People choose to move for various reasons, whether for financial benefits or lifestyle adjustments. Here are some of the most common motivations behind relocating:
1. Downsizing for Value
The top reason people move is downsizing, especially among those reaching retirement. With children leaving home, there’s less need for a large property, and moving to a smaller, “right-sized” home can cut upkeep costs. Selling a larger home can also help clear remaining mortgage debt and even provide extra cash for financial flexibility. Downsizing is a smart option for retirees, offering the chance to enjoy more freedom in life without mortgage obligations.
2. Upsizing
On the flip side, upsizing is common for growing families. If you’re expecting children or have young ones who need more space, upsizing can provide the extra room you need. Larger rooms, additional bedrooms, and more storage are typical requirements that drive families to look for a bigger home.
3. Pay Rise
A pay rise can also inspire a move to a better or larger home, but this should come with caution. If your increased income is recent or potentially unsustainable, moving could lead to financial strain if you’re unable to keep up with higher repayments. Only consider moving if your income is stable and you can comfortably afford the increased costs in the long term.
