Summer is a peak time for moving home, but whatever the time of year, it can be a stressful experience. You can find yourself worrying about your possessions, your family – and your money.
If you and your family are on the move, you can reduce the stress by starting the planning well ahead, and ideally weeks before the big day. Here’s a financial checklist to help ensure your move goes smoothly.
Shop around for movers
If you need more than a man and van, you will need to shop around for a removal company. Remember to get at least three quotes, because prices can vary enormously, and even more important, make sure they can move you on the day. Fridays are a popular day for a move, and many movers can get booked up for Friday moves weeks in advance.
Make sure they offer insurance for goods in transit – and remember if you are thinking of hiring a van to move yourself it is unlikely that your house insurer will cover your possessions – they usually stipulate that professional removal services are used.
Move your insurance cover
You need buildings insurance on your new home from the day that contracts are exchanged. If there was a fire or storm damage between exchange of contracts and moving day, the legal arguments about liability could take months to sort out, leaving you without a roof over your head. Having cover in place should mean that the problems were the insurance company’s and that you would be provided with somewhere to stay.
Contents cover can start from the day you move in, and it is usually possible to switch your cover to the new address, although there may be a hike in your premium.
Check on utilities
Electricity, gas, and broadband and possibly even water providers now compete for your business. You need to inform your current providers of your move, but don’t feel obliged to remain with the existing providers at your new home, or to transfer your previous account. Switching suppliers is one of the easiest ways to save, with new customers often being eligible for special deals with very worthwhile discounts.
It is a good idea to consider ‘bundled’ offers for your phone line, calls, broadband and TV services. They can mean savings compared with buying each one separately, and mean fewer bills to pay each month.
Remember, as a Continuum customer you have access to our exclusive Brand Loyalty Programme, Continuum Perks. For more information on this please contact your adviser or our Head Office.
Take another look at your mortgage
It may seem a little late if you have already arranged the finance for your new move, but it is always time to save money. At Continuum we have mortgage experts who can find you the most appropriate deal for you, searching the entire lending market – including deals that are only available via mortgage brokers. A last minute change of mortgage providers might mean a few extra headaches for your conveyancer, but it could potentially mean saving hundreds of pounds each year for you.
Look at your own cover
Moving house is well known as one of life’s most stressful events, and it can be a reminder of how much your family depend on you to provide for them. It may therefore be the time to look at your life insurance cover, which could help ensure your family could continue to live in your new home if anything were to happen to you.
You may need to up your insurance to cover your new mortgage responsibilities.
At Continuum, we can help arrange the cover you need, while keeping costs under control. We can also make life insurance the centre of a complete financial protection plan, which could provide cover if you became too ill to work, or lost your income.
To make your finances simpler, whether or not you are thinking about a new home, make your next move a call to Continuum and get our professional team looking after you.
The information contained in this article is based on the opinion of Continuum and does not constitute financial advice or a recommendation to suitable investment strategy, you should seek independent financial advice before embarking on any course of action.
Your home may be repossessed if you do not keep up repayments on your mortgage.