Selling your home is often a hard decision, and there are many factors that go into it. We’ve already discussed seasonal factors regarding when you’ll likely get the best price for your home and how quickly it might sell in another article, but we haven’t talked about is when is the best time for you to move.
Most moves are down to personal circumstances — the majority of people don’t go through all the palaver of packing up boxes, making arrangements to sell a house and the inevitable expense just because they feel like a change. There are times when you may feel as though you have to sell your house, but in actual fact you may not have to.
Now it might feel odd for an estate agent to say you don’t have to sell your house, but in this article, we take a look at all the alternatives that might be relevant for you.
Moving for work
Many of us have had that moment where we’ve had to commit to a job far away, which means we have to move to another town or city. For some, that involves selling a house and buying a new one.
However, it may be unwise to take such a drastic step immediately. It can be a better idea to rent in the area until you know exactly what the job involves and how you interact with your colleagues – you might even find that the job is completely unsuitable for you or very different to what you had been led to believe. In addition, you might find it easier to rent out your property than to sell it – this often works out cheaper in the short term.
If your job involves an unusual set of skills or if it’s sufficiently highly placed, consider asking about any relocation package. This could help offset many of the costs of moving for work, and it indicates that the company is willing to invest a significant amount of money in you.
In addition, renting can help your children to remain at school until the end of the school year, avoiding too much disruption in their lives. It can also help your partner to remain at their job until they can move. Alternatively, you could consider living in a rented one-bedroom flat during the week and coming home during the weekends.
Either way, you should consider the price of renting compared to the disruption that you and your family would face. Don’t forget that buying a second home could incur significant expense due to the extra stamp duty required on all house purchases above £40,000, although this may be refundable under certain circumstances – such as in the event you sell your primary home within a certain amount of time.
Disruptive neighbours
Everybody loves good neighbours, but sometimes your neighbours and you simply do not get along. In many cases, it’s due to repeated misunderstandings that cannot easily be resolved, and sometimes it’s due to unrealistic expectations. Whatever the reason, unpleasant neighbours are a frequently cited reason for moving.
In the event that your neighbours are disruptive, whether due to noise or unnecessary aggression, you do have some alternative remedies to try first. If your neighbours are excessively noisy, you could firstcontact your local council. They can advise you on what to do next. Typically, they will:
- Ask you to keep a diary for 2 to 3 weeks regarding noise levels
- Make a visit to the property to witness the noise
- Install volume recording equipment
If your neighbours are aggressive or are involved with illegal behaviour, this should be dealt with by the police. However, this can inflame the situation, and if they own their home, it can be difficult for you to report them without consequences – and it’s unlikely that they will move.
If they are renting, you have a few more options, including contacting the landlord directly. The landlord’s information can be obtained from the Land Registry, or you can look into who manages the property. This includes the local council or housing association for social housing.
What makes this a little more complicated is that there is no law against being a proverbial ‘pain in the backside.’ They can be unpleasant, uncommunicative and give nasty looks, and there is nothing anyone can do about it. As long as they are not vandalising property, interrupting your sleep or right to quiet enjoyment, or behaving in a threatening manner, they’re free to do as they please.
It’s always a good idea to seek legal advice before committing to any firm course of action, as this could be cheaper in the long run. However, if you cannot get on with your neighbours for whatever reason, moving home may be the best option. Just be aware that bad neighbours can reduce the value of the property.
Moving schools
Parents want to get their kids into the best school possible, and moving home can be a good way to do so. However, even if you move within a catchment area of the school, there’s no guarantee that you will necessarily get the school of your choice. Schools are not legally allowed to guarantee a place to anyone, and in the event that a school is oversubscribed, they can rank applications accordingly.
This means that moving home can result in being physically closer to a school, but that school does not have to rank location particularly highly in its selection process.
As a result, it’s a good idea to check the local education authority’s over-subscription criteria before making a decision to move home. In some cases, you may find that moving in January and negotiating with the school individually might produce a better result than waiting until the end of the school year.
