Despite common misconceptions, there are plenty of ways you can go about making moving house less stressful. For example, most of the stress associated with moving can be eradicated by proper planning and organization (i.e., ensuring that you have everything you need on hand ahead of time).
Furthermore, you can reduce stress and worry by ensuring that you stay on top of your finances, reducing costs wherever possible. With that in mind, here are some easy ways in which you can save money when moving home.
How to save money when renting:
- If you will be renting a property, ensure that you obtain renters insurance from a company such as Amistad Insurance Services. While this may seem like an additional expense, it can provide you with greater financial security should you have to deal with any issues such as theft, fire, and water damage.
- Take plenty of pictures and videos when you first move into the property that clearly shows what condition your room/property is in. They can come in handy at the end of your tenancy should your landlord try to charge you for anything that is broken or damaged. You should also ensure you take similar pictures at the end of the tenancy to further support your claims.
- Ensure that your landlord places your deposit in a protection scheme – as this can work to ensure you can receive your full deposit back (with reasonable deductions) when it’s time to move elsewhere.
- Remember that you don’t necessarily have to meet the landlords asking price for rent. You can save hundreds of dollars by preparing to negotiate your rent prior to sending off a contract.
- While many landlords choose to make bills the renter’s responsibility, you should keep an eye out for inclusive deals where your bills and internet are included in the cost of your rent.
- If possible, ask landlords to include a break clause in your tenancy agreement. They will usually be placed at the halfway mark (so, at six months for a twelve-month contract). This means that you can bring your rental agreement to a close sooner if you encounter financial difficulties during this time.
- If you are planning on staying put for a while, consider asking your landlord if they will offer a rent reduction in exchange for you signing a slightly longer contract.
- If you are great at saving money, consider asking your landlord or rental company if they offer discounts for large up-front payments. For example, instead of paying for your rent one month at a time, you could pay for six months right away.
- If paying for your bills yourself, don’t be afraid to switch utility providers in favor of a company that offers a better deal. There is simply no reason to overpay in this area if you could be spending less money elsewhere.
- If you feel as though you will be spending a little more than usual over the move, keep an eye out for inventive ways in which you can earn some more money. For example, you could try your hand at earning extra money online or find a way to turn your favorite hobby into a profitable side hustle.
How to save money when purchasing a property:
- Ensure that your savings are in order prior to the move. Typically, you will be required to pay for at least two months of mortgage ahead of time. #
- If you have never purchased a property before, ask those around you for some advice and guidance ahead of time. This can help you gain an understanding of the legalities, procedures, and technicalities that come hand in hand with purchasing a property. Be sure to ask them if there was anything they wish they had known about owning a property ahead of time – as there are often snippets of information that are lost and overlooked in online guides.
- Though you may be tempted to move as soon as possible, try not to rush the process and only move when you are ready to do so. Moving before you have your savings in order could land you in a tricky financial situation further down the line, especially if you are unable to pay your mortgage and bills.
- Do a little research ahead of time to see if you could qualify for any government loans – as this can make the process of purchasing a property a little easier. It could also be particularly useful if this is the first property you have purchased.
- Spend some time checking out the different insurance options that are available to you. Again, while this may seem like you are spending more money than you initially predicted, having the right insurance plan in place can provide you with a security net when things go wrong. For example, if a fire occurs on your property, the right insurance plan can help you recover financially from any losses and pay for any necessary repairs or refurbishments.
- Think carefully about how much you can realistically spend. Then, put together a budget and ensure you stick to it no matter what. The easiest way to put together a budget is to take a look at your bank statements and expenses and see how much money you have set aside at the end of each month. This can also draw attention to any problems you may be making regarding spending (i.e., a few too many takeaway coffees), which can help reign in unnecessary spending in the long run. If working with a realtor or letting agency, ensure that they are aware of your budget ahead of time.
- Negotiate wherever possible, ensuring that you get the best deal possible. Though negotiating can be difficult, be sure to stand your ground and stand by your offers.
- Before signing a contract, conduct a thorough inspection of the property for any signs of damage. You can then discuss any findings ahead of time and request that any refurbishments or repairs be conducted before your moving date. This means that you will not have to cover the cost of these issues yourself come moving day.
- Try to gain an understanding of the housing market ahead of time, so you know exactly how much you should be prepared to attend. For example, if you are looking to purchase a two-bedroom property, figure out the average cost in your area for a property of that size. Knowing the market means you are less likely to be scammed or tricked into overpaying.
- If you’re planning to renovate or redecorate once you move into your new property, ensure you incorporate these tasks into your budget or start saving some extra money so that you can cover the additional costs.
- When it comes to renovating, don’t be afraid to get your hands dirty and participate in a little bit of DIY. For example, while some tasks such as plumbing and electrical work should be kept to the professionals, there are many projects that you can tackle yourself – such as painting. This also gives you the opportunity to be a little more creative.
- Instead of purchasing brand-new furniture, consider buying items second-hand from thrift stores or online groups. On occasion, you may even be able to find the exact item you were looking for for a fraction of the original price. Either way, preloved items are a great way to decorate your home without having to dip too far into your savings account.
- Take some time to declutter your home before moving – this means that you’ll have to pay lower removal fees on the big day. Furthermore, if your furniture is in good condition, you can always resell it to earn some extra money which can be used to help fund the move. The easiest way to sell old furniture and belongings such as clothes and toys is online – either on local selling groups or pages such as Facebook Marketplace.
- Work with a removals company to move your belongings from your current property to your new home. This saves you the hassle of having to do the bulk of moving ahead of time and can also save you a great deal of money if you book ahead of time as opposed to leaving it until the last minute.
- Spend some time browsing online forums or sites that are specifically designed to guide you through the process of purchasing a property – this means that you can stay up to date with the best advice, tips, and tricks.
So, whether you are renting out a property or finally purchasing your very own home – it’s clear that there are various different ways in which you can go about cutting costs, saving you valuable money that you can then put into your savings, or use to support you in the future. By following these steps, you are putting yourself in the best possible position for a smooth, stress-free move. This means that you can spend less time worrying and more time deciding how to decorate your dream home!