At some point in life, there will come a time when you find yourself pondering over whether moving house or staying put is the right thing for you and your family. For some, it may be triggered by one big event, and for others, it is a quiet feeling gnawing at you, wondering if your home fits your current lifestyle or future goals. It might even be driven by a new opportunity, changes to your family, or your financial situation.
There is no wonder you ponder on this question for so long and find yourself unsure about what the right thing to do is. Moving house, whether buying or renting, is a big commitment and something that shouldn’t be taken lightly. There are a plethora of factors that contribute to the final decision, including the location, the square footage, the local amenities, the costs involved and a whole lot more.
To help you on your journey to making the right decision for you and your family, here are some important factors that you need to consider.
Current lifestyle
The first thing to consider is what your current lifestyle looks like and whether your current property fits it. This, for some, might be the clearest sign for a family to move home. If you have a family that is growing, if your job role has changed to remote working, or if you are getting old and live in a busy town, you might quickly find that you are outgrowing your current property.
To help you think about whether your lifestyle suits your current property, think about some of these questions:
- Is your home still accessible, including the stairs and layout?
- Do you have enough storage?
- Do you have enough bedrooms?
- Is your home functional for hobbies, school or work?
Renovations are always a good option too, so it is worth considering whether renovations are realistic or within your budget.
Financial situation
Finances are the most vital part of moving house. You will need to consider the purchase price or the rent, as well as all the costs that come with moving, inspection, renovations, legal costs and more.
Take some time to review your finances, and even acquire the support of a financial advisor to help you find out what options are available to you.
When looking at finances in relation to moving, consider the following:
- Current mortgage or rent
- New mortgage or rent costs
- Equity in your current property
- Your savings
- Your disposable income
- Cost of living and utilities in different areas
- Monthly and long-term affordability
Weighing up the different costs will allow you to see what options are available to you. It might be that building equity in your current home, or your savings, makes more sense. There may also be situations where moving makes more financial sense, such as a good investment or reducing expenses for you.
The process of moving
The process of moving is a big one. Whether you are buying or renting a property, there is going to be a process of moving that you have to endure. You will have to pack up all of your belongings, hire a trusted Residential Moving Company and unpack everything in the new property. If you are renting, it may be easier to plan the logistics. When you buy, the process is more drawn out due to the legalities of the process. It is important that you consider the timing of the move to ensure that moving is not going to cause any big disruptions while something important is going on. You will need to ensure that you have the time, energy and capacity to move, as there is a lot involved.
Location
While you might have found your dream home, it is really important that you think hard on the location. Location is going to affect so much of your life, including your commute times. This can have a huge impact on your quality of life. If you move somewhere really busy with lots of traffic, or a longer distance from work, school and other commitments you have to travel for, it is going to change the way you live.
Consider your current location and the locations that you are considering moving too. Think about:
- Transportation options available to you
- Commute times (and quality, for example, traffic)
- Safety (for walking, cycling, traveling at night)
- Proximity to Doctors and other healthcare facilities, schools, family and friends
- Access to amenities, shops and green spaces
- Noise and neighborhood quality
If your location does or is going to cause you a lot of stress or does not align with the important things in your life, then moving house may significantly improve your life.
Emotional ties
Emotional ties and the attachment you have to your current property or the people in your life who live locally are completely normal, but are they keeping you stuck? It might be your sense of identity, the life you have created, the milestones, the memories, and so much more.
For other families, it might be that you have an emotional tie that is prompting you to move.
The emotional ties of your decisions should be considered fairly, but also identified for what they are, so they are not the sole factor that drives your decision to move or not to move.
Take some time to think about what feelings come up for you, and ask yourself honestly:
- Are you staying out of habit or fear of change?
- Does the home bring your frustration or comfort?
- Are you preventing growth due to the memories you are tied to?
You can still honor the memories and emotional ties to your current property, without it stopping you from moving. Sometimes moving can open a new, positive chapter for you and your family.
It can be hard to decide what the right thing to do is, and whether you should move house or not. It should be less about trends and more about your lifestyle, your goals, your finances, and more.