Moving house is a big project whether you are moving into rented accommodation or buying a property. It also something that is going to test your budgeting skills.
There is a lot to think about and do, so it is all too easy to lose control of your budget and end up in debt while moving home. Naturally, this is the last thing you need when starting an important new stage in your life.
However, if you follow the pointers below you can keep control of your budget, and have the cash you need to set up your new home, as you want it.
Understand your moving budget
The first step is to understand how much you have to spend. When moving you need to work out how much cash is available to cover your expenses. You want to be sure that you can cover your legal fees, the deposit, agents’ fees, and the cost of moving or storing your stuff.
Understand your monthly expenses
You also need to understand how much you can afford to spend on a mortgage, rent and rates. The first step in working this out is to determine how much cash you have left after paying for essentials like food, clothing and the cost of commuting to work. Remember to factor in the cost of paying off your existing debts, you insurance policies, and things like Christmas. It is important to be thorough.
Next, you need to understand how much it will cost to run your new home. You can calculate bills such as heating and water for a larger home using this online calculator.
Add it all together and deduct it from your salary to determine how much you have to spend on keeping a roof over your head. Effectively, what is left is how much you can afford to pay out each month in rent or mortgage and rates.
Get professional advice
Now you know your budget, you can ask a letting agent or estate agent what areas you can afford. A good agent will be happy to go through your moving cost calculations with you.
This will help you to check that you have not missed anything when working out your housing budget.
Do not rush into anything
Try to resist the temptation to rush into moving to a new home. It is important to do your research and be sure that you can afford the property you are thinking of buying or renting.
The best way to do this is to spend a bit of time looking at properties. There are plenty of letting agencies in Leeds and other cities or large towns, so there is no shortage of options.
You have to be sure you can afford the property and that it meets all of your needs. The last thing you need is to go through the hassle and expense of moving again.
Taking your time, and understanding your finances, really is the best way to secure a good home for your family.