For most people, buying a home is a permanent thing. It’s a long-term decision and most people stick with it, they do not tend to change their minds on the property too quickly. However, the property market continues to thrive and continue to grow because many sell their homes to buy a new one, but why? Life is not predictable, and certain situations can make a homeowner decide to leave his or her home for another. There are three primary reasons why this happens:
- • The homeowner wants to move to a bigger home
- • The homeowner needs to change to a smaller home
- • The homeowner decides to transfer to a completely new location.
Below is an explanation of why people may decide to move house. It may not be true in most cases but based on some fairly heavy research, here are the most likely reasons for selling a house and buying a new one.
WHY PEOPLE MOVE INTO A BIGGER HOME
In most cases, a homeowner selling his or her house for a bigger one indicates a positive change. Those who are planning to get married will look for a house that has enough space to accommodate their growing family.
Couples usually start out in a flat or unit, but when they agree to have kids, they will sell it to buy a home that meets their requirement. There are also those who are just waiting to become financially stable to purchase a larger home. A promotion or a change in career can prompt them to want a home they cannot afford before.
WHY PEOPLE OPT TO BUY A SMALLER HOME
Changing to a smaller residence mostly happens with older people. Those whose children have all moved out and no longer wish to maintain their family homes may think about moving to an apartment, flat or even a smaller unit. A larger home has a higher maintenance cost, and those who do not require as much space as their homes have, will consider exchanging it for a smaller place.
There are also people who sell their homes for profit. Those who need a large amount of cash but has no other means to obtain it may have to sell their home. People who are planning to start a business or to pay off debts may be forced to give up their home and buy a smaller one for cash. Others are in the habit of buying a run-down home and then selling it for a higher price.
WHY PEOPLE LOOK TO MOVE TO A DIFFERENT LOCATION
Sometimes the issue is not the house itself but the location. Even if they are satisfied with their home, their environment may force them to want to leave; or rather, there is particular place where they will want start their life anew. One can have a good or a bad reason for transferring to a new location, and discussed below are the most common reasons for moving to a completely new neighbourhood:
- • Job relocation – Those who change their jobs, or who are transferred to a new branch may need to relocate, especially when the transfer is for a long time. They may rather move to a new location rather than endure long hours of travel.
- • Neighbourhood – The neighbourhood can also turn for the worse. When a bar or restaurant opens up next door, or when the quality of life in an area continues to decline, a homeowner may opt to move to a new community.
- • Family – It also happens to those who want to live closer to their parents or further from their relatives. Relocating for this reason helps either to strengthen family bonds, or allow a space to cool off. Couples who are getting a divorce may also choose to sell their house and divide the proceeds between them.