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Why You Need Money Left Over When You Buy a House

When you're saving to buy a house it can sometimes dominate your thoughts rather. This is a big thing that will be looming on the horizon and that you'll be constantly working towards, so you'll probably be quite single minded in saving towards it.

But while saving towards a mortgage is important, it's also important to make sure that you keep some money left over. And you need to ensure that the regular repayments aren't going to cripple you each month either. 

So why do you need to save money when you've already bought the thing you've been saving towards? And how much money do you actually need? Read on and we'll take a look at some of the reasons you still need cash even once you're in a property…


The most obvious reason you're going to need cash is for decorating. You'll have moved into a new home, but at first it's going to be a completely empty blank slate with nothing personal to mark it as yours. If this is your first home then you're probably going to need to go shopping to buy a whole lot of furniture… which is expensive.

But even if you've owned a house before and you're moving from property to property… you'll probably still want to buy some new items because not everything from your old home is going to match your new property or even necessarily fit into your new rooms.


While you won't want to think it, rarely will a new property function absolutely perfectly as soon as you move in. Often you'll find it's only a matter of time before you spot the cracks in the walls or the boiler breaks down (unless it's a new build). If you've spent all your cash on your mortgage deposit and your repayments leave you with nothing left over at the end of each month… then you'll end up living with no hot water for months before you can fix it.

The Unexpected

When moving into a new home it's crucial that you always expect the unexpected. That is to say that life continues and things can still go wrong. You can still end up having to take time off of work to visit a sick aunt, or having to replace your television because you kicked it playing on the Kinect. It's always a smart thing to have a buffer in terms of cash, so don't forget that life has a way of surprising you…

The Move

The move itself is also almost guaranteed to cost more than you expect it too. Try as you might to account for every cost associated with moving home, you will almost always find that there are things you forget or that cost more than you expect. Have you thought about the costs of moving your belongings for example? Of all the fees associated with a move? And have you thought about the time you may have to take off of work while you go through the process?

In short then, life has lots of ways of surprising you and upping the costs when you're moving home. Unless you keep some cash to one side as a buffer this can potentially be a big problem, so make sure you plan in advance by leaving some 'wiggle room'. Shop around for the best mortgage rate and don’t bite off more than you can chew when you pick your home to begin with!