Many homeowners look at moving home in Derby for a plethora of reasons. One of the most common reasons is to seek a property with a larger living space which is generally the case for the majority of people except maybe those who are retired or separating couples. Homeowners with families will usually look at finding a bigger property for things like parking spaces, and more storage, their children are growing up or even looking for extra bathrooms if their family is growing.

Remortgage for Home Improvements

Some homeowners come to the end of their initial fixed term period and are content in the property they are living in but are looking to create more space. This is when a remortgage in Derby could help as you may be able to raise capital which can fund home improvements like an extension.

Additional options include conversions like turning a garage into an office space. We do find this option to be popular because of how it can impact the value of your property positively further down the line.

Area

A change in scenery and location can be the deciding factor in moving house. A homeowner could have settled in an area with low property prices when they were first time buyers in Derby and had a limited budget.

This usually occurs when they are earning a lot more income compared to when they initially purchased their current home and are interested in living in a more affluent neighbourhood.

Education

If you are planning to start a family or currently have one, you may look at an area with a variety of schools that are available in the area. This can be key for parents especially when their eldest is moving up to secondary school or are looking for a primary school for their young child.

Friends & family

Many couples who are starting their own families will usually look at moving to be closer to friends or family which could involve them relocating to a new area.

This can be a huge benefit for couples who work and rather not go down the route of looking into childcare services or private nurses which can be a costly expense. By having a family member or friend close to your home can be convenient for childcare and a much cheaper alternative.

Mortgage Advice in Derby

You may assume that someone who is looking to move out for the first time will naturally look into renting as it doesn’t hold as much of a financial commitment as say a mortgage. However, many homeowners would prefer to buy than rent as it can be the same price and in some cases even cheaper than renting.

The moving home journey can be a huge step for many homeowners as they may be leaving their first home and are new to this type of process. This is why many like to look at the pros and cons to this option as they explore whether moving is better for them compared to making improvements and developments to their current home.

If you are in this dilemma and are looking for an expert opinion, book yourself in for a free consultation with one of our Mortgage in Derby who could help you decide. Within this appointment, they can compare the costs of raising money for home improvements and the expenses of moving.

Your dedicated advisor will calculate your maximum borrowing capacity and provide a quote on monthly payments which can help you towards what you want to do next with the help of open and honest Mortgage Advice in Derby.

Here at Derbymoneyman, we have a mortgage advice team who have extensive knowledge and experience in helping customers in this situation. Therefore, we do recommend getting in touch with a Mortgage Broker in Derby allows you to get a tailored service that could give you an insight into your finances and what your options are.

Date Last Edited: December 6, 2023