Whether you’ve owned your home for decades or you only just moved into it last year, there could be a whole host of reasons why you might now decide to sell and move on. The impact of Covid-19 on the property market has changed the way we view the space in the home and how we use it, making people reassess whether their home meets their personal needs. The introduction of the Stamp Duty Holiday and 95% LTV mortgages have made the market more buoyant witnessing a sharp increase in those taking the decision to move.
Perhaps you’ve noticed a real difference in the way the market is performing, and you want to capitalise on that and ensure that you don’t miss out on price changes. Or maybe you want to move to fit a new set of circumstances, such as a job move or a new baby on the way.
Whatever your reason for deciding to move, it’s well worth thinking through your options and ensuring that you’re making an informed decision about what to do. If you don’t, you may well end up regretting your decision – and that’s not a desirable prospect for anyone. Here we explore distinctive scenarios in which people often choose to sell their properties and move on.
When the price is right
The housing market changes on a regular basis, and rises and falls are to be expected - especially if you’ve owned your property for a number of years. As a homeowner, its important to respond to such market fluctuations so that your own financial position is preserved and suits your long-term plans.
If prices are high, you want to sell and move on, be confident in your decision and make the move as it’s not guaranteed that you’ll be able to do so once this particular rise in the market has passed. Meanwhile, if prices are dropping, it’s definitely a good idea to see whether or not they have dropped for homes which are one or two levels above you. If they have, you might be able to strike a real bargain.
When your circumstances change
Having the luxury of selling a property at a time which works for you is amazing – but if that doesn’t transpire, you might find yourself looking for other reasons to sell up. One of these could be a change in circumstances.
If you have a young family, for example, you might want to sell so that you can purchase a larger property which has more bedrooms. Many choose to sell after a bereavement, a new job, when children have flown the nest or want to move into a new retirement community,
However, changes in circumstances don’t have to be so serious or life-changing. Perhaps you simply decided that you want more outdoor space for children and pets, or a home-office working space.
When needs really must
In an ideal world, it would be possible to make a big move such as a house sale on one of the two grounds outlined above – either because a new place would suit you better, or because there’s an opportunity to make a sound financial decision. Sadly, there is a whole range of circumstances in which it’s not always possible to make your decision based on such rational grounds. Sometimes, life gets in the way of key decisions like this, and you need to make a decision which works in the here and now – even if it’s not friendly to your long-term plan.
Take the example of a death in the family. If you’re not covered by a policy such as life insurance, the loss of one of the people paying the mortgage can deal a huge blow to your ability to sustain your current home. In that situation, you may have to take the equity you have out of the home and move somewhere else with a smaller mortgage in order to ensure that you can continue to meet the repayments.
Sometimes, the lines between “needs must” and a change in circumstances are blurred. If you were to lose your job and main source of income, it may feel like you have to move house. The decision to sell could be postponed if you have the finances to meet your mortgage payments, but this all depends on personal circumstances and your ability to access savings. The effects from the Covid-19 pandemic have sent shock waves through the UK's economy and significantly hit unemployment rates, leaving many with difficult decisions to make regarding their financial security.
If you do have to sell, start to get your finances in order, make plans and get prepared, this will then allow the decision to move an easier process.
How can Spring help?
Spring has over 15 years experience purchasing properties from customers wanting to sell their home with speed, ease and certainty. If your circumstances have suddenly changed, or if you have been planning a move for a while and now is the right time, Spring can help.
Spring's home buying service
simply purchases your property, removing the hassle and stress often felt when selling on the open market. A Spring sale gives you back control, giving you the freedom to choose a guaranteed completion date that suits your onward move. There is no need to do any home improvements to get your house ready to sell, as Spring buys properties in any condition. You can securely plan your finances as our trusted and transparent pricing
, ensures you will know exactly what price you will receive and when. Plus, get additional peace of mind from our Spring Price Promise
, so you can be guaranteed your home gets the best price it deserves.
today to see how we can help you make your move.