Moving Up on the Property Ladder: Is Now the Time to Upgrade Your Home?

Moving Up on the Property Ladder: Is Now the Time to Upgrade Your Home?

With a growing brood and an ever-growing family, there never seems to be enough space in the home. Kids are not just kids. They come with toys, books, clothes and other stuff. As they get older, the problem seems to intensify! Children take up a lot of space in the family home. With this in mind, you may be considering moving house. A house with more space is always needed for an expanding family. The property market, in the UK, has slowly been recovering. This means that more and more people are keen to move house and upgrade to their dream family home.

But, is now the right time to move property? Let’s find out.

Moving Up the Property Ladder

Moving up to your next property is a significant step. But, for expanding families, space is always welcome. It is needed, in fact. Whether this is your second home or your twelfth, you need to think about the implications, as well as the benefits, of moving house. After all, moving home is cited as the most stressful thing an adult can do.

When the credit crunch hit in 2008, some homeowners found themselves in an unfortunate position. Negative equity became the homeowner’s burden. With the inevitable rising costs of property, the consumer need for larger properties took a hit. But, the economy is rising once again. Now just is the perfect time to start afresh in an upgraded property.

Check Your Property Prices

Having a substantive knowledge of the local property market will serve you well. You need to ensure that you have the money to fill the shortfall of your next property. It is said that the average cost of an upgrade is 32%. This means that you are likely to pay over £40,000 more for your next property. You need to ensure that you have the finances in place in order to move. What’s more, you need to consider whether now is the right time to move.

Value Your Home

Negative equity didn’t affect all homeowners. On the contrary, some people have profited from the credit crunch. With this in mind, you need to make sure that you are aware of the real and present costs of your property. A residential property search in Seaton, for example, can ensure that you are au fait with the local figures of housing. Of course, tailor this to your location accordingly for real costs. The best place to check your current valuation is on the online market. An estate agent will be able to assist you with this too.

Your New Mortgage: Money Matters

Buying a bigger property means that you need to assess your mortgage. You may have to put in for a larger loan. Ensure that you are checking out the latest deals. You don’t have to go with your current mortgage provider so that you can move. Interest rates are at an all-time low. For those who are current homeowners, now is the perfect time to move. But, do factor in the additional costs of your mortgage into your budget. Fixed-rate deals are perfect for those that want to upgrade and move up on the property ladder. You will also need a 10% deposit for your new home.

Leave a Reply

Your email address will not be published. Required fields are marked *