The Insider.com

The Duke and Duchess of Cambridge, Prince William and his beautiful bride Kate, are planning to move into a fabulous new home.

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The royal couple will be making a new suite of rooms at Kensington Palace their London home, starting in mid-to-late 2013. The couple has been temporarily spending their time in London in a smaller apartment in the palace, which they'll be turning over to Prince William's little brother, Prince Harry.

William and Kate's new home was once inhabited by another set of royal newlyweds; Princess Margaret, Queen Elizabeth's late sister, moved into the apartment after her 1960 wedding to Lord Snowdon.

The suite of rooms is currently being used by the Historic Royal Palaces organization for classrooms, offices and storage, and will require an extensive renovation, including anticipated asbestos removal, before the newlyweds can move in. Worth noting is that the renovations will be paid for by Grant-in-Aid and Sovereign Support Grant budgets provided to the royal family by the British government. Any interior decorating and furnishing beyond basic painting and wall plastering will be paid for by the royal family, however.

Kensington Palace will surely feel like home for Prince William and Prince Harry, as the two spent their childhoods from birth to 1998 in the manse, which was the primary residence for their mother, Princess Diana from 1981 until her death in 1997.

A representative for the royals said in a statement that the move was approved by both Queen Elizabeth and Prince Charles.