Choosing to move house is one of the biggest financial and lifestyle decisions you can make and there are many factors which may influence your decision.
In this guide we will discuss moving house in the context of property ownership, rather than renting. Depending on if you are deciding whether to purchase a property for the first time, or sell a property and purchase another one, the factors you take into account will be different.
You may consider market conditions, your own lifestyle needs, location suitability, and what you can afford to spend both upfront, and on a monthly basis.
Rushing into a move without proper consideration can lead to unnecessary stress or regret, while delaying a move for too long can mean missing out on opportunities that better suit your needs.
The decision can feel overwhelming, and that is why having a specialist residential property solicitor on board to help you decide on the best course of action in your individual circumstances can be invaluable.
If you do decide that moving is the right next step, and you are looking to purchase and sell a property, Eric Robinson Solicitors can support you throughout the conveyancing process. You can get an instant conveyancing quote or speak to our experienced team for tailored advice.
Financial considerations: can you afford to move house?
Before booking house viewings, the most important question to answer is can you afford to move, and if so, what is your budget for a new property?
Once you have an overall figure including any equity in your current property, savings you want to use, any financial gifts, and have discussed how much you are likely to be able to borrow for a mortgage with a mortgage advisor, you can begin budgeting, and then work out a price range to begin your property search with.
Deposits and equity
A deposit is usually 5-10% of the purchase price, though a larger deposit will often secure a better mortgage rate.
Stamp duty and taxes
Stamp Duty Land Tax forms part of your conveyancing fees. The rules around this are complex, with graded ‘bands’ based on property value, and whether or not you are a first time buyer. You can work out an SDLT estimate by using our free conveyancing quote tool.
Conveyancing and legal fees
These fees can include:
- Conveyancing fees
- Searches and Land Registry fees
- Bank transfer fees
These will be charged as part of your solicitor’s quote, and can also be worked out using our free conveyancing quote tool.
Removal and moving costs
Removal costs (the cost of paying to move your furniture and belongings from your old property to your new one) depends on factors such as: the amount of stuff you have, the distance you are moving, and any access issues like parking, lifts or stairs.
Any specialist items which need disassembling and reassembling, or anything which requires specialist handling such as antiques or art, will also drive the price up.
With all this in mind, people can expect to pay a few hundred pounds for moving out of a small flat, to a few thousand for moving out of a large house with multiple rooms. These prices increase 20-40% when moving within London also.
Ongoing monthly costs
Aside from the initial upfront costs, you need to consider whether you can afford to live in your new property long-term. You should consider factors such as:
- Mortgage repayments (allowing for interest rate increases in the future)
- Council tax
- Bills such as for energy and water
- Needing to pay to park particularly in city-centre locations
- Property maintenance expenses
Essentially you should ensure you are not overstretched after having budgeted for all of the above.
Market conditions
When deciding whether to move, it may not be a question of not having sufficient funds, it may be a question of timing.
Availability of properties
If you have a specific area or feature you are looking for, waiting for there to be enough properties which tick those boxes on the market may be beneficial, as you then have the opportunity to compare, and negotiate.
Interest rates
Interest rates go up and down throughout the year. They are set by the Bank of England and the ‘base rate’ is reviewed eight times a year, which can affect mortgage interest rates each time.
Interest rates can have a large impact on what you can afford to borrow, and how large your monthly payments will be, so waiting for low interest rates may impact your decision to move. However, it is important to account for interest rates going up again when it comes to remortgaging, so don’t overstretch yourself and always think ahead.
New Builds and Local Developments
If you are looking in a growing area, consider:
- New-build developments
- Government or developer-backed schemes
- Planned infrastructure improvements
New builds can offer modern layouts, energy efficiency, and incentives, but they also come with different conveyancing considerations, something an experienced solicitor can guide you through.
Lifestyle impact: will moving improve your quality of life?
Family life
Those with children may move to benefit from increased outdoor space, more bedrooms and perhaps most importantly, being in catchment for a good school.
Downsizing and cost reduction
People whose needs have changed, such as having had adult children move out, may wish to downsize in order to reduce their living expenses, or release equity from their properties to spend on other priorities such as supporting family, traveling or being able to retire.
Many people in this position choose to move to areas with better transport links, local amenities, or to be in supported living so that they can benefit from readily available assistance when needed.
Social and community life
Moving can also mean closer proximity to friends and family, or being further away from your existing circle, so considering location in your decisions is really important.
When choosing locations it is important to consider access to amenities, and opportunities for an active and fulfilling social life.
Alternatives to Moving
Remortgaging
If reducing monthly mortgage payments is a reason for wanting to move, then an alternative to this is remortgaging to provide some financial breathing-room. You could try to move to a cheaper mortgage rate, or extend the lending term.
Releasing equity
Equity release or borrowing against your home may allow you to free up funds for renovations, improving the energy efficiency of your home, or using the funds for other purposes like supporting family or paying for travel.
Renovating
Renovating could be a more cost-effective way of creating your ‘dream home’, without the moving expenses. Loft and garage conversions, extensions and remodels can unlock more space and functionality without the expense and stress of moving.
Making the final decision: should I move house?
The decision to move house is a very personal one, and only you can decide what is best. Ultimately weighing up the financial, lifestyle and time considerations should tell you whether moving house is a good idea or not, as well as considering all the alternative options.
How Eric Robisnon Solicitors can help
If you decide that moving house is the right next step, having the right legal support makes all the difference.
At Eric Robinson Solicitors, our experienced conveyancing team can:
- Handle your sale and purchase efficiently
- Keep you informed at every stage
- Identify potential issues early
- Ensure your transaction completes smoothly
Whether you are a first-time buyer, upsizing, downsizing, or purchasing a new build, we provide clear, practical advice tailored to your circumstances.
Contact your local Eric Robinson Solicitors office today to speak with our conveyancing team or get an instant free conveyancing quote and take the next step with confidence.
We have solicitor offices in:
- Southampton
- Hedge End
- Chandlers Ford
- Winchester
- Lymington
- Shoreham-by-Sea
- Marlborough
- Richmond Upon Thames
