img
By: Asad Butt
Last Updated: February 06, 2019

Should You Move Your House Or Stay Put

Moving House

Making a decision to move or stay is not an easy one. Wishmove brings you a list of signs to look for and work on if moving is the right thing to do.

Table Of Contents



And here is a fun fact: Average Australian woman has average13 sexual partners in their lifetime.

In 2016, a study found that on average, Australians relocate 13 times in their lifetime. That is a lot of relocation.

We won't say that a decision about moving home is as complicated as starting or ending a relationship but it is not an easy one for sure.

A very few of us are born and stay in the same house all our lives. Times have changed, we all have moved for one reason or another and it is always a difficult decision.

Move or not | want vs the need

Most moves are for necessity but many are not. Reasons vary. A better life, job prospects, new relationship, a breakup, finances, becoming an exchange student to experience a new world or volunteering in another country for a cause, very dear to your heart... you name it.

But many decide, not to move or not to move for a long time. They do it for various reasons like attachment to the place they are living, their social circle or maybe simply that the thought of moving and effort involved is so scary that moving is always the last thing on their list.

But if you are thinking of moving and feel like you need some food for thought, think if it is really what you need or something you would like.

Buying your first apartment or house vs renting

The choice varies across the western world. Income countries like Germany and Netherlands, people tend to rent rather than buying their own home. In the United States and the United Kingdom, people are obsessed with owning property.

If you are thinking, should you buy or keep renting, consider the following:

Advantages of buying a property

  • equity and credit
  • Freedom of your own place
  • Stability and assurance
  • Tax benefits and exemptions
  • Free to upgrade, maintain and improve

Disadvantages of buying a property

  • A lot of investment
  • Lengthy paperwork and process
  • It's an investment, involves risks
  • Mortgage payments
  • Running costs like repairs, maintenance, and upgrade

Advantages for Renting a property

  • Lower upfront costs (one month rent)
  • Simple paperwork
  • Freedom to move out when you desire
  • No maintenance cost
  • No repairs costs
  • No capital at risk
  • Built credit history by paying the rent on time
  • No property tax

Disadvantages of Renting a property

  • Uncertainty
  • Might have to move multiple times
  • No equity over the long term
  • No tax benefits
  • Put up with the landlord or estate agent

Can you find a new house within your budget?

You might not be much satisfied in your current home but consider these questions to start with:

  • Have you been able to find something elsewhere which suits your needs?
  • If you do find something, does it fit within your budget?
  • Do you want a better place but in the same neighborhood but are there any reasonable places on offer?

Moving house | The cost-benefit analysis

Moving house has added costs. It is not only about the price tag.

Consider added cost:

  • Stamp duty
  • Deposit for your new home: At least 5% to 20%
  • Valuation fee for mortgage lender: £150-£1,500
  • Surveyor’s fee for a new home: £250 to £600
  • Legal fees for a solicitor or licensed conveyor: £850-£1,500
  • Bank transfer fee: £40-£50
  • Estate agent’s fee: 1% to 3% of the sale price
  • Removal company costs: £300-£1000
  • Mortgage fees: £2,000-£2500
  • Maintenance and repairs: Average repairs cost £5,750
  • Insurance
  • Running costs
  • Leaseholders’ costs: £50-£100

Do the maths yourself. Think if these added costs are equal or less than what you need to spend to improve your current home. If the costs of moving are similar to an upgrade for your current place, consider it.

Read: The cost of buying a house

Compare facilities in your current and prospective neighborhood

  • What utility service companies operate in the area and what are the costs like gas, electric and water supply.
  • How much is going to be your car and home insurance costs in a new neighborhood?
  • Access to banks or building societies.
  • Access to shopping facilities and markets.
  • What are the prospects for your children like schools?
  • Entertainment: Cable provider, landline provider, and broadband.
  • Medical facilities: Are there any major hospitals in close proximity? How good are the General practitioners (GP's) rated in the new area?

Do you need a larger sized accommodation?

When you moved into the house, it was enough for your needs. Maybe you moved in as a couple with no kids. Maybe with only a toddler. Families grow over time and every member needs their own private space.

