You’ve sealed the deal, inked the contract and are about to move into your new home at last. But before you take a breather, there’s still plenty to do – some of it is the fun part (furnishings) and some of it is necessary administration tasks. Each of those can be done in a finance-friendly way though.
Here are our top tips for moving in to your new home, and how you could make the most of your finances.
1. Keep money aside
The mere act of moving to a new home is likely to come with one-off costs such as cleaning your old place (especially in a rented home), storage and removal. Try to make sure you’ve got enough cash for these necessary things.
2. Time your purchases well
Try to time your purchases to coincide with seasonal sales at major retailers, and you might get great bargains on your furniture; you may be able to negotiate free delivery or even more discounts if it’s the end of the line and they’re desperate to shift them.
3. Know about the different types of credit
There are several different credit options, each with its own features and benefits. If you’re going to take out credit to help turn your house into a home, learn about the different types of loans and credit cards to pick the right one for your purchase and situation.
4. Get insured
Many buying their first home will never have had to think about home insurance before, and those who had rented probably wouldn’t have had to pay buildings insurance. Look for the right deals and make sure you’re covered.
5. Change your addresses
Let your bank, your credit card providers and all other subscriptions you have, know that you’ve changed your addresses. The same goes for council tax. For extra security, it’s also a good idea to get mail redirection for at least six months. This could help protect you against the risk of identity fraud.
6. Register to vote
Doing this is important as it can help boost and protect your credit history in the future. Being on the electoral roll is one of the keys ways you can prove your identity, and show lenders that you are who you say you are, and live where you say you live. Also, don’t forget to register with a new doctor and dentist!
7. Do you need to change providers?
Moving home can mean it’s time to check whether you’re getting the best deals from the bills you pay, whether that’s utility, broadband or other. Now may be a good time to compare deals to make sure you’ve got one that suits you.
0% purchase credit card or personal loan?
Each of these has its plus points if you want to spread the cost of furnishing and setting up your new home. It often boils down to balancing out what you can afford every month, against how much overall interest you’d have to pay.
With a 0% purchase card, it’s up to you to make sure you pay the minimum amount needed every month, and also to try to make sure your spending doesn’t get beyond what you feel comfortable paying back. You do of course have the flexibility of paying back different amounts every month, depending on your finances at the time.
Making at least the minimum repayment is important, as missing one can negatively affect your credit score. It’s always worth keeping an eye on making regular payments to help clear or reduce the balance by the time the offer rate has ended and it reverts to a standard rate.
With a fixed rate personal loan, you have the peace of mind of knowing how much you’d paying every month for a set amount of time, though you will need to make sure you have enough funds to pay the direct debits every month. Learn about the different types of loans and credit cards to pick the right one for your purchase and situation.
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