Top Financial Impacts When Moving Home
When moving home you’ve probably accounted for paying any deposits and agency fees, but there can be a lot of other expenses you might not have thought of. This can cause you to struggle with your finances for a short time and you may find yourself needing to look at different avenues of borrowing. For example, you may look into a short term loan from a direct lender that accepts bad credit. All of these fees and expenses could catch up with you when you’re least expecting them. However, being aware of them will mean you’re well prepared for them and won’t be surprised when you end up shelling out more than you originally planned. Here are some of the top financial impacts when you move home.
Legal Fees
A lot of homeowners will look to seek out a solicitor to help ensure the process goes as smoothly as it possibly can. This is because moving home can have a lot of different forms and fees that need to be covered before you can complete the mortgage process. Solicitor prices can be pretty steep, so it’s always a good idea to check out a few different ones before deciding.
Surveying
Whenever you look to move home, you should always look into getting it surveyed before moving in. A surveyor will visit the property and inspect it for any potential issues, such as structural or even any repairs that may be needed when you move in. One problem you’ll definitely want to know about is any dampness within the house. Dampness can cause mould which can be very expensive to fix, so knowing about it beforehand means you can stop it before it spreads. Although surveying can incur quite an expense, if you want to make sure your home is safe and liveable, you’ll want to consider booking one.
Physically Moving
Aside from all the legal fees and deposits, there are also the charges incurred from actually moving your possessions to your new home. Renting a van and doing it all yourself can save some money but opting for a removals company will ensure your furniture is moved safely to its new location. A professional removal company will take the pressure off moving, so their financial impact can actually be a very positive one in the grand scheme of things.
Updating Your Details
Something you may forget about it changing all your details for all your registered accounts and documents. Some companies may charge for updating them too, for example, a fair few insurance brokers may charge you for updating your address and sending out newly updated documents. Another factor to consider when changing your details is redirecting your post. Not all of the changes will be instantaneous, so your post may well be sent to your old address for a while. Redirecting your post also has a small charge, but it’s worth it to ensure you aren’t missing anything important.
Ending Contracts
Not only will you be cutting ties with your old home, but you’ll also need to end any contracts you have with providers. A lot of people choose a fixed tariff when they select their energy provider. But this means, if you end your contract before your agreed tariff end date, you could be charged an exit fee. It’s always worth checking with your current providers if you’ll be charged should you cancel your agreements with them.
Moving home is no easy task, so take some time to figure out how much you’ll need to spend. That way you won’t be hit with unexpected fees. Just remember that all of these charges are getting you on your way to living in your dream home.
