Moving? These Money Tips Can Help You On Your Path to Homeownership

Posted March 9, 2021 by in Lifestyle

Moving costs a lot of money, especially if your next move will make you a first-time homeowner. When it comes to buying a home, the mortgage is probably the biggest thing you’ll ever sign-up to and purchase. Then there are all of the little things to take into consideration too. All in all, it can be quite the pricey experience. Here are some tips to help ensure the move is financially viable as can be.

Make sure you apply the advice in a bespoke way to your own situation. You may have considered some already but at the least they can help change your way of thinking to one that looks to save money on the move:

Book the Moving Company ASAP

ASAP meaning as soon as you settle on a place to move. This is because the best ones usually get booked up meaning you’re left with the overpriced ones, and the ones which just don’t really do a great job. Finding the right moving company can reduce stress levels as you know your possessions are in a safe pair of hands.

This is especially the case if you are moving long distances. People are moving all of the time. While certain months might be busier than others, moving services will always be in demand because people are always moving home, which is why it is vital you book the best company you possibly can at the outset. Even if it’s a case of putting down a deposit.

Focus On Finance

It’s pretty expensive and you can make the whole process easier if you spend some time focusing on your finances. You would have spent a long time saving up for your home deposit, but there are some other things you can do to make it easier to save.

Try to pull in some side income before you move. There are many ways you can do this. Some like to grab a second job while others leverage their skills. Some like to set up businesses as a side hustle, others will just buy and sell items they no longer want. Give it some thought, especially if this is your first home. First homes are sometimes more expensive because you need to buy a lot of furniture and appliances.

Remember, you really want to get a good deal on your mortgage. The deal you can get depends on the deposit but just be sure to shop around, even if you’re using a broker. If you are using a broker, make sure it’s one that takes its fee from the provider, not from you.

Don’t Overburden Yourselves With Finance Plans

Moving home means new furniture. Even if you’re bringing stuff from your old place, you might need some new bits. You might even need a new bathroom or kitchen. When these start to stack up, the temptation to chuck them on a finance plan, or on the credit card, will get more and more appealing. Don’t do it! Instead, save up for that little bit longer so you have enough for furniture too.

Don’t even look for houses until you know you’re ready. If you do you’ll just end up finding a nice house and not having the right money to make the move. If you’ve got too much on finance it’ll severely impact your household liquidity. Not just that, but after being approved for a mortgage, you might not be approved for some of the other finance applications simply because the mortgage is so huge.

Think ahead, be patient, and make sure you’re ready. 

Couple high-fiving each other during a move.

We hope these tips have helped you on your path to homeownership! Read more:

*Photos by Ketut Subiyanto