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Saving to move: best budget tips for renters and buyers

By Andrew Bell

Whether you are interested in homeownership or are ready to move to a new rental space, you need to get your financial situation in order first. Saving to move can seem like a daunting task, but it's important to get in the right mindset before making any big financial decisions. The actual cost of moving can vary dramatically depending on how far away the move will take you, as well as some other factors.  Let's look at some of the best tips to help facilitate your big move.

Plan in advance

Thinking ahead when it comes to moving can help you get your ducks in a row before making the big change. Instead of impulsively moving when the timing is right, it's best to prepare before you feel like the market is good. Even if the real estate or rental industry is out of your budget now, save and bide your time until the market cools. Then, you are ready to take advantage of the situation when it presents itself. Setting your expectations ahead of time can relieve you of some of the stress of homebuying or a big move.

Speak with the professionals

Remember that you don't have to tackle a change of living situation alone. There are real estate and financial professionals that understand the market and will be able to help you reach your goals. For example, at Ray White Surfers Paradise, we have our finger on the pulse and can direct you to the right location for your needs. In addition, banking and mortgage companies can help you understand your current situation and options in accordance with your personal goals.

Shop around

If you are operating on a tight budget, it's important to take your time when looking for a house or a new place to rent. Even though properties get snapped up relatively quickly, you need to make sure that you are getting the most for your money. Create a list of things that are non-negotiable, and another of features that would be nice, but not necessary. This will help you find the right place for your needs while adhering to your budget.

Set goals

Get started by understanding how much money you require in order to move, including both the moving costs and the cost of the new home. Here are some examples of things to consider:

  • Mortgage down payment.
  • Deposit for a rental.
  • A moving vehicle.
  • Boxes.
  • Commuting costs (depending on how far away you're moving).
  • Inspection costs.

Speak with your real estate agent to understand what else might be involved in your big move and orient your savings goals accordingly. 

Are you already thinking about moving or changing up your living situation? Reach out to the experts at Ray White Surfers Paradise today.

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