New home checklist

Budget planning is essential!

Bricks and mortar is a better investment than any other. However, if you want to reap the financial rewards of owning a home, you will need to manage it well.

So when is a better time than now to organize your finances?

You will likely have prepared details of your expenses for your mortgage application. It might be worth creating a spreadsheet listing your monthly costs and estimating the amount you'll pay to utility companies.

You should include these items in your budgeting plan:

• Mortgage payments

• Utility bills

• Food

• Mobile, TV, broadband, and landline cost

• Payment of the TV lisence fee

• Tax, insurance, and car payments

• Costs of buildings, contents, pet, life, and health insurance

• Other debts and loan payments

• Childcare costs

Some people have separate household accounts to deposit money each month for household expenses.

This allows you to monitor your monthly spending and allow you to make adjustments as needed.

Make sure you have everything you need for your first night.

Be sure to think about the first night you spend at your new place before you say goodbye.

These items should be easily accessible and should be taken with you rather than being removed by a removal truck.

It is also a good idea if you have anything fragile or valuable to transport in your car.

Make sure to bring along cleaning products so that you can give your house a thorough clean before the moving trucks arrive. Clean houses will make you happy the first night.

Change the locks as soon as you can

It's impossible to know how many people have keys to your home. Therefore, it is a smart idea to hire a locksmith to replace the locks on your first move. After all, you don't want any unwanted visitors.

You should replace all window locks if you have them. Otherwise, you will not be able to remember when they were last changed. Although it may cost more, the added peace of mind will make your move as easy and pleasant as possible.

If you are moving into a community building, ask the management company when the last time the front door lock was changed. It's likely that it hasn’t been updated in a while. There are many key holders so it is important to have it done as soon as possible.

Make sure you have the right insurance coverage

You will need appropriate contents insurance to ensure that your belongings are fully protected in the event of theft or damage.

You will likely need some type of buildings insurance starting at the date of exchange. It is easy to forget to include a contents policy when you purchase your home.

Remember that if you purchase new items for your move, you will need to add them along with your existing belongings to your policy.

It's not only personal possessions and furniture that are covered by this umbrella. Make sure you also consider curtains, carpets, and other white goods.

You can seek advice from your broker or insurance company if you are unsure.

Provide readings of utility meters

After you have completed the purchase of your new home, take photos of your gas, electricity, and water meters in both your old and your new house.

After you have notified the utility companies of your move, they can give you the readings or log in to the online account that you already created with them after any emails.

This option will also save you time and reduce waiting times.

Keep and file legal documentation

It's never a better time to organize your legal affairs than when you move in.

Consider making a will if this is your first home. This will ensure that your assets are distributed in the way you want them to.

It is worth storing all paperwork related to the purchase securely and safely away, as they will be needed for quick reference when it comes time to sell the property.

Also, make sure to keep all paperwork related to renovations filed away.

Change energy providers or banks

Switching to an energy provider is a great time, as you might be able find a better deal for your area. Many banks also offer incentives for switching to new addresses.

Checklist for changing of address

Also, you will need to update your address with any local company or surgery that holds it.

Change of address should be a priority for your car insurance policy. The terms of your policy are partly determined by your address.

It's also important to update your address on your driving license and car ownership certificate (V5c), which are both held by the DVLA. This can be done online and is relatively simple.

If you fail to inform the DVLA of a change in address, you could face a fine up to PS1,000.