Page 31 - April 2024
P. 31

PROPERTY ADVICE


  say goodbye?  A change in circumstances    once – especially if you’ve been living there for a
 Time to
                                             very long time – such as the need for a new roof
        A lifestyle change is always a good time to
                                             coinciding with windows needing to be updated
        reassess your home and whether it still works
                                             and a tired kitchen or bathroom.
        for you. Perhaps you bought a family home
        in  the  catchment  area  for  popular  schools,
        but your children have now completed their
        education. If you find yourself with no need to   For  some  homeowners,  the  thought  of  living
                                             through  major  works,  and  the  expenses  they
        live in the catchment area anymore, you could   incur,  might  lead  them  to  decide  that  they’d
        benefit from selling your home (even to move a   actually  prefer  to  move  on,  and  let  someone
        few streets away, outside of the catchment) as   else make those updates. It should be noted
        your home will likely be in high demand from   that if you do decide to sell when obvious
        family buyers with younger children who are   upgrades are required, it will likely be noted on
 How do you know when it’s the right time to move on    very keen to live in the area.   your Home Report and may affect the value of
 and sell your home?                         your  property,  but  depending  on  the  demand
        Your home needs extensive work       for your kind of home, prospective buyers may
        As  we  all  know,  properties  require  regular   not mind. Some buyers prefer to do the work
        maintenance,  and  some  jobs  can  be  much   themselves to make their new home the way
 or most of us, our homes are the biggest   But all things must come to an end, and you   bigger, and much more expensive, than others.   they want it to be, rather than paying extra for
 purchase we’ve ever made – regardless   might be wondering if you should be selling   Unfortunately,  times  may  come  when  your   brand-new  fixtures  and  fittings  they  wouldn’t
 F of their size. And again, most of us will be   your property and moving onto pastures new.   home needs several expensive jobs doing all at   have chosen themselves.
 incredibly emotionally attached to our homes,   But how do you know when the time is right?
 for a variety of reasons. Perhaps it’s your first
 home, or perhaps it’s been your family home   Market status
 for decades, and the backdrop to hundreds of   One of the first things to consider is how the
 happy memories.   land lies, both in terms of the property market,
 and your own circumstances. Can you afford to    Size matters
 move home, and the expenses that come with       If the size of your home is stressing
 it? If you’re thinking of upgrading to a larger   you, it could be a good time to move.
 property, are you able to access a mortgage      Too little, or too much space is a huge
 that  will  loan  you  sufficient  funds?  It’s  also   factor in deciding if the time is right.
 key to consider your current mortgage status,
 especially if you’re on a fixed term which hasn’t   Circumstances  change  all  the  time,
 reached its end date yet – a conversation with   which can massively affect how much
 a mortgage advisor can help you understand       space  we  need  in  our  homes.  From
 your options.                                    the need for a home office, to a baby
                                                  on the way, to older children moving
                                                  out, so many things can impact your
 It’s also good to look at the property market,   requirements.
 in your current location and where you’d like
 to move to, if they differ, as well as the wider
 market,  to  get  a  gauge  of  how  things  are   If you feel like the walls are closing in,
 moving and whether now is a good time to sell    or if you feel like there’s too many
 or buy. ESPC’s monthly House Price Reports       unused rooms to maintain, it’s a sure
 can keep you up to date with the latest property   sign that a new place might better
 market information, so you can make your own     fit your current lifestyle.
 judgement on whether it’s a good time to list
 your home and move on to a new nest.

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