When it comes to moving homes, there a number of factors that influence our decisions.
More often than not it’s just because we’ve outgrown our current dwelling, or the dwelling has outgrown us, creating the inclination, sometimes even the compulsion for a new home.
In terms of statistics, it would seem that there is a large number of Australians speaking with mortgage brokers to get a home loan for a new abode. According to the Australian Bureau of Statistics (ABS), nearly half of the respondents (aged 15 and over) in their Survey of Income and Housing reported moving residences in the five years before the study.
As they say, nothing lasts forever. Here’s some of the main rationales for packing up and moving abodes.
Your home has become too small
Is the petite home you bought with your first home loan no longer big enough? One of the most common reasons for moving homes is a family that’s spreading its wings. While it may have been a perfect home for you and your partner to settle in, the addition of kids can certainly stretch its capabilities.
You will probably require more bedrooms and playing room for the kids outside, along with more than one toilet to reduce the line in the morning!
Your home has become too big
Have your kids flown the coop, leaving rooms in your home vacant? By 2031, there will be more couples without children at home (otherwise known as ’empty nests’) than any other household type in Australia, the ABS predicts. The forecasted amount is 3.5 million people, meaning there will be a lot of Australians with unoccupied areas.
A smaller home can offer a lot of benefits including being easier to look after and maintain, require less heating and cooling, and in most cases will allow you to take a chunk off your home loan.
You want/need to live in a different location
It would be reasonable to assume that it is getting more difficult to get to places, as Roy Morgan Research asserts that over the last decade, the number of motorists on Australia’s roads has increased by 2.6 million.
Thus, there are numerous grounds for moving to a new location, like work requirements or wanting to be nearer to schools, amenities, public transport or friends and family.
Do you want more advice?
You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.