Top reasons that make people decide to sell their home
It's such a huge life decision to uproot the family, pack up all of your belongings and move to a different property. There needs to be a compelling reason to go through all of that upheaval, right?
Moving home is certainly not a decision to be taken lightly. In fact, many studies have shown that the average household spends up to 2 years toying with the idea of moving house before they actually make any firm plans. This usually means that for 2 years, the property no longer fits the purpose of the household. They will spend those years getting gradually more irritated by whatever is not quite right. It's either too big, small, or in the wrong location. And it's only when those reasons become more than a niggle and start to negatively impact the family's life that the reason becomes compelling enough to finally take the plunge.
So, the main reasons that push someone into selling their family home and going ahead and putting their home up for sale are:
- Upsizing. Your current property is simply not big enough! You're all living on top of each other. You've had more children since buying the property. Perhaps your children share a room, but they really need their own space as they get older.
- Downsizing. You're rattling around in a huge property that you barely even use. You're wasting money heating and maintaining a big family home when your children have grown up and moved out. The property is simply too big and costly to run.
- Equity release. Somewhat going hand in hand with the downsizers, releasing equity from your property can be a compelling reason to sell. If the value of your home has gone up and you have been paying off or paid off your mortgage, you could sell the property and release all of the equity that you've built up. But you will need to live somewhere, so this will only work if you buy something cheaper than what you've sold. This may mean looking for a smaller home or buying in a more affordable location.
- Relocation. Whether for a job, to be closer to family members, or childcare needs, your property's location is no longer right for you and your family. A slight location change can often allow access to better schools or an easier commute to work. It doesn't always have to be the length and breadth of the country; it could just as simply be a move to the next town.
- Lifestyle change. The most common 'lifestyle change' is exchanging a busy city life for a move to the countryside. Often coming towards the end of a career, after years of dealing with traffic, pollution, and crowds, this seller yearns for a quieter, slower pace of life and looks to move away from the city and to somewhere more rural.
As you can see, it's usually a significant life change that prompts a homeowner to decide to sell their home and that big issue has probably been brewing for a few years before they've bitten the bullet and put it on the market. It takes a few more months to decide on the agent to sell it, and a bit more time for marketing and viewings before an offer is accepted. Then there’s the legal process which can take a few more months; a property move can take up to 3-4 years. No wonder it's considered one of the most significant occasions in a person's life.
If you're contemplating moving and want to discuss the options available to you, even if you are in the very early stages of thinking about moving, get in touch with us and perhaps they can suggest a way to make your life easier without selling just yet if you're not quite ready!?
