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How to be Financially Prepared Before Moving Into Your Student House

It’s clear that at some point in your educational career you make a concerted decision to go to, or at least try to go to university.  This may, depending on your academic greatness, involve you having to wait till quite late in the year before getting this confirmed from your specific educational institution.  Once you get the green light however, you will need to be moving pretty fast.  Getting on forums, getting onto groups, finding a house that fits your budget, all whilst plenty of other students are doing the same, and the university generally saying they don’t have enough halls to suffice. 

I have been through the clearing process many times, and I completely agree that it can be a very stressful time, but the biggest mistake I see, year after year, is there is always a small minority of students who have put no thought whatsoever into their finances and what it may entail.

Now, you could say that there has been an agency fee ban, but to be honest, this was always the smallest amount of money to find. You will still need to pay the first month’s rent, and a deposit equivalent to five weeks rent, then do not forget that you will need to get down here, train, taxi or a lift, but petrol is not free!!!  So, there are associated costs with moving into your student house, and you will be better placed to get the house you want if you are prepared.

It never ceases to amaze me when people come to the housing open days, with barely a week or so before Uni starts, saying they want to move into the house, but won’t have any money in place until the student loan drops, usually a couple of weeks after the tenancy start date.

This will not work.  No landlord or agency will allow a tenancy to start without all the monies being paid in full.  This is really important to understand. 

Like any major life event, you should have made preparations way in advance.  Start putting money aside for a year or so before you need it, and if the worst happens and you don’t get into Uni, then at least you have enough money to do something else.  You wouldn’t book a wedding, or a holiday, or buy a car or any number of things without a few quid saved up, so why is this (possibly one of the most important of all) any different.

If you have any questions about the costs associated with moving into a student house (or any property really), then please do feel free to get in contact.

 

Dan

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