Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A person’s personal residence is not just a place to live, but it can also be a wealth building tool. The passing on of a home if done correctly can thus be the key to transferring and keeping wealth in a family. The following contributed post is entitled, The Changing Of The Guard: How To Pass Your Home Onto Someone Else.
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Over time, many of us become very attached to our homes. We want to believe that our current arrangements and family setups will last forever. We don’t like the idea of time passing us by and there being nothing we can do about it.
Eventually, though, the time will come for you to move out and onwards with your life. And at that point, you’ll need to pass your home onto somebody else. It’s a kind of changing of the guard and a necessary part of life.
So what do you need to do practically to make it a reality?
Fix Up Your Roof
The first step is to make sure that the structure of your property is intact. You don’t want to get to the survey stage of a transaction, only for it to fall through because you have a problem with your roof.
Fixing up the roof is easier than you might think. Usually, you don’t need to replace the entire thing. Just replacing a few tiles here and there will often do the trick.
While you’re sorting out the roof, also pay attention to other areas of your property that might show up on the surveyor’s report. Check the foundations to ensure that they’re still secure and not badly cracked. And be sure that your walls aren’t damp or allowing moisture into the insulation.
Change Your Locks
The next step is to change the locks – or at least get the process started. When new owners move into your property, they’ll want assurances that extra keys aren’t floating around. I start by searching for a locksmith near me. This way, I can get the ball rolling and use that as a way to sell your home and build trust with buyers.
Contact Utility Suppliers
Once you’ve done that, the next part of the process is telling utility suppliers that you’re moving out. Remember, they don’t automatically know if you’ve stopped using their services unless they receive notice from you. So, even if a new occupant is paying bills from the same address, you might still wind up paying via direct debit.
Have A Big Clearout
People moving out of their long-time homes often like to have a big clear out before they move. Sometimes, it’s important to do this because it helps you focus on what matters. Plus, you can often save a lot of space in the removal truck.
Hire a big skip and place it outside the front of your property. And then go room by room, thinking about the items that you really need – and those you don’t.
Don’t be afraid to get rid of items that you haven’t used in a long time. They will only clutter your new property.
When moving, you’ll need to give notice to your landlord or whoever you pay the mortgage. Doing this helps to avoid any animosity and helps prevent any legal action against you.
Moving house can sometimes be a challenge emotionally. But a new start is also a lot of fun.