Category: Property

Should I Keep Moving to a Bigger and Better House?

Sometimes there is pressure on people to keep ‘bettering’ themselves and moving to bigger and more expensive houses. We may often hear the phrase ‘getting on the property ladder’ which implies that you need to keep climbing up it. There are pros and cons to taking this approach though and it is worth considering what your views are on by thinking about it carefully rather than just going with what other people are advising or suggesting.


Many people start off in a home which is quite cheap because their incomes are low. This means that they will possibly not have a lot of room. They may have a home only suitable for one person or a couple and if they want to extend their family then the only way to find room for them is to move to something bigger. It is also possible that they start off in not such a good area and want to move to a better one once they can afford it when their income increases.

When we buy a home we put money into the property which can be released when it is sold. If we have lots of money in the home, then we will potentially have a lot of money available for our children to inherit if they sell the home when we no longer need it. So by moving to a more expensive home, it means that we have more money there for them.

Putting money into houses is sometimes seen as a type of investment. It is not really, but it has similarities. The value of a property will normally go up in time. This means that when you buy a property you will pay a certain amount but when you sell it you will tend to get more back. This means that your money has gained in value. However, only if house values go up by more than inflation or by more than you could have got had the money been invested elsewhere, can you say that you have gained financially. There are other gains that you can make from owning a homes compared with renting but these are not determined by the size or value of the home.

If you have a big house, then you may be able to rent out some of the space and make some income from it. You might rent out a room, for example, some attic space, a garage or even set up a bed and breakfast which could bring in some extra income.

Should you move to a better house if/when you can afford to?


When you sell and house and buy a new one there are lots of costs. You will have to pay stamp duty if the house is of a high value, solicitors fees, estate agents fees and removal fees. You may also have to decorate your home to get it looking good for sale and then decorate the new home too. These add up to quite a significant amount if you do it a lot.

If you have a bigger house you will have more property to look after and maintain. This not only means that it will be more expensive when you are repairing things, decorating and updating but it will take longer to clean and tidy it and keep the garden in order. You will also have to pay more council tax.

When your family move out then you may find that you have a property that is too big. You might want to downsize and this will cost money, when had you stayed in a smaller home you may have been happy staying there.

If you put all of your money into housing, then you will not have it to spend elsewhere. You increasing mortgage payments could mean that you will have to sacrifice other things. It could mean that you will not be able to afford to go on holidays, that you will not be able to give so much money to your children or may not even be able to afford to have as many, you may not be able to afford such nice cars and things like that.