Property 101: Stay Put Or Sell Up?

When we think about the global pandemic that has enveloped the world this year, we worry about our jobs, the financial markets, and the health of our families. We may have wanted to sell up to move onto a new chapter of our lives in 2020 but the Covid-19 crisis put a stop to this. Now, you may be unsure whether a house move is an astute financial decision. You need to consider the reasons why you wish to move in the first place. To relocate for a job, you have little choice but to sell up but if you are simply in need of more space for a growing brood, there are many more options open to you. Consider whether you should stay put or move house in the near future.

Open House, Sign, For Sale, Real Estate, House, OpenSpace

If you are in need of more space because another bundle of joy is on the way, you don’t have to move house. If your home cannot be extended because of covenants and you can’t go up into the loft to create a new bedroom, you will need to look at homes for sale in your local area. Moving can be expensive, but it can also be a great way to begin a new chapter and make new memories. But it isn’t the only way to find more space. Think about extending your kitchen and opening it up to make a new kitchen diner with room for a sofa, a TV and some comfy furniture. This can be the heart of your newly renovated home. If you do need a new bedroom, think about converting a garage or going up into your attic space. While you may need planning permission and it will cost money to renovate, you can recoup this cash and more when it comes to revaluing your pad.

New Adventure

Sometimes, moving home isn’t just about gaining more space. We often get itchy feet when we feel that we have outgrown our dwellings in an emotional way as well as a physical way. Consider the sort of lifestyle that would suit your new adventure. Do you want to experience a more authentic way of living in a thatched cottage or a Victorian terrace? Or do you want to forego the traditional house and live in a luxury penthouse instead?  Depending on how you want to live, this will dictate the sort of property that you might want to inhabit. Check out the property TV shows for inspiration!

Beautiful, Newly Built Luxury Home


On the other hand, you may feel so tied to your current little patch of bricks and mortar that you can’t bear the thought of leaving. Memories can make us feel emotionally connected to a dwelling so much so that we see it as our forever home. If you are forced into considering leaving because you are struggling financially, take a look at your wider budget. You don’t have to downsize or slip onto the rental market. Instead, think about asking your home loan lender for a mortgage repayment holiday and keep a closer eye on the purse strings as you place your financial ducks back into a row.

Follow this guide and you can work out whether you should stay put or sell up in the future.