Move Home Or Stay Put?

Moving home is a big step to take. It’s generally not a decision that you can go back on – once you’ve left your current home, new occupants are likely to move in, making it impossible to move back in. By considering the pros and cons of moving, you can work out whether you’re better off moving or staying put. Below are just a few things to consider that could help you to make the right decision.

What’s wrong with your current home?

First, you should ask yourself what is wrong with your current home. Take the time to list all the problems that you currently have. You should then list all the things that are good about your home and compare the two lists.

If there are more problems than there are perks, moving could be a good decision. Some problems may be bigger than others, so this is something to consider too – feeling unsafe in your home is clearly a bigger issue than wishing that you had a second bathroom. Similarly, there can be some perks that are bigger than others. Many of us don’t notice these perks until they’re gone – a few examples include friendly neighbours, a good amount of space and a range of local amenities. 

Can you fix your home’s problems without moving?

Some problems can be fixed without moving. This is something that you should also consider before you pack up and leave.

For instance, if you’re a homeowner and your current home is too small, there may be the option of adding space by converting the loft or building an addition. This could be cheaper and easier than moving. You will of course need to consider whether you have the available space and whether you need planning permission first. If the answer to both of these is yes, then converting or extending your property could be the way to go. 

If you rent your home or can’t get planning permission/don’t have the space to extend, this is clearly a case where you cannot fix the problem without moving. If you’ve got a growing family and you need an extra bedroom, upsizing to a bigger home may be your only solution. 

Location is probably the biggest factor that you cannot fix without moving. While you may be able to ask noisy neighbours to be quieter or even take preventative measures against flooding or burglars, there’s only so much you can do to make a bad location more appealing. For instance, you cannot get rid of a noisy road or bring stores closer to you.

Problems with the building can usually be fixed either by attending to them yourself or by asking your landlord/agency. A leaky roof for instance is something that you can repair and usually isn’t a good enough reason to move. Sometimes it is not easy to identify whether a problem is the result of the building or the location. An old house might be more prone to pests, but there are times when it may be a case of simply living in a pest-prone area. 

Assess your long-term goals.

There may be times when moving helps with long-term goals. It may even be the catalyst that you need to start following your goals. 

For instance, your one bed apartment may be all you need right now, but what if you and your partner want to have children in the future? Moving may be what is needed to spur you on if you’ve been putting off the decision. Similarly, you may have career dreams that are impossible to chase while living in your current location. Relocating could encourage you to finally chase that dream career by giving you access to the opportunities you need. 

Take a look at what properties are out there.

In order for moving to be worthwhile, you need to be sure that there are actually properties out there worth moving into. Perhaps you’re eager for more outdoor space, a larger kitchen and a driveway – but what if there are no properties out there that tick these boxes. 

By looking at houses for sale, you can work out exactly what properties are available. Take your time to look through listings online. If nothing grabs you, you’re better off staying put. Alternatively, you could find that there are lots of properties out there that tick your boxes (some may even offer everything and more for your budget).

Weigh up the costs.

The cost of moving is something that cannot be overlooked. Moving to a home that is bigger or in a better location will often involve upping your expenses. If you’re buying, you’ll need to make sure you’ve got enough funds to pay for the down payment. If you’re renting, you’ll need to make sure that you can afford the monthly rates. 

It’s not just the mortgage/rent that you should consider either. A new home could come with more expensive energy bills or could be more expensive to maintain. If you’re relocating to a new town or a new state, you may also have to consider the cost of living – are groceries and meals out more expensive? Will have you to drive further to access amenities (and therefore use more fuel)? Will you have to commute further to work?

Then there’s the cost of the move itself. You may have to hire a moving company to help you with the move. If you’re buying a home, you may also have to factor in the cost of hiring a solicitor, arranging a home inspection and getting a mortgage valuation. 

Staying in your current home and putting up with its problems could save you all the costs of moving. Of course, there are other cases in which you could actually save money by moving – if you’re currently paying a lot of rent or constantly splashing out money to repair an old property, it could be a financially sensible option to move. By working through the figures, you can estimate whether or not you’re financially better off by moving or by staying. 

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