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Thinking of selling your home? Well, you’re certainly not alone. Within the space of one year, residential home sales in England alone jumped by 23.7% to 801,447 from 2020 to 2021. The reasons for these home sales vary from changing jobs, retirement, downsizing, upsizing, location concerns, and so on. As common as it seems, selling your home is not always an easy decision to make as there are a whole host of considerations to make – to ensure that you’re making the right decision. Let’s take a look at the top three most popular factors that motivate people to sell and move on.
Growing family
According to research, this often happens to first-time homebuyers who purchased the property before starting a family. Perhaps, at the time, it was crucial to buy that specific home because it fits your lifestyle. Over the years, however, it becomes too cramped to live comfortably. With a partner and children in the picture now, a two-bedroom house may not be ideal for an expanding family. This, therefore, informs the decision to sell the property, hoping to purchase a larger one. In the UK, reports indicate a new trend among first-time homebuyers. It involves first-time buyers looking more toward multi-generational homes. Due to increasing awareness of this group selling their smaller houses, it is somewhat advisable to buy bigger homes from the onset.
Empty nest syndrome
About 8% of the UK population with ages ranging from 45 to 65 years are empty nesters. Although this may seem like a small group, it is a significant reason why people sell their homes. When children grow into adulthood and move out of the nest, downsizing becomes necessary. For many empty nesters, it is better to manage a smaller home than a larger one which comes with increasing overhead expenses.
Furthermore, the emotional and mental rollercoaster of becoming an empty nester may be easier to handle by letting go of the house. Meanwhile, a significant problem with the empty nest is the enormous number of belongings to deal with. Fortunately, you can use self storage as a solution until you decide what to do with the items you don’t need. Undoubtedly, when you’re downsizing, those extra belongings would be cluttered in a smaller home.
Financial reasons
The nationalnews.com reported that home sellers made a profit of £95,000 last year. This was particularly useful for owners who had their properties from five to twenty years. The question now is, why did 2021 record such high numbers of homeowners selling off their houses? The reason is largely attributed to the increasing economic hardship brought on by the pandemic. However, the underlying fact is that those who owned more than one home had the liberty to let go. Indeed, money matters will continue to be the primary reason for selling personal property. The advantage here is that houses appreciate over time. Therefore, there is an increased chance of making a profit when you sell. That explains the almost £100,000 profit homeowners made in 2021.
Undoubtedly, selling a home may come with mixed emotions, especially when you’ve lived there for a long time. However, the primary reason for selling it may overcome the sentimental value.
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