Even when people have planned ahead and got the place with space for your unborn children, life can throw surprises at us.

Your house is not getting smaller. Your family is getting bigger. The fact is, children need much more space than the adults, when they are growing up, to "function" properly. As adults, we have set routines, slower metabolism and consume less energy but children are different.

They need not only their own private space but larger living areas and space to play. More kids you have, more space you need.

Sometimes, unplanned things happen as well. Maybe you planned to have a child, in a few years time but he or she is on the way anyway...

Do you love your neighborhood?

More space or nicer house is not everything. Your neighborhood, your connections, and the social circle have a huge impact on your quality of life in many ways.

Having friends and family in close proximity, a support network is very important things to consider if you are thinking of moving to a new neighborhood at a distance.

If you think your issues are of a temporary nature, stay put and try to resolve those instead of packing your bags.

What if you cannot extend or maintain your current home?

If space is tight, one solution is to do an extension. It could be a modification of the attic into a new room or creating a new section next to your current covered area.

Though extension re costly but moving house has it's added costs as well.

If you are not moving to a bigger house in a comparatively cheaper neighborhood, you will have many added costs. If the costs for moving house are equal to less than the cost for an upgrade for your current home, better stick with where you are living.

Choosing between a better job/career and staying put.

Most people take their career and jobs very seriously. Many times an opportunity may arise which is too good to be missed but has some strings attached. and it looks likely that you will have to move.

If the choice is between the opportunity and the quality of life you enjoy, think about it through.

  • The most precious thing in the universe is the "quality time we have".
  • Is this opportunity something you want or you need?
  • If you have what you need and you are content, is this opportunity worth the sacrifice?

Now it might be the case that you can still carry on living in the same place but take a longer commute to work. You have a choice to make. If the opportunity is within a commutable distance, you still need to consider:

  • Is commuting to and from work a viable option?
  • Can you partially work from home and keep living in the same house?
  • Will you be traveling for long, daily, for work and will be home only to sleep?

You need time for yourself. Also, remember that refusing to treat ourselves well could have very negative implications for our health and performance. Doing it for long would not help you pursue your dream career anyway.

“Sometimes we have to do things we don't want to do because it's the right choice. But occasionally we have to put ourselves first.”

― Katherine Allred, What Price Paradise++-++-++--+-+-+-+-++++-++--+-+-+`-+

Can you afford your current lifestyle and house?

Embedded content: https://www.youtube.com/watch?v=hlMAKpxN8N0&t=87s

Scaling back and getting a smaller place is not wrong. If you are tight on finances, working too hard, just to maintain the lifestyle and burning out every day, just to keep up with a hefty mortgage bill every month, you probably need to rethink your approach towards life.

As we said earlier: the quality time we have on Earth, is the most precious thing in the universe. If you are sacrificing that. You are loosing out.

On the other hand, sometimes we need to advance our career by investing time and money in ourselves for future prospects. Monthly bills make us stuck in a rat race and we never take that step and the time is over.

Whatever the case, If you do not have many responsibilities like children or place you maintain is more than your needs, for now, think selling out and scaling back to a smaller place.

It will help you reduce workload and have more free time. you can utilize that time for your own happiness!

Bad Neighbours | Should I move out or stay?

Embedded content: https://www.youtube.com/watch?v=KrAf5ALLxGI

So you both moved to this place, this nice quiet, cul de sac neighborhood, thinking you are going to raise your children in this awesome neighborhood and grow old together.

But what the hell happened with this peaceful and quiet neighborhood?

Only one thing in the universe is certain: CHANGE

Have you seen Neighbors (2014) It is better not to mess with troublemakers as it would not help anyway and start looking for a better neighborhood...

Conclusion

Whatever your choice may be always planning ahead and try to book your moving service one month in advance and go through moving advice provided by wishmove to make your life easier.

Published Under: Moving House
Disclaimer: “Whilst we have made every effort to ensure that the information we have provided is accurate, it is not and advice. We cannot accept any responsibility or liability for any errors or omissions. Visit third party sites at your own risk. This article does not constitute legal advice.