Key Things To Remember When Planning To Move Into A New House

No matter the reasons why you are planning on relocating, you may be asking yourself… What are some of the key things I need to know regarding moving to a new (and likely better) home?

In some ways as a second-time homebuyer or ‘second stepper’ you are in a better position compared to a first-time homebuyer since you have been through the house purchase process before. Additionally, you also know the costs of running and maintaining a home. However, there are other things that you need to know if you are planning on moving to a new residence.

They include:

• If you have reached your mid-40s, you will likely be offered a 20-year mortgage which usually requires higher monthly repayments
• Most London residents think that they need to save a lot of money in order to relocate, estimating that they need an average of £12,946 to move to a new residence
• 34% of property owners think that moving is a complicated process. People who in the 35-54 years bracket think that moving is particularly arduous 

Costs You Need to Plan for When Moving

Most likely, this will be the first time that you will be selling a house. Ensure that you budget for extra costs that you may not have incurred when buying your home. For starters, remember that you will need to get your home valued and you will also need to spend money on sprucing up your home so as to attract buyers. You will also need to compile all paperwork pertaining to your property such as the mandatory Energy Performance Certificate (EPC).

It is also important to remember that you will likely be asked for a bigger deposit when acquiring your second home. According to The Telegraph, in addition to the money you earn from selling your home, you will likely need an extra £58,400 to cover the purchase of your new home. This is more than double the average deposit that first-time homebuyers are usually asked to make of £25,900.

One of the main reasons why most people choose to relocate to a bigger residence is an increase in their family. If this is the reason you are moving, saving money for your new home can be tricky. To get helpful tips on how to sustainably save money for your new home, consider visiting the Money Advice Service.

The Cost Of Moving Your Belongings

Another important factor to consider when relocating is the cost of moving your belongings from your old residence to your new house. To make sure that you don’t have any nasty surprises, it is advisable to research firms and compare quotes to determine which one offers the best value for money.

Luckily, if you live in Tampa, you should have no problems finding an affordable moving company. Just make sure to check that the Tampa moving company you are considering is properly registered and licensed to provide moving services. Additionally, you should read through reviews to gauge whether or not the company has a good reputation.

In addition to hiring a moving company, you should also plan for the cost of purchasing packing materials or hiring packing services. Make sure that you research the various options available and make an informed decision about which one is best for your budget and needs.

Ensure You Understand the Property Transfer Chain

Keep in mind that just as you are looking to sell your home in order to buy a new one, potential buyers will likely also be selling their properties in order to make an offer on yours. This usually creates a property transfer chain in the real estate market. According to a 2016 survey by around 28% of home purchase deals usually fall through. As such, try and craft a fallback plan should the worst happen. It is possible to sell a house without an estate agent via cash house buyers if you are looking to streamline the process.

Look for a Great Mortgage Deal

Even if you already have a mortgage, you may need another loan in order to purchase your new home. Carefully research the different types of mortgage packages available in the market in order to find the deal that is most ideal for you. There are different online tools that you can use to research the different types of mortgages. Alternatively, you can seek the advice and counsel of a mortgage adviser. In order to find the most affordable mortgage deal, compare the APRs and interest rates of different mortgage lenders.

Here are some other articles related to your search:

• House Improvement in the New Normal: Increasing Your Home's Comfort Level

• 7 Ways to Make your New House a Home

• Are You Moving To A New House? Here Are A Few Useful Tips