Thinking about moving home? There are plenty of reasons why you should, but considering the stress and the risks involved, as we suggested here, you might resist the upheaval.
Still, moving doesn’t have to be stressful; well, not more than should be expected, anyway. And by knowing the risks involved, you might be able to make life easier for yourself. Hence our article. Below are two of the house moving risks you need to be aware of, with some suggestions to help you manage them.
Risk #1: Buying a house you are later unhappy with
You might find a house within your price range, and on first impression, it might seem like the home for you. However, it’s only after moving in that problems present themselves. You might discover the location is not to your liking, for example. There might be hidden problems within the property that cause you a small fortune in maintenance fees. And despite your initial enthusiasm, you might discover that the house is actually impractical to your needs.
Solution: Don’t buy something on impulse. Research the location before deciding it’s the perfect neighbourhood for you, and seek professional help. So, you might consult with a property finder when looking for a home tailored to your needs, and you might also listen to the advice given to you by your letting agent. Bring in an architect too, or any type of building professional, as they will advise you on any inherent flaws within the property in question.
Risk #2: Going over your budget
Don’t be deceived by an attractive house price. There are all kinds of hidden costs that could scupper your finances, and these include council tax rates, utility costs, and insurance prices after moving in. There are also moving fees to consider, as well as fees attached to your letting agent and solicitor before you actually get the keys to your property. Let’s not forget your mortgage repayments too, as if you don’t shop around your local banks, you might not get the best deal that could have been afforded to you. Needless to say, your finances will take a hit, and you might be forced to live on beans on toast for years to come (at least it’s a healthy option).
Solution: Again, don’t buy something on impulse. You need to research the property in question, and this includes looking into those hidden costs that might dent your bank balance. Use the guide provided by Zoopla to get some idea of the costs involved, and speak to your letting agent or your local government for advice on council tax costs. Consider your mortgage repayments too. Finance guru Martin Lewis has some advice on finding cheap mortgage rates, so follow this link for tips on getting the best possible deal. By taking these steps, you should have an idea of what you can reasonably afford, and being the sensible kind of person that you, you should then limit your house search to those within your budget.
There are risks involved in moving house, but it is possible to overcome them. Use our suggestions, and then commit to further research online for more advice. Let us know too if you have any tips for our readers.
*This is a collaborative post. For further information please refer to my disclosure page.