January is a season of renewal. 2019 has trudged to an end, and now we have a bright beginning ahead of us. It’s no surprise then, that January is the time of year when people are most likely to start something new. Some start classes, others change careers, while some brave souls take the plunge and decide to up sticks and move to a new house. There’s no time like the present, but actually how feasible is moving to a new house?
Buyer or Seller’s Market?
One of the main things people discuss when they talk about moving house is whether it is a good time to sell or a good time to buy. A buyer’s market occurs when there is more supply and less demand, so sellers are competing for your custom. Meanwhile, a seller’s market occurs when house prices are pipped to go up, so demand grows for the current houses on the market. For many people, wanting to move house happens whether it’s a buyer’s or seller’s market. Only for serious house flippers should this make too much of a difference. If you can wait until circumstances favour you, that’s fine, but if you don’t mind knowing you could maybe get a better deal at some point, then go ahead and proceed anyway.
House or Area?
One of the main things people consider when finding somewhere to live is both the house and the wider area. You can’t appreciate a beautiful house if the area isn’t pleasant, and you can’t benefit from a good area if your home isn’t up to scratch. Some people sacrifice aspects of the house for the area – e.g. the facilities, schools, proximity to work etc. – while others consider the house, where they spend most of their time, to be more important. Balancing out the various aspects that are important to you can help you determine whether the house or the area should be the focus. Some people end up being lucky and find their perfect house in an area they love, but often compromise is necessary when weighing up your options.
When looking into financing the big move, it’s important to see the feasibility of getting a mortgage for the property. For instance, services such as the Trussle mortgage calculator help to show you how much you could be allowed to borrow based on your salary, the amount of the deposit, your outgoings, and any partner’s salary. Such tools can even help with remortgaging, so you can decide whether staying put with a better deal may be better than moving in the first place.
The decision of whether to move house or not comes down to two factors. Firstly, can you afford it? Secondly, are you doing it for a reason? If you’re feeling stagnant, wanting something bigger or smaller or wanting a change of scenery, these are all good reasons to begin looking for somewhere to live. If you’re content or want to remain where you are, then that’s perfectly acceptable too. But, if you’re even slightly considering moving house, January is the best time to make these decisions.