How exciting. You’re moving. Whether it’s for professional or personal reasons, there’s a lot to think about.
Before you get carried away looking at houses or apartments, don’t forget to consider how the move could affect your financial plan.
We know that’s the boring bit, and you’re far too excited about your new start to want to worry about money. However, a new city and a new home could have an impact on your current budget, so now’s a good time to review it.
Not only do you have the moving costs to consider, but there could also be professional fees additional living costs, and transport to consider.
Stay with us as we talk you through the costs to look out for and those you may not have thought about.
If you’ve been planning this move for a while, you’ll probably have a little nest egg tucked away in a savings account. However, if it is an unexpected move because of work, it may be time to dip into your emergency fund.
Either way, planning could help you. That means creating a budget. This could help you track what you’ll spend, remove any non-essentials, and (hopefully) identify any areas where you can reduce your spending.
Did you know that the estimated average cost of moving within the UK is around £8,885? It sounds a lot, doesn’t it? And don’t forget that’s only an average; the total can vary dramatically depending on where you decide to put down roots.
Of course, the total cost to you will also depend on whether you’re buying straight away or whether you’re planning to rent for a while to give yourself time to get to know the area better. For this article, we’ll look at the costs associated with buying a home.
That’s quite a list and doesn’t consider rent or temporary storage, should you need a base in your new city before you move. Plus, if your new city is in a different country, you may also have to factor in shipping, customs duty, visas, flights, storage space and furniture.
So, is there anything you can do to reduce your costs?
You could do a few things to help reduce your costs when moving to your new home. The first is that you can hire a van instead of a removal company. The practicalities of this come down to whether you’re moving a driveable distance. For example, it may not be a practical solution if you’re relocating from Devon to Scotland.
Next, having a good declutter before moving means you’ll have fewer things to move. The less stuff you have to move, the less you may pay a removals company.
Finally, using existing materials for packing is a frugal way of keeping your belongings safe. Duvets, towels and even kitchen roll can do the job just as well as bubble wrap.
Once you’re in your new home, it’s time to relax; you can unpack the boxes later. But while you’re having your first cuppa in your new home, it’s worth thinking about how your new environment will affect your monthly budget.
Yes, this might be the time to create a new budget. Are you now earning more money? If so, congratulations, but before you rush out and buy lots of new furniture, think about how your outgoings will be impacted by your move.
Don’t forget your utilities. The chances are the amount you pay in your new home will be different from before. There are so many things to think about when you move to a new city; many people go with the utilities companies the previous owner used, but it could pay to shop around for the best deals.
Moving somewhere new is an exciting time, but don’t get caught up in the euphoria and forget your budget. Making sure you start in your new environment on a firm financial footing could help make your settling in easier. It’s not the most exciting thing to think about, but it means you can enjoy your new home without worrying about money.