Pros and Cons of Moving House
Moving? Buying? Selling a home? It’s exhausting and emotional, true. And when moving day comes, it’s never easy.
But, if you weigh up the pros and cons of moving house, you’ll make your decision to move with confidence.
The advantages and disadvantages of moving home are different for everyone. But we can introduce a few of those ideas, so you can feel more comfortable and stress free when moving day comes around.
In this article, we’ll walk you through the good, the bad, and the real ugly that comes from choosing to move home.
Expect to learn about the negatives like moving day, finding the right realtor, and inflation. As well as the good, like investing in your future as a first-time homebuyer and many reasons to relocate. Let’s get started on your move.
Moving House is Costly, but also Financially Smart
Buying is Investing in Your Future
Especially if you’re a first-time homebuyer, investment is your biggest advantage of buying a home.
When you rent, you’re paying to live there like you do when you stay in a hotel. But when you buy, if you’re paying a mortgage, you’re investing back into your home and yourself. When it comes time to sell, that’s all yours.
But of course, versus renting, your monthly mortgage payment is perhaps more costly. So that’s something you need to consider when looking to buy.
Additional Costs of Home Ownership
Okay, so let’s say you’ve found the perfect home, your bid’s been accepted, and you’re approved for a mortgage.
How do mortgages work? You generally have two options when it comes to a mortgage. A five-year fixed rate. Or, a variable rate.
Variable rates may be lower than a fixed rate at the time of signing. But these may fluctuate for the duration of your term.
A variable rate may score you lower interest rates, but it’s a higher risk with no way of telling how it may change. A fixed rate means you make the same payment every month for the five-year duration. No surprises.
Also expect to pay more for utilities in a home versus an apartment. The average American household spends $104 a month on electricity. While a one- to two-bedroom apartment spends under the national average at about $60-80.
Remember other financial pros and cons of moving house, like home insurance, maintenance costs, and property tax due each year.
According to Wealthsimple, Toronto property taxes can amount to $3,178 based on a $500,000 home valuation. While in Vancouver, B.C., homeowners with a valuation of $500,000 pay just $1,234 in property taxes a year.
You Can Relocate When Moving House
Move for the Best Neighborhoods and Schools
Moving for a better quality of education and upbringing for children is a key reason many Americans and Canadians choose to move house.
In your research phase, make a list of good schools and neighborhoods. Look at average home prices in those areas and narrow down your options by affordability.
Moving home is exciting and rewarding in the long run when you fit perfectly into a new neighborhood.
Move for Life Goals like Work and Pleasure
Now remote work is increasingly common, 9.3% of Americans say they’re planning to relocate because of remote work.
Also one in five working Canadians say they’d move for work, according to a study conducted in 2018.
Financially, many choose to move to more affordable cities and towns as well. Like those outside of major metropolitan areas where commutes are longer but house prices lower.
Moving for pleasure is equally a major advantage to improve quality of life.
In 2021, Canada welcomed a record-breaking 401,000 new permanent residents. Many people chose to move to Canada for improved quality of life and exciting opportunities.
People move as well for recreation like skiing, boating, and other outdoor adventures in interior British Columbia, for example.
Move Home to Downsize or Upscale
Depending on where you are in life, moving home to downsize or upscale is solid rationale to commit.
Although, downsizing to a more minimalistic space also poses a challenge when it comes to your belongings.
Many home movers think of self-storage as an extension of home. A size calculator gives you an idea of the space you’d need. And when living in a condo, apartment, or small house, this is a necessity for some.
You can store lesser-used treasures like family heirlooms and furniture in a storage unit. Or seasonal gear like skis and mountain bikes. Many even use self-storage to store RVs, ATVs, and boats during off-season.
Pros and Cons of Moving House from Selling to Moving Day
Selling a Home with Staging
If you need to sell before you buy, there are ways to speed up your sale. According to HomeAdvisor, staging a home may increase the speed of sale by 33-50%.
While in the U.S., the national average cost of home staging is about $1,600, you can certainly achieve a beautifully staged home for less.
Depending on market conditions, you may want to spend more staging with smaller renovations like new flooring and painting. Remember, the key is neutrality, to help a prospective buyer see themselves building a life there.
Working with a Realtor
Finding the right realtor for you is just part of the puzzle.
The best realtors listen to your needs and learn what you like and dislike. One piece of advice: if your realtor isn’t working, don’t be afraid to find another. Start with recommendations and keep searching until you find the right fit.
It’s also important to set expectations with your realtor. If you think you’ll be overwhelmed, tell them you’ll do the house hunting. If you want help finding listings, see if they can send you fresh listings every day which meet your criteria.
How Storage May Help You Through a Home Move
For the most of us, moving is stressful and exhausting. However, using self-storage to help you through a move can do a few things to ease your anxiety.
First off, storage is a must for home staging to increase your chances to sell. But moving storage is also a great help between residential moves. Short-term storage means you can bid on the home you really want. Because you don’t have to worry about possession and sale dates lining up.
Finally, if you find a home needs renovations, it’s best to get it done right away. Store furniture in a secure storage facility until you’re ready to move into your dream house.
Not sure how storage units work? Read more about what you can store and how to get started.
That just about covers it. We won’t lie, buying and selling a home starts off stressful and continues through the move. But with preparation and consideration for the pros and cons of moving house, you can confidently head in the right direction.
Still not sure if a move is right for you? We recommend four books to learn how to rearrange and organize your space. If you choose to move in the end, you’ll have done much of the sorting prior. But perhaps all you need is a fresh outlook on your home.