There comes a time in any homeowner’s life when their house no longer seems to suit them. It may be that your family has outgrown the space, or that you don’t feel settled in the area anymore. Whatever the reason, not feeling at home in your house is never pleasant. On the plus side, we’ve all heard that moving house is a good way to make money, right? Home prices are always increasing, after all, and that’s got to mean good things when it comes to selling.
But, the idea that it’s possible to make money by moving is often false. If you’ve increased the value of your property in any significant ways, it may be the case. For most of us though, selling homes is far from the lucrative opportunity we expect. There are hidden costs at every turn. And, let’s not forget that, as the value of your home increases, so does the value of the houses you’ll be buying. So, as well as forking out on moving, any money you make will likely go straight towards your new property. We’re going to look at a few of the things you’ll need to consider, and what the trust costs of each could be.
THE HOUSE YOU HAVE NOW
Before you put any property on the market, you need to ensure it’s in the best condition. After all, the faster your house sells, the better. Until then, there’s not a lot you can do. You won’t be in a position to put an offer in on any houses, so there’s little point looking. Plus, if your house isn’t in top condition, you may have to accept a lower offer. Your estate agent may even tell you to put it on the market for less. So, it’s worth fixing any problems before you go ahead. The downside? This costs money, of course. And, it’s money you won’t want to spend. You won’t be living in the house for much longer, so the chances are you’ll begrudge paying those repair costs. With a little luck, you’ll have kept things in pretty good shape. But, even the best kept house needs work sometimes. Any loose roof tiles or signs of damp are sure to lead to problems down the line. The worst case scenario is that no one puts an offer in at all once they see the condition of your property. Then, you really will waste a lot of money on a moving process that never comes to fruition.
THE REALITY OF RISING PRICES
House prices rise fast. In fact, they rise so fast that even the difference of a year or two can be large. If you haven’t been in your house long, you may fall into the trap of thinking that you know the market pretty well still. But, a look at a new house for sale will show you that’s probably not the case. You’ll be starting again from scratch, in a whole new market. Worse, your earnings are unlikely to have changed significantly in the interim. So, something has to give somewhere. Of course, it’s worth remembering that the price of your house will also have changed in that time. If you’ve done work, it’ll have risen even more. That may be a good place to start. Get an estate agent to give you a quote so that you know what you’re working with. Then, you’ll have a better idea of your budget, and the types of properties you could afford.
THE EXTRAS YOU DIDN’T CONSIDER
Speaking of estate agents, they’re an extra cost you may not have considered. While it’s true that you don’t have to operate through estate agents, your life will be much easier if you do. But, they will ask for a cut of what you make. And, they aren’t the only unexpected cost. The most notable is that of stamp duty. Irrelevant of which country you’re buying in, this will make a massive difference to your moving journey. It’s the most painful part of the process, but it’s not one you can avoid. You’ll also need to consider the cost of solicitors and surveyors. These will ensure the property you’re buying is worth the money. So, it’s a step worth taking. But, it’s another cost you need to pay. And, if you don’t find a house before your property sells, you may have to fork out on rent and storage while you continue your search. Even when you think you’re in the clear, you’ll have to consider hiring a removal company. Again, you don’t have to take this route, but your life will be easier if you do. You may want to hire a van and do the job yourself, but even van hire can break the camel’s back.
IS THERE ANYTHING ELSE YOU CAN DO?
With all the above costs taken into consideration, think about whether there’s anything else you could do to solve your dissatisfaction. If you’ve outgrown the space, could you build an extension? There is a cost involved here, too, but you can guarantee it’ll be cheaper than a move. To save money, you could consider tackling the project yourself. This option will also be a lot less hassle. While it’s never nice when work’s happening at home, bear in mind how stressful moving can be. When you think of that, a bit of building work barely seems like a problem. Sometimes, solving home dissatisfaction is as simple as doing a little redecorating. You wouldn’t believe how much this can freshen your space. And, if it doesn’t work, it’ll save you the job of getting your house in top shape for selling. In truth, though, it’s worth doing anything possible to avoid the cost of moving. And, if you were considering buying and selling houses as a way to make money, think again. That can only work if you wait a long time between moves. Moving often, however, is a sure way to throw money down the drain.