There are a plethora of reasons why a homeowner may instead look to move home. Here, we will be discussing the most common reasons that we have come across through our experience as a mortgage broker in Durham.
It is known that many homeowners to look at the option of moving home when they are in need of more living space. This is quite a common case with many first time buyers in Durham as it’s very likely they went for a smaller home when they initially applied.
As well as this, your circumstances may be different now from what they were when you moved into your first home which has resulted in you needing more living space. This may be because you are looking at starting a family or are wanting extra space for things like a home office.
With this in mind, if you are looking at revamping the home you are living in currently instead of moving home in Durham, you may benefit from raising capital through a remortgage to fund building the space you need.
This route is very popular with growing families and could give you the opportunity of developing the home you are already happy with.
Normally, we find parents will convert their loft into a bedroom for one of their children, meaning there is extra an extra room that could be a home gym, home office or guest room to name a few!
From a selling point of view, remortgaging for home improvements can also build up the value making it a long term investment. If you are looking for more information regarding this, contact our team for remortgage advice in Durham.
A change of scenery may be the reason why you are looking to move home in Durham and this is especially the case for those who initially had first time buyer mortgages in Durham.
This is because they may have had a limited budget before meaning they settled for a cheaper property as a way to achieve their homeowning goals. Now, they may have a higher budget to work with and can explore properties in a more affluent area.
When moving into a first home, it’s unlikely for people to be exploring aspects like schools and parks in that area because starting a family wasn’t their goal at the time. With this in mind, individuals who are looking at starting or planning to have a family will take this into account when looking at places to move to.
Our team of mortgage advisors do find that another common reason that they encounter is those looking to move home to be closer to friends and family. This can happen when couples are looking to start their own family or after a significant loss.
A more popular case of this is when both parents are working full time and are in need of child care. This is when reaching out to a family member or friend can not only be convenient, but cheaper with costs of nurseries being a lot more expensive and not as flexible.
Contact a trusted mortgage broker in Durham if you are looking at exploring options for moving home in Durham. Our team will be able to go through the costs with you of the moving home process.
Here at Durhammoneyman, we can search through 1000s of mortgage products as a way to find out the best deal for your personal and financial goals. Book your free mortgage appointment today!
On the other hand, if you are looking at remortgaging for home improvements instead of moving home in Durham, our team can utilise their expertise on this. Simply book yourself in for a free remortgage review to get started towards revamping your dream home.
Last edited - 15/02/2023