Here’s a novel idea, instead of selling your house, why not stay put?
During the recent property slump, when borrowing money seems to have shifted from being a question of “how much would you like – and why not borrow a bit more?” to one of “do you have a 50% deposit and ten year’s proof of earnings?” moving house has become much more bothersome than it was.
There’s evidence to suggest that an increasing number of people are taking the opposite decision and deciding to stay put.
They’re taking the positive conscious decision to stay where they are and trying to fall in love with their houses all over again. This is quite a different mental position than staying because you can’t sell or can’t afford a new place. And it has a number of advantages.
The first, of course, is financial. Most people can afford to stay in the houses they’re in more easily than buying a new one as the tendency is generally to trade up. This isn’t the case for everyone, of course, and if you have to sell, you have to sell. But if you don’t –why not stay put?
You can usually borrow a relatively small amount of money to make those changes to your existing property you’ve often thought of. The process of completely renovating the old place from top to bottom also has an amazing psychological effect. Just starting the work makes you feel more positive towards your existing abode. And the money freed up by your decision not to move allows you to indulge your existing place a lot more – with new beds, or one of the new sofas UK retailers have on sale.
So stay put, do it up and treat yourself at your favourite furniture store – or at least have a think about it and see how it makes you feel.
