While some people consistently move to a fixer-upper after completely renovating their current home to take advantage of the increase in equity value of their property, for most people moving can be more about maintaining the lifestyle that suits your family. And with recent economic developments, there are other reasons to move.
Is it a seller’s or a buyer’s market?
The property market used to change every few years from being a buyer’s market to a seller’s market and back again a few years later. Many people will argue that property is really an estate agent’s marketplace where they increase property prices to gain a good percentage of the selling value when prices are rising. When the market is moving very slowly they will suggest that properties are reduced in price just to make sure that they can conclude sales to continue their income stream.
Following the extended recession, not only across the UK, but in most parts of the world, property prices have been moving ahead in a far more careful manner, with many homes still not reaching their value from five years ago. It could be said that market values of five years ago were far too high and that a fall in price was always inevitable.
Are mortgages easier to find?
Mortgage companies certainly pulled back on lending to almost anybody who could prove, or suggest, that they could afford to service a large mortgage. The downturn for jobs and house prices meant that many people became unable to make their monthly mortgage payments, which allowed a large number of people to purchase properties on the cheap and act as landlords to people who can only now rent a property.
This has created sufficient business for the moving industry as many people are moving from property to property to find a different home to rent, during these difficult years. With the rental market more active, maybe it’s time to look at your home in a different light.
A home, not just an investment
Many homeowners are now settling for a property that is more within their repayment capabilities and preparing for another recession to arrive in case one of the breadwinners of the family should lose their employment for a period of time.
People are now more likely to treat their property as a home rather than as an excuse to try and make money in the housing market at the expense of anyone else. This will lead to properties becoming more realistically valued. People may still move to be closer to good schools, large superstores or family members, but perhaps moving to make money will be less popular from now on.
Whatever your final reasons for moving home, you will also have another big decision to make – whether you should use a moving company to help the relocation go more smoothly. Although some like a DIY approach, others prefer to reduce the hassle of an already stressful time and let others handle the heavy lifting – literally!
Sharon writes for Removal Services Scotland who provide removals company Glasgow services.
Leave a comment