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How to Make a Budget
If you’ve been thinking of trying to sell your home and buy a new one, it is absolutely essential that ... ...

How to Make a Budget

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Posted on: 05/30/20

If you’ve been thinking of trying to sell your home and buy a new one, it is absolutely essential that you first work out a budget that will fit with your requirements and earning. Budgeting is something that a huge number of people struggle with and this can mean that the budget you come up with may not actually be overly useful! Fortunately though, we’ve come up with a few simple top tips to help you create the ideal budget that will allow you to get the most value for money with your house move!

Come Up With a Budget

So, you need to make a budget for your house move and don’t know where to start? Don’t worry; we’re here to help you. 

The first thing that you will need to consider while working out a budget for your house move is the value of your current property, if you own it yourself. When selling your property, you will naturally get a proportion of the value of the sale (depending on how much of the property is owned by the bank in the form of a mortgage—if you own your home outright then this will not apply to you and you’ll get the entire amount)! Consider this as the basis for how much funds you will have available when making your move, as this will likely make up the largest amount of your budget; however, don’t forget to consider selling fees! Try to find someone who can offer you with a “sell my home cheap” package, so that you don’t have to pay extortionate broker fees. 

Next, consider your existing savings. Have you got any savings in the bank? And, if you do, how much do these savings equate to? This is a key point of consideration and will allow you to work out how much upfront capital you will have to buy the property. 

Finally, consider your monthly household income. This is particularly the case if you are buying a property with a mortgage, as you don’t want the monthly repayments to be more than you can actually afford—so, make sure that you consider this, and ask your mortgage provider about monthly payments too.

In Summary

When moving house, it is important to remember to consider your budget. Budgeting will allow you to get the house of your dreams, without putting yourself in financial difficulty through doing so!

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