Whether you expect children, have come into some money or got a job promotion, you know it’s time to trade up when your current quality of life is suffering or you feel financially comfortable enough to take the next step up the property ladder. For you, a larger, nicer house could not only mean more room to live, but a better quality of life and a happier you.
Here are a few questions to ask yourself before you make a big move. As always, we are here at Clyde to help with any house move queries or to chat about your options – don’t hesitate to get in touch today.
Can you afford it?
Moving to a bigger home usually requires more money, so seeking financial advice or doing the calculations yourself prior to making a move is advised. You may feel in control and comfortable with your current mortgage payment, so would the extra be manageable? It’s a good plan to create a monthly budget of all your costs including mortgage payments, insurance, council tax and utilities and any extra costs that might come with a bigger home – perhaps extra cleaning and maintenance might be needed for example.
Can you get a mortgage?
In the current climate, mortgages are affordable and criteria fairly relaxed compared to a few years ago, so it might just be the perfect time to apply for a bigger mortgage. Once you have a clear idea of your finances you will be better equipped to answer questions lenders will have on your finances including your income, any debts, assets and liabilities to work out if you are comfortably within the debt-to-income ratio or not. With a good credit score and credit history you will be able to access some the most competitive mortgage rates available at present.
Can you sell your current home?
Most people will need to sell before they buy, so knowing how much your home is worth right now is an essential information in making a decision. Property prices across Scotland have been rising in the past year with a few small exceptions. Glasgow and Edinburgh have been reported to have the biggest growth across the entire UK. Currently, there is competition among buyers looking to secure their dream home, so if you are in a position of selling, this might just a great time to do so.
Will you be uprooting to a completely different area, requiring you to make new connections in a new community or relocating to somewhere you already know well? Will you still be near family and friends, or further afield and how will this impact practically on things like childcare as well as emotionally, being removed from your social and support networks? Try to keep an open mind at this stage and work out your non-negotiables and the aspects you could compromise on – whether it’s being further away from family in order to get a bigger garden in a good school catchment area or if staying closer by is priority. There are various facets to consider when relocating so try and consider as many as possible before making a big move.
Clyde Property is a leading independent, multiple award winning estate and letting agent with 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today, for friendly, impartial advice on finding your next dream home.
