What’s your new home really costing you?

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3 min readBuying the house of your dreams is on everybody’s wish-list. That enticing brand new smell in every room, that mirror-like sheen on every untouched appliance and finally, the heart-swelling admiration from visitors: ‘Oh my…your home is so beautiful!’.

While hopefully you purchased the house at a price you could afford…but did you think about the upkeep and running costs?

Sorry to be a Debbie-downer, but every home has different utility and insurance related costs. So while you put bids well within your price range you could end up living beyond your means if you’re not careful.

Clever turns of phrase aside there are things you can do to ensure ongoing costs don’t blow out before you buy and move into your new home.

 For sale: 17 Power Avenue, Toorak, VIC For sale: 17 Power Avenue, Toorak, VIC

Energy- a game of luck

It’s important to recognise that energy costs can vary from suburb to suburb, and even more so from city to city or state to state.

Which means that when you move house it’s a lot like participating in ‘Energy Wheel of Fortune’: ‘Stay tuned to find out if this movers’ energy rates will be higher or lower…’

My advice, don’t leave it to luck. Speak to an energy expert before you move to discuss what the most cost efficient plan is for your new address and family’s energy needs.

Baby you can insure my car

When you move home you have to update your car insurance details. But rather than mindlessly providing your new address and rolling over your current policy, take it as an opportunity to save.

Car insurers take a range of factors into account, such as whether your new home includes a lock up garage, the type of neighbourhood you’re moving to and even if you live on a main road or side-street.

Make sure your insurer takes all of your circumstances into account when providing you with a new (and hopefully lower) quote.

 For sale: 6 Thomson Street, Seddon, VIC For sale: 6 Thomson Street, Seddon, VIC

Web of potential savings

Like with energy and car insurance, the type of broadband plans available to you (such as NBN, cable or ADSL) depends on where you live so it pays to compare when changing address.

When moving home it’s also worth considering whether you need things like a landline or unlimited data… after all there’s no use paying for things you simply don’t need or use. So make sure your new broadband plan matches your anticipated usage.

Moving to a new home is exciting; and by minimising your utility and insurance costs you can avoid bill shock and perhaps even make some savings that can be put towards decorating, renovation…or maybe a cheeky weekend getaway (because moving can be kind of stressful too).

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Laura Crowden
Laura Crowden is Corporate Affairs Manager for iSelect. When she isn't providing advice on how to find the right energy, broadband or insurance plans, Laura can be found tackling home renovations (to varying degrees of success) or eating ice cream. She loves getting a good deal, sparkly things, her cat & G&Ts.

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