Key Takeaways:
- Create a Detailed Budget: Plan your finances by including all monthly expenses such as mortgage payments, utility bills, food, insurance policies, loan payments, and childcare costs. Setting up a separate household account can simplify tracking and managing your spending, ensuring you stay financially stable.
- Prepare for Your First Night: Pack a box of essentials, including toiletries, clothes, kitchen supplies, and important documents, to keep with you during the move. This preparation will make your first night in your new home more comfortable and stress-free.
- Enhance Security and Insurance: Change the locks on your new home for added security and ensure you have appropriate insurance coverage, including buildings and contents insurance. Update your policy as you purchase new items to maintain comprehensive protection.
- Manage Utilities and Legal Paperwork: Take meter readings on move-in day and inform your utility providers to ensure accurate billing. Organise and securely file all legal paperwork related to your home purchase, and consider making a will to protect your assets.
Plan your budget
Owning a home can be financially rewarding in the long term, but managing your finances smartly is essential. Begin by creating a detailed budget that includes all monthly costs, such as mortgage payments, utility bills, food, mobile, TV, broadband, landline costs, TV licence fees, car payments, and various insurance policies (buildings, contents, pet, life, and health).
Additionally, account for any other debts or loan payments, as well as childcare costs. Many people find it helpful to set up a separate household account into which they pay a fixed amount each month to cover these expenses.
This approach can simplify tracking your spending and adjusting your budget as needed, ensuring you stay on top of your finances and avoid unexpected shortfalls.
Get the essentials ready for your first night
Before moving out of your old home, plan for your first night in the new property by preparing a box of essentials. This should include items you will need immediately, such as toiletries, a change of clothes, basic kitchen supplies, and important documents.
Make sure these items are easily accessible and travel with you in your car rather than being packed in the removal truck. Additionally, bring cleaning supplies to give your new home a quick clean before the arrival of the removal trucks.
This preparation can make your first night more comfortable and less stressful, allowing you to settle in more smoothly.
Get the locks changed
For added security, it’s wise to have a locksmith change the locks on your new home as soon as you move in. This precaution ensures that previous residents or others who may have had access no longer do.
Consider replacing window locks if you’re unsure when they were last changed. While this may incur additional costs, the peace of mind it provides is invaluable. If you’re moving into a communal building, check with the management company about when the front door lock was last changed and update it if necessary.
Get appropriate insurance cover
Ensuring you have the appropriate insurance coverage is critical when moving into a new home. From the date of exchange, you will likely need buildings insurance. Additionally, you should add a contents insurance policy upon completion of the purchase to cover your belongings against theft or damage.
As you purchase new items for your home, update your policy to include them. Items such as curtains, carpets, and white goods should also be covered. If you’re unsure about what to include, seek advice from your insurance company or broker to ensure you have comprehensive coverage.
Provide utility meter readings
On the day you complete the purchase of your new home, take clear pictures of the gas, electricity, and water meter readings at both your old and new homes. Notify your utility providers of your move and provide them with the relevant readings. This can often be done by phone or through your online account, saving you time and ensuring you are billed accurately for your usage up to and from your moving date.
File and retain legal paperwork
Moving home is an excellent time to organise your legal paperwork. If this is your first home, consider making a will to ensure your assets are distributed according to your wishes. File all paperwork associated with the purchase securely, as it will be needed when selling the property.
Additionally, keep records of any renovations or major repairs for future reference. This documentation will be invaluable for insurance purposes and when the time comes to sell your home.
Switch energy providers or banks
Moving home provides a perfect opportunity to switch energy providers, potentially finding a better deal suited to your new area. Similarly, consider switching banks, as many offer rewards for new customers. Take advantage of these opportunities to optimise your financial arrangements before moving to your new address. Doing so can help you save money and ensure you’re getting the best possible services for your needs.
Change of address checklist
Updating your address with all relevant services is essential when moving. Notify your bank, insurers (car, home, life, pet, health), TV licence provider, GP and health services, council tax office, and the electoral roll. Changing your car insurance policy address should be a priority as it can affect the policy terms.
Similarly, update your driving licence and car ownership certificate (V5C) with the DVLA, as failing to do so can result in a fine of up to £1,000. Keeping all records updated ensures you receive important correspondence and avoid potential penalties.