You wouldn’t think that selling your home, or buying a new home, would be something people would consider doing during a pandemic. But you would be wrong. Estate Agents are allowed to stay open even during the current tier system, and people are still buying and selling, for numerous reasons. People are also still looking to change their mortgage, and to remortgage their homes in order to make home improvements. The pandemic may make the move a little more difficult, but it is certainly happening.
But why is this the case?
Being stuck in our homes has shown up their limitations, particularly if this is due to a distinct lack of space. We may suddenly realise that our kids who share a bedroom really need their own rooms, or that if we are going to work from home for long periods of time, then a home office is essential. An extra toilet may become a necessity when we are all at home together all day every day, or a bigger kitchen if you are now honing your cooking skills with your extra time. Bloomberg even suggests that people are building home cinemas in their homes as we can’t go to the actual cinema.
Outdoor space may also become a consideration. During the beautiful weather of the first lockdown it became apparent how important our gardens were. For those with a very small garden space, or living in a flat or maisonette with no outdoor space, this may be a reason for looking for a new property. Rightmove concurs that people are now looking at homes with gardens, and also property nearer to the coast when they search for new home.
And then there is location. With offices in city centres being closed in many cases, living near to a busy city centre may no longer be useful or attractive. Many people are looking at moving to places that are more rural, more idyllic, more village in terms of lifestyle, away with hustle, bustle and traffic and with better schools and a more gentle way of life.
Moving or staying put?
Whether you decide to move to a new property, or to stay put and improve/extend your current home, you could use a mortgage calculator to help you make an informed decision on how much you could borrow, what your repayment rates would be and how you could reduce these, or pay more in order to reduce your term. If you use MortgageCalculators.info you can also break down your costs even more, looking at exactly how much you will be paying each year of your term, what could happen if you overpaid each month, and what your additional costs and fees could be. This will certainly help you make it an informed decision about a new mortgage or a remortgage.
Whatever you decide to do home wise in 2021, the pandemic does not mean you can’t look at your dream home, and now that we are spending more time than ever in our homes it is worth looking at what our money could get us.