Wednesday, June 2, 2021

Finding Your New Home On A Budget

 If you’re convinced of the benefits of relocating, then you might be looking over the market already for the next big step in your life. However, aside from being a major lifestyle change, relocating to a new home can also be a big expense. If you need to relocate now, are there any ways to make sure that the costs of doing so don’t start rocketing out of control?

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Get to know the costs upfront

There’s more to moving home than just paying the home loan deposit and first insurance payments. There are plenty of hidden costs that you need to consider, including any closing costs through the agents you use, not to mention property tax, housing association fees, and more. Take the time to research all the costs of moving home, getting relative estimates where you can, and put together a budget that incorporates all of them. Worse than paying more than you expect is being hit by costs that seemingly come out of nowhere.

Take a closer look at your loan options

The most major up-front expense you’re going to have to deal with when buying a home is the downpayment or deposit. Many will recommend that you try and save up for a larger downpayment so that you get more manageable monthly payments on the home. However, there are sites like Nerdwallet that can help you find low-deposit loans that may help you move if you’re looking to get relocated in a hurry. Do be aware that you can reconfigure your home loan by taking out a second mortgage after gaining some equity on the property, so you might not necessarily be locked into whatever loan you first agree to.

Work with the right agents

If you have identified the area that you want to move to, then the next step is to identify the agents that can help you find the best deals there. When choosing an agent, like moving with Cami Jones, you want to make sure that you choose a team that has experience and history in the area. A good idea of local prices and what you should be able to get for your budget can help you keep your expectations reasonable and find some room to haggle where there is any.

Making the move itself

There are plenty of ways to reduce the cost of physically moving home, as well. First of all, if you’re relying on professionals, make sure that you get in touch with them as far in advance as you can, as their rates can rise as moving day approaches if the demand for their services rises. You should also look at what belongings you can give away, recycle, or otherwise leave, downsizing your move and thus the costs that come with it. Of course, if you’re able and willing to DIY, it can be much cheaper to rent a truck to do it all yourself, but it’s also much more work.

Moving home can be fairly expensive, there’s no denying that. However, with the tips above, you can get a better idea of what the costs will be and cut them where you can.

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