5 Tips On Managing Your Money When You Move Home
Moving house presents a number of obstacles, many of them to do with money management. The whole process can be emotional, challenging and time consuming – but the end results are worth it when you’re in your brand new home. Whether you’re moving into a bigger family home or buying your first apartment, see below 5 tips on managing your money when you move home:
1. Talk To Your Bank
Before you make any huge financial commitments, the first step is to talk to your bank. As with any big expense, consulting your bank can help you paint a clear picture of what you can afford and when you can plan to move. Your bank will be able to advise you so that you don’t make any financial decisions that you regret.
2. Sourcing New Finances
Raising funds for a new home deposit can be difficult, which is why many people look for a loan – whether that be from the bank, a private lender, or family and friends. A loan should not be taken on lightly and should be thoroughly considered before you go ahead. In an ideal world, funds would come from your savings, so there would be no need to obtain a loan. Speak to chartered surveyors Manchester for further guidance on the condition of your new home, as they’ll be able to support you and your application.
3. Choose A Mortgage That’s Realistic
Often people let their dreams get the better of them and aim for a home that’s out of their budget. However, it’s important that you choose something well within your price range for the foreseeable future, making sure the mortgage is right for you. Consult a mortgage broker or your bank if you need further advice.
4. Think About How You’ll Decorate
It’s easy to get carried away when you move home. That’s why before you move in, you should consult a commercial property management company to ensure everything is up to standard and analyse what might need replacing. From this, you can come up with a reasonable budget that will cover aesthetic changes as well as fundamental work that needs to take place. Once this has been done, you can then use the rest of your funds to decorate and furnish your home.
5. Consider Additional Costs
There will be lots of additional costs when you move house, including estate agent fees and moving van costs. Furthermore, if you were previously renting – there is the chance that you may not recoup all of your deposit. Remember to have funds for a rainy day, there to dip into if something unexpected happens during the move where you’re forced to cough up the cash.