Moving home is an expensive endeavor. Even if you haven’t bought a house, if you need to move you will feel it on your wallet. Everything seems to come with a big figure that needs covered.
So, it makes sense that you will be looking for any way to save some money, right? Well, you’re in luck. Read on for our guide on areas you can save good money and thereby probably avoid a good amount of stress.
Borrow more for your mortgage
If you haven’t got as far as buying your house yet, you’ve come to the right place. There are a lot of simple things you can do to boost your mortgage borrowing power, therefore allowing you to buy a more valuable home.
The first of which is to show you lender any and all income you have. Your lender will look at your income first to determine how much they think you can afford, so presenting everything you have coming in regularly will boost that number. You’d be surprised at what that can include. Investments, divorce settlements, child support, disability living allowance, and income from a part time job or side business are all applicable.
The next thing they’ll look at is your debt-to-income ratio, which is the monthly minimum payments you are putting towards your debt. If you can wipe your debt, your borrowing power will get a great boost. You can look into a balance transfer card to wipe the debt or think about refinancing an auto loan.
You can also save on your monthly repayments with your deposit. As the rule goes: the more you pay up front, the less you need to pay down the line. If you put forward a decent down payment your monthly repayments will be easier to handle. Plus, if you pay more than 20% you will be able to forgo the Private Mortgage Insurance that is designed to protect your lender if you stop paying and is added to your mortgage repayments.
Store your stuff
Storing your belongings can save you money and stress in a lot of ways. It can be a lifesaver if you are having trouble finding somewhere to live, for example, and you are only carrying the bare minimum for now.
Plus, there isn’t any rush in moving in. People expect you to get everything in the house as soon as possible, but that makes for one really stressful day. Instead, store your less important items and tackle them when you can. Take a box home once a day or week on the way home from work and take your time unpacking. You don’t need the Christmas decorations in July and your guitars aren’t as vital as your toothbrush.
If you like that idea, look into Safestore’s Preston store or any one of the other 125 locations throughout the UK for one close to you.
Reduce, reuse, recycle
We’re in the eco-conscious age. One where we are recycling everything, and that even goes for furniture. If you are looking for new furniture for your new home, the best recommendation we can give is to your nearest charity furniture store.
By spending just pennies you can buy some sturdy, high quality furniture that is bound to last longer than anything out of Ikea and will go with that boho-chic style you’re going for. Plus, you can update furniture to fit your style. There are a lot of guides online to show you how a lick of paint will take an old piece into the 21st century, with bold new colors added to the mix, making a lot of statement pieces. But just as easily you can give it a good clean and some varnish for a great finish.