Buying a Cheshire home, whether for the first time or not, is a momentous occasion. There are a number of questions to ask when committing to buying a property in Cheshire, but have you ever thought to ask how long you intend to live there?
Purchasing a property is a huge commitment. Our homes are typically one of, if not, the most expensive assets we will ever own. Becoming a homeowner or climbing the property ladder is an exciting prospect, but for how long will it last?
There are no obligations as to how long you should spend in your home. If you have a mortgage on your property, then you will need to factor this in when selling and the implications it may have on the affordability of your next property. Other than that, however, there is nothing stopping you from staying in your current property for a lifetime. Alternatively, you are free to exchange houses on numerous occasions in years to come.
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The perception vs reality of how long Cheshire homeowners stay in their property is an interesting concept. Research by Dataloft and the Property Academy has shown that many homeowners across the UK and indeed in Cheshire move more often than they expect to.
While just 13 per cent of home movers expect to move within the next 5 years, the reality is that 28 per cent are likely to. Equally, while a significant proportion (36 per cent) anticipate their new property will be their "forever" home, the reality is that just 1 in 4 will stay for over 20 years.
The COVID-19 pandemic has been a likely factor for many homeowners to move, with shifts in buyer requirements for a property. Emphasis on the desire for exterior green spaces, mixed with further internal room for working from home, has placed many homeowners in Chesire into feeling the need to upsize.
When looking to buy a new home, take a moment to consider the length of time you likely see yourself occupying it for. In the short-term, what is the market likely to do? If the property market looks to slow in demand, then property prices could drop and you may find yourself out of pocket when you come to sell. If you intend to own your next property for the long-term, consider what value you could add. Are there opportunities to carry out extensive renovations, or perhaps even add extensions? This way, you are fully covered that should the property market drop in decades to come, the added value will protect you when you come to sell.
If you would like any advice on the ideal time of buying or selling a home in Cheshire, or want to know just how much your home is worth, contact Richard and Simon today for a no-obligation expert service.