will have an impact on your finances and be an inconvenience at the time. However, it can still end up being a lot less hassle than having to move.
Where do we want to live, and why?
The next question you need to ask yourself is if you were to move, where would you want to live, and why? This is such an important question because it helps you define what you are looking to gain from a move. It also helps make things more real. After all, if your heart is telling you to buy a home in Mayfair, London, but your finances make this impossible, you will be able to discern that it’s more of a pipe dream than a practical reality.
Conversely, the reasons for your move include things like being in better catchment areas for school for the kids, being closer to work, or family. If so, then you can see that more serious consideration needs to be given to the decision.
How will moving impact our finances?
It’s easy to dream of a perfect life in a new home without considering the massive impact that moving can have on your finances. Unfortunately, many people move without thinking about how much they will need to reduce their living standards due to increases in their mortgages.
Is it practical to move now?
Another important consideration is whether it’s practical to consider moving from one property to another right now. In particular, if you have children that would need to move schools, it is crucial to factor in the effect this could have, both on their social interaction and their education and exams. For example, moving a child in Year 10 or 11 is often a terrible idea as all the hard work they have put in for their GCSEs can be put into disarray.
Additionally, it would be best to consider factors, including your own mental and physical health. These many include how stable things are at work and whether the market will allow you to optimise profits on the property that you are selling.
Do we need a larger or smaller property?
Lastly, you must consider whether you wish to upsize, downsize, or buy a property that is roughly equal in size to the one you have now. Both upsizing and downsizing can be very appealing in their own ways. Upsizing means more room and often a rise in status, while downsizing can help save a lot of money, and mean maintenance and cleaning of a property is so much easier.
Unfortunately, both options also come with challenges. Upsizing usually means an increase in mortgage, maintenance, and insurance payments or moving to an area with fewer facilities.
On the other hand, downsizing can be challenging because you have to declutter your belongings before moving. You will also need to get used to having less space in which your family can live. To that end, the size of the property you may wish to buy, as was all the other factors listed above, are things you must consider carefully before deciding to move.