You might also wish to consider whether a technically “better” school is what your child needs. In many cases, children do well regardless, and some find that a better ranked school applies more pressure and results in a worse outcome. Alternatively, a school’s reputation might be self-perpetuating, as more academically able students go there because of the higher rankings. This results in the school continuing to achieve high rankings even if the teaching isn’t better.
Many have gone as far to describe school rankings as “nonsense” and “not fit for the purpose” because they do not describe the effort that the school and teachers put in. Consequently, it could save you a lot of money if you choose to ignore the rankings and stay put.
Downsizing your home
As people get older, they no longer need such a large home, and they often think about downsizing. This can be met with resistance from children who have grown up in the property, and it can also be a major emotional wrench – you’ve had a lot of memories in that house.
As an alternative to moving, you may find it more helpful to take in lodgers, who will pay a proportion of the rent. You can earn up to £7,500 a year tax-free by doing this through the Rent a Room scheme. However, you can’t claim expenses under the scheme, although the tax-free benefits are often substantial enough that this doesn’t matter. Alternatively, you can register it as income and make appropriate deductions as required. Your accountant will be able to tell you more about specific deductions and whether they apply to your property.
Some also downsize to release equity, although there are alternatives to this. A drawdown lifetime mortgage is one the most common ways to release equity without selling the home, and the interest is rolled over and only collected when the property is sold. However, it isn’t for everyone, and it’s a decision that must be carefully considered. You are essentially giving the loan provider first dibs on your property, and there’s no guarantee that they will get the best price for it. In addition, you don’t know how interest rates will affect the end value of your property. It can be a cheaper option than a lump sum mortgage, however, but you’d do well to talk to an independent financial advisor to discuss all your options for your particular financial circumstances.
By selling your home, you also lose a lot of the future value, although it is a good way to get a large sum of cash to pay off debts or expenses immediately. However, you also have to pay to sell your home, which costs money.
Moving to a retirement community is another option, and the sale of a home often helps fund this. These communities usually provide extra benefits such as close assistance, yet give residents the opportunity to be independent.
On a similar vein, some move home because it no longer suits their purposes. Those with physical ailments may find it harder to get up and down stairs, or they need extra help with everyday tasks. In many cases, small adjustments to the property can make it much more suitable, so it’s a good idea to talk with a local builder to see what can be done rather than selling the property.
Upsizing your Home
The opposite of downsizing is upsizing, and many families find that they need to upsize their homes when they have a new arrival. A starter home is fine when there’s only one or two people, but if a third one comes along, you may need to think about a larger property.
An extension may be a possibility if you have extra space in the garden, and this will usually increase the value of your home. For some, it could be payable through using saved money, or it may be necessary to get a small loan to do so.
You could also make your current home into your dream home by expanding and making substantial modifications to it. This can increase the value of the property, especially if you add a loft bedroom or a major extension, but make sure that you are actually improving the property and will get the value back when you get around to finally selling it. A good way is to check with a local builder to get estimates and then ask an estate agent what would happen if you improved the property in that way. Don’t forget that Yopa offers a free valuation service, so this could come in handy.
Travelling the World
Finally, some people find that having a house is a major responsibility, yet all they really want to do is to take a year or two off and travel the world. As result, they sell everything and head out to explore.
This does leave them with a slight issue though: do they sell the house or do they rent it?
Well, selling provides a major cash boost, but renting it out provides a way to have continuous income, and if they do decide to come back home, they have a place that they can live in for the next stage of their lives.
Ultimately, it’s wise to consider both options and look at the possibility that you might wish to come home after a year of travelling.
So, When Should You Move?
Any sort of move is going to cause serious disruption to your life, so it’s always worth considering alternatives. Moving home is not always the only solution open to you, and it can save you a lot, pursuing another course of action. When you want to move however, it’s always worth looking at a range of alternatives to the traditional estate agent, so consider Yopa when you need to get everything done for a great fixed price.
