Step 1 - Plan your budget
Working out what you can afford when moving home
Preparing a budget will clarify what you can afford to buy and what you can spend. As well as all of the costs associated with buying a home like valuation fees, stamp duty, etc., you will also need to factor in the cost of selling your existing home.
You need to find out the value of your existing home before you can decide its asking price. As well as engaging a solicitor, at this stage you should appoint an estate agent to handle the sale. Aside from solicitors' and estate agents' charges, other costs involved in selling a home can include:
- Repairs
- Moving expenses
- BER surveys
- A structural surveyor's report
There are grants and incentives available to help with getting your house up to spec, such as improving its BER rating, replacing pipes and fittings.
By clarifying all of the above, you will get a true picture of how much debt you can clear by selling your current home. This will affect your budget plan and the amount you will need to borrow for your new place. Visit selling a home for more information and tips on the process.
