How to calculate your budget

You want to move home and may have started browsing online, but to find your perfect property you need to calculate your budget first.

To understand a realistic budget, you’ll need to think about the potential income from your current property along with any mortgage to be cleared and possible savings you’ll need.

Not sure where to begin? Use our simple worksheet to help work out your available budget.


DOWNLOAD worksheet



Property value

This is the expected selling price based on the value of your current property. Make sure you get at least 2 or 3 independent valuations to be certain your property is marketed at the right price.

Don’t be fooled by a high valuation, this could be the agent acting in their best interest and not yours. The high price could put off potential buyers and delay the process greatly. Do your research and choose a realistic price, you’ll be able to fund your dream move in no time.



Savings contribution

Do you have any savings or other funds to add to your moving budget? This can include the sale of additional assets or other potential income you are expecting to use.

Be honest about your budget. If these funds are not currently available, when will they be? Can you move without them? If you’re relying on another property sale, or inheritance for example, remember this will delay the process and could not only affect your budget but your moving costs too.



If you have a previous mortgage or equity release debt to pay off with the sale of your current property include this here. Get an accurate statement of your debt and check if there are any fees to pay when clearing this amount.


Credit cards & loans

Do you have any previous loans or credit card debt to be paid off? Think about your current outgoings, are there any cards, overdrafts and car loans for example that will need to be settled.


Any other debt

Don’t forget about any other money you owe, including family or friends who have lent money in the past. This can include previous deposit assistance, memberships and subscriptions that may need to be paid.


Moving costs estimate

Moving fees and costs can be extensive, so be sure you're fully prepared before you begin the process and factor these costs into your budget from the start.

Costs will include your agent’s fees, solicitor’s fees, stamp duty, removals and any assets like furniture you’ll need to purchase when you move. Solicitors fees average around £2,500 inc. VAT for both sides of the move, and you can use free websites like to estimate your stamp duty. Don’t forget if you’re trying to secure a second (or third or fourth) home you will be required to pay additional stamp duty of between 3% and 5%.


Savings to secure

You’re moving home and clearing debts, but what about the future? Do you want to set aside funds to live on, secure inheritance or maybe you’d like to travel more? Factor this in to the budget and you’ll have a clear picture of what you can afford today.


Seeing a clear breakdown of your finances will help you understand what you can afford and make the search for your dream home easy. Print off our FREE budget worksheet and get started right away.



Now that you have an idea of your moving budget why not check out our online budget booster and find out how much your budget could be boosted by. 




Want to increase your budget? Get in touch with our friendly team today and find out how we could help you.

Call 0800 043 4488


Did you know we have other free checklists available? Take a look at this round up of our favourite moving guides available from Homewise!

By Danielle

On 15th of October 2021

In Property and Moving Home