Whether you are renting or buying; looking for more space or down-sizing; moving across the country or just around the corner, it is a good idea to speak to an adviser to ensure that your financial plans are suitable for your new circumstances.
Things to Consider
If you are buying a bigger property, or one in a more expensive area you may need to take out a mortgage or borrow more on your existing mortgage. An adviser will be able to help you find the best mortgage and provider for you; they will also help with the paperwork and ensure that everything is complete and sent to the correct places.
If you have bought a cheaper property you may have a lump sum of capital, whether you would like to invest this for the future, or use it to provide an income now, it is again a good idea to speak to an adviser to ensure that you are making the most of your money.
As your circumstances have changed it is advisable to review your protection provision, this will ensure that you have sufficient cover to ensure that you and/ or your loved ones are able to afford to pay the mortgage and other bills should anything unexpected happen. This is also a good idea if you are renting rather than buying as your out-goings will probably have changed and this will have an impact on your protection needs as well.
You will also need to make sure you have the right home insurance in place, if you are buying the property you are moving to, you will need buildings cover and it is a good idea to ensure that your contents insurance will cover you for any accidents that could happen during the moving process.
If you are moving to a new rented property it is advised that you review your finances, whenever you make a change you should check your budget to ensure it is appropriate for your new circumstances. You may need to make some adjustments to your discretionary spending to accommodate an increase or reduction in rent.
If your expenditure has changed you may need to review your protection to ensure all your outgoings are covered against unexpected events such as illness.
It is also a good idea to review your contents insurance to ensure that it is still appropriate for your new circumstances and that you will be covered against any accidents that could happen during the move.
You might want to consider a professional who advise on some or all of the following product areas: Investment, Insurance, Mortgage, Pension and/or Protection.