There are hundreds of reasons why someone may want to move home, however, in this article we are going to narrow them down to the most common reasons that we see as a Mortgage Broker in Hull:
According to the data made available by Dataloft, 37% of borrowers who wanted to move home said that it was because they wanted somewhere bigger to live. This makes sense, first time buyers in Hull usually go for a smaller property and then their circumstances change down the line and they want more living space. For example, they may want to start a family and need the extra room or they just generally want a bigger home.
Another way to make more living space, rather than Moving Home in Hull, is to raise capital through a Remortgage to build an extension/conversion. This option is very popular amongst growing families and could give that extra bit of space you need. We often find parents convert their loft into a bedroom for one of their children, which could mean you have a spare room which you could make into a gym, home office, it’s up to you! People may also remortgage for home improvements to raise their property value for when they sell it in the future.
24% of borrowers said that they wanted a change of scenery and wanted to look at different areas. It is likely that most of this percentage of borrowers are First Time Buyers as they usually have a limited budget and settle for lower-end properties with reasonable prices. Chances are that these borrowers now have a higher income and want to live in a more affluent neighbourhood.
People don’t really consider the choice of schools when moving into their first home as they may have not even thought about starting a family yet. People who have started a family or are planning to will always factor in accessible education within the area when they are looking at where to move.
Another 17% of home movers said that they wanted to move closer to their friends and family. This situation often comes about when couples start a family. If both parents are working full time, then it is more than likely that they will ask their own parents to help them out with childcare. Private nurseries can be expensive and sometimes parents find it hard to work around nurseries due to distance etc.
Most First Time Buyers in Hull will always choose to buy over renting, however, people moving home may consider the other side of the coin. Whether you are renting or buying, the monthly payments are roughly the same anyway. Either way, moving home can be a tricky decision.
Like we said before, if you don’t want to move out but want more living space, maybe it’s time to speak to one of our Remortgage Advisors in Hull who will help you find a great deal to raise money for home improvements.
Are you thinking of Moving Home in Hull? Do you want to know how much Moving Home could cost you? If so, you should speak to a Mortgage Advisor in Hull at Hullmoneyman. They will calculate your maximum borrowing capacity and give you a quote on your monthly payments.
Even if you are looking at remortgaging, you can get in touch today and we can pass you onto Remortgage Advisor in Hull and they will be able to answer all of your remortgage questions.