Stuck in a home you can’t stand? Over half of homeowners are living in properties they know don’t suit their needs – but emotional ties, the lure of the local pub and even pets buried in the garden make it too hard to move
- People typically think they need around £125,000 more to get a better home
- Nearly 40% said they couldn’t find somewhere suitable to live within budget
Over half of homeowners are stuck in a property they know does not meet their needs and requirements, a new survey has found.
Most people think they would need an extra £125,000 more than the value of their current home to be able to snap up a more suitable property.
While recognising the property they reside in is far from ideal, people typically stay put in their unsuitable home for around four and-a-half years, according to Zoopla.
Unsuitable: Over half of homeowners are stuck in a property they know does not meet their needs and requirements
The need for more space was one of the main reasons people said their home was not suitable, while some were living in an area where they did not want to live and others simply needed space to work from home.
Nearly 40 per cent of people stuck in an unsuitable home said they could not find somewhere else right for them within their budget.
Recent figures from Nationwide revealed that property prices have risen by nearly 11 per cent in the last year alone, making the price problem a harsh reality for many.
Despite the stamp duty holiday in England and Northern Ireland, a quarter of people said the cost of moving was a barrier to getting out of an unsuitable property. There are often hefty solicitor and removal fees to pay for a start.
Interestingly, over a quarter of people said emotional ties were keeping them in their unsuitable home.
Fifty-five per cent of parents said their children were emotionally attached to their home, with some not wanting to upset their children by moving.
I’m emotionally attached to a home that isn’t right for me
Kurosh Farhadi
Kurosh Farhadi, 32, is a project manager who currently lives in Barking, Essex.
He purchased his home in August 2015, and remodelled the entire property twice in order to make it perfect for his needs at the time.
Kurosh said: ‘When I moved in I completely renovated the home from top to bottom – every wall was painted, every floor replaced, nothing was left untouched. A few years later I split up with my partner and decided I wanted my home to reflect the new me and who I wanted to be in future. So I started again, even painting large murals and artwork on the walls. I became very invested in my home, my own creation.’
He loved his refreshed property, with his new partner later moving in. However, as Kurosh and his partner began to look to the future, including marriage and a family, he realised it wasn’t right for his shifting needs.
Kurosh added: ‘I had to face the reality that the home that I had invested in emotionally just wasn’t right for where our life was going.
‘For a family, I want to move somewhere more residential with a bit more space and have a proper garden. Whilst the area is perfect for a younger man, it’s not in an area in which I would feel safe bringing up a family.
‘The location also isn’t right anymore. My partner and I both work in central London, so there is a need to be closer to our workplace – when we do have a family, I don’t want to be missing out on seeing children in the morning and evening because I am stuck on a train commuting.
‘We decided towards the end of last year that our current home was no longer right for our needs and that it was time to start the moving process. We’ve identified South London as the perfect place to move to and worked out that we will need roughly £75,000 in additional funds for a place that is suitable.
‘However, here I am over half a year later, with the process still not underway.
‘My home isn’t on the market, I have not done any viewings of any potential new homes, and have my partner regularly nudging me to start getting it sorted. But the truth is that as I have put so much into it and made it my own, I have become emotionally attached, even though I know it just isn’t right anymore, and am reluctant to commit to severing the ties that connect me to this home.’
Kurosh and his partner hope to be in a new property by the end of the year.
But, he adds: ‘I am struggling to let go of my emotional attachment to a home that really isn’t right for me anymore.’
Too appealing: The lure of the local pub makes it tough for some to move to a new home
Memories: Beloved pets buried in the garden can make the decision to move home tough
Meanwhile, 21 per cent said they like their neighbours too much to move and 8 per cent would not move because they have pets buried in the garden.
More than a quarter of people said they found it hard to leave their unsuitable home as they love their local pubs too much to move, while 21 per cent liked their local coffee shop too much to live elsewhere.
Tom Parker, consumer spokesperson at Zoopla said: ‘Whilst it’s understandable that many find it hard to move on from a home that contains a lot of memories or that their children were brought up in, it’s perhaps more surprising that many find it hard to move on because they like the local coffee shop, pub, or because a pet is buried in the garden.
‘For those who think they can’t afford to move, or that the right home isn’t out there, I would encourage them to get the value of their home checked.
‘Our data shows that around half of UK home owners undervalue their home by an average of £46,000.’
When an estate agent values a property, they do not just look at how many bedrooms you have and which street you live on, according to Zopa. It added: ‘Those are great places to start, but a truly accurate valuation takes dozens of other things into account, from the small features that buyers will love to the age of your central heating system.’
If you do end up plucking up the courage to take the plunge and move, it is worthwhile getting a range of valuations for your existing property from different estate agents.
It is also worth remembering that while some buyers are willing to take on a property project, for most first impressions count a lot. Ensuring any dodgy paintwork is sorted out and getting the driveway jet-washed before the estate agent comes round can be a good place to start, for instance.
