How do you know when it's time to move up the property ladder? For most it's when space becomes an issue, but it's not just outgrowing your current home that can signify that it's time to move. Read on for our 6 clues that will help you spot when it's time to move up the property ladder.
1. A new member of the family is on the way
When a new member of the family is on the way, you might suddenly find yourself wondering how you'll all fit into your current property.
Perhaps you don't want siblings to have to share a bedroom, or perhaps with the addition of a new baby or an elderly parent coming to live with you, you're unsure as to how you'll find room. If this sounds like you, then it could be time to consider moving up the property ladder.
If you've already got a spare bedroom, then it could just be a matter of decluttering and getting more organised, which in some cases can be enough to allow you to accommodate another person in your home, but for many, particularly if your house is small and you don't have that all important spare bedroom, now's the time to consider your options and start looking for something big enough to accommodate your newly expanded family.
2. You've started idly browsing property listings
You weren't even consciously aware of it, but you've recently found yourself browsing property listings and looking at larger properties in your area with envy.
It could be that the home you've known and loved no longer provides you with everything you need. Perhaps you want a bigger garden and dream of keeping chickens and having enough room to grow your own produce, or maybe a change in financial circumstances means a bigger mortgage for a larger property is well within your means now, or perhaps you're just ready for change.
Whatever your reasons for checking out property listings, this activity is likely to provide a clear indication that it's time to move on.
3. You're no longer happy in your home
Your home should feel like a safe, happy place; a sanctuary from the outside world, but If you're coming home and finding you aren't happy to return home, then it could be time to make a move.
From noisy neighbours to anti-social behaviour in the area, if you no longer feel happy in your home then something isn't right.
It could be that your house has grown increasingly cluttered over the years, or that the upkeep is getting on top of you, or perhaps you're fed up of paper thin walls and not being able to escape the noise from neighbours.
Whatever the reason, if you're no longer happy, then it's a clear sign that you need to make a change, and if a tidy up, lick of paint or even refurbishment won't cut it, it could be time to start looking for somewhere new to live.
4. Your home isn't good for your health
For those with disabilities or the elderly for example, a home that takes into account any physical limitations that poor health might cause is imperative.
As we age, even simple tasks like keeping the garden well maintained can prove difficult. Negotiating stairs too can be a real issue for those with mobility problems so moving to a house that better caters for your needs makes sense.
5. Your nest is soon to be empty
Empty nest syndrome often occurs when older children move out or leave home to go off to university. Your big family home can suddenly seem empty and too big once the kids have flown the nest.
Now could be a good time to consider downsizing, or moving to a different style of property as the criteria for choosing a home will often be very different when you no longer have children to take into consideration.
If you are considering downsizing though, it's worth bearing in mind that even once moved out, children are likely to come back and visit, so having a spare bedroom for family or friends to use when they visit can often be a real bonus.
At the same time however, maintaining a large family home for just a couple of people can lead to unnecessary expense - taking the opportunity to downsize now could lead to lower moretgage and council tax repayments, giving you more disposable income, or it could allow you to put a little more away towards your retirement, so it's definitely worth considering.
6. You financial circumstances have improved
It could be that as first time buyers you made a decision not to overstretch yourselves and opted for a smaller property with a more modest mortgage. As time goes on though changes like promotions at work or even an unexpected windfall, can mean that you're in a healthier financial position and can now afford to move up the property ladder.
Do make certain before taking the plunge that you factor in changes to interest rates and job security though - the last thing you want to do is take a jump up the property ladder and find that you've overstretched yourselves!
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