Did you know UK homeowners are likely to move home approximately 1.8 times, or every 23 years in their lifetime? New research by real estate firm Savill showed that the pace of moving for families has slowed from 3.8 times in 2008 to almost twice in a family’s life. This means that young families are tasked with the big house move at least once in their lifetime, and it’s a move that comes with an average price of £10,210 (not including the home purchase price!) Perhaps it is because your family has outgrown your current home, or maybe it is part of achieving one of your new year’s financial resolutions. Whatever the reason may be, finding the perfect home to meet the needs of a growing family can sometimes be stressful and complicated for young families. There’s the garden space to consider, its proximity to schools and even its transport links to think about. However, there is one other aspect of the moving house process that has been shown to be a top stressor for these families: finding the money for the move. House prices are rising, as are the costs of raising a family. So how can young families who are looking to move home carve out the funds needed to make it happen?
Before You Move: Have A Moving Budget Checklist
Just as you would budget for other large purchases, a moving budget can help you gain an accurate estimation of the amount needed and how much progress you have made towards this goal. It can also be broken down into subsections or mini goals with a checklist. This way, as you save enough to achieve one task such as hiring the moving company, you can rest assured that it’s one less thing to be taken care of. A moving budget also helps homeowners keep an eye on their costs. Often in the rush of moving, homeowners can find themselves spending over budget or having to suddenly take on more debt through high-interest financing such as credit cards. It also allows you to account for where your money is coming from and where it is going. This way you can tell what percentage is being funded by your savings, personal loans, credit cards or, for some older movers, equity to cash conversion from their home. This way you can be sure to keep costs (including financing costs) to a minimum and keep up to date with repayments.
Profit From Decluttering Your Home
Ahh, the packing phase. This can be a tricky one when you have a young family, but with consistently carved out time for decluttering, you can do it. Besides the time taken to declutter and pack, have you ever considered making money from the process? Garage sales and car boot sales are great for selling used children’s clothing, toys and just about anything else these days. Many people flock to these sales looking for a bargain, and by reselling your preloved items instead of throwing them out, you can make a bit of money to add to the moving home fund.
Set Up An Automatic House Budget Space
One of the best tips for people trying to save is to automate it. Making it a standard part of your financial routine similar to your monthly bills means you won’t miss the money, and pretty soon it becomes routine. New age banks such as Monzo and Starling have taken it a step further (along with a few high street banks). Setting up a saving space means any of your purchases are rounded up to the nearest £. The difference between your actual purchase price and the nearest pound is then automatically added into your space when you pay using your card. Before you know it, you could have hundreds saved for your home move, and you would not have had to do much.
Financing a home move with a young family in tow can be stressful, but it doesn’t have to be. The key is to plan ahead, including your methods of funding it. Simple changes to your everyday life can help you reach your goal and make your move much easier. After all, who wants to spend all day worrying about finding the money to make the move possible when they could be enjoying this next exciting step with their loved ones?
*This is a collaborative post