What you need to know when relocating

There are lots of reasons you might decide to up sticks and move to a different location. For a job, for instance, or to live closer to (or further away from!) family. Perhaps you’re looking somewhere cheaper to live, you want to be by the sea, or you want to live where the action is in the middle of a city.

In the last couple of years there has been a mass exodus from cities in response to the pandemic, with rural areas, particularly those with good transport connections seeing their property prices rising.

If you’re considering relocating though, it’s important not to jump into things. Here are some of the key factors to consider first.

Understand your budget

It’s likely that the property prices wherever you’re planning to move to will be different to those where you currently live. So before you get your hopes up, make sure you check in on your destination to make sure you’ll be able to afford a property that works for you. We often assume that by relocating we’ll be able to make our money go further, but that very much depends on where you’re coming from and where you want to move to.

The first step is to work out what you could expect to sell your current house for. Ask a local estate agent and they’ll be able to offer you a valuation. And then make sure you get a second opinion. It’s important to get this bit right. If your property is overvalued it’ll stay on the market for too long, while if it’s undervalued you won’t achieve the amount of money you could for it.

You’ll also need to work out how much you will be able to borrow. We can help you with that!  Speak to one of our team to quickly find out how much you could borrow from a wide range of lenders.

Once you’re armed with all of the facts and figures, it’s time to start the search for your dream home.

Research, research, research

You know how much you have in the budget, now’s the time to get real about the move. There really is no substitute to walking the streets of your proposed area and spending as much time there as possible. That way you can take a look at nearby schools, investigate local gyms or other sports facilities depending on your hobbies. You can even try out some local pubs and bars.

Moving to a different area involves a change of lifestyle and routine, so try to get as clear on what life would look like, as you possible can. And if you come up against anything that’s not quite like what you’re used to, you’ll need to decide if it’s something you can live with or a compromise too far.

Get your priorities in order

The likelihood is that when you start to look around, there will be some things that look like they’ll work better for you than where you currently live, and others that will feel like a step backwards. So you’ll need to sit down and really think about what’s important to you. If you’re moving with a partner or family it goes without saying you’ll need to include everyone in the decision. Will a longer commute to work and school offset the larger garden with space for football goals and a rose bed? Will the proximity to the bright lights of the city make up for the smaller size of the third bedroom? Or will the fact you have space to final get that long-promised dog make up for losing the gym that used to be at the end of your road?

Only you can answer these questions and work out what’s important in your world, but it’s definitely an exercise that’s worth doing sooner rather than later.

Consider the future

Remember, when you buy a house you generally plan to live in it for a period of a few years at least, or maybe even longer. Therefore it’s vital that you think about where you’ll be and what you’ll be doing at that time. Are you thinking of starting a family? Do you plan to quit your job and work freelance from home? Are you moving away from parents who may need your support in the coming years?

Of course, no one can know exactly what the future holds, but it will definitely pay to think through a few of the most likely scenarios to work out whether your new location would work out for you.

Think about the house too

While it’s important to investigate the local area and think about how well it will suit you, it’s vital, too, that you think about the property you’re planning to purchase.

If you’re relocating to a larger property, it’s important to ensure you’ll be able to manage all the costs associated with it. After all, the up keep and running costs of a four-bed home with a decent sized garden is vastly different to a two-bed city centre flat. There’s higher council tax to consider, increased heating and utilities bills, and garden maintenance if you’re unable to do it yourself .

Don’t forget to look at the bigger picture and calculate any costs that you don’t currently having to pay.

Did you know you can look up how much your new home will cost to run in Zoopla. https://www.zoopla.co.uk/ lists the estimated running costs on all its properties. Please remember though, that these are just a guide.

If it’s time to buy your next home, talk to us about your mortgage options today.