Calculate your move: Money-saving suggestions for relocating to the countryside
A growing number of Britons are eager to leave their cities in quest of a better life, but they must plan carefully or their dream relocation could turn into a nightmare.
Many people are no longer bound by their employment because they now work from home, and many are keen to move out from cramped city apartments and into homes with gardens and room for a home office.
Whether you want to relocate to the countryside or to a beach town, the expense of scaling up can be surprising, so plan beforehand.
According to research from fintech lender Tymit, moving to the country costs on average £45,000, more than double the projected amount. Shock expenses affect two-thirds of people, with one in seven disagreeing with family members as a result.
Buyers must also spruce up and furnish their new home, in addition to the standard charges of estate agent and legal fees, stamp duty, and relocation.
This includes everything from a kitchen or bathroom makeover to new carpets, televisions, and lawnmowers.
“Take time to budget and get responsible lines of credit to remain on top of your spending,” said Martin Magnone, founder of Tymit. “The property boom has driven up house prices, leaving many scrambling to fund unexpected extras.”
Renovation projects, according to Clare Seal of The Financial Wellbeing Forum, may be particularly taxing, and she recommends making a budget by noting all of your normal incomings and outgoings.
Then put them through a stress test to see if they can endure events beyond your control, such as a pay cut. “This will assist you in determining how much you can afford to borrow and will serve as a safety net if your income falls.”
When you’re spending hundreds of thousands of dollars on a home, tiny expenses can add up quickly. “Keep track of all your purchases, whether it’s new cutlery, tableware, or finishing touches,” Seal advised.
Determine whether you can afford your new lifestyle, including transportation, gym membership, and country-living gear, she advised. “Most importantly, use credit responsibly.”
Thousands of people have moved permanently to the shore as a result of the UK staycation boom.
Seaside property values have risen by more than 10% in the previous year, and Chris Baguley, commercial managing director of specialty lender Together, warned that maintenance expenses may be greater in coastal residences as well: “Brinkwire News in Condensed Form.”