There are plenty of ways to save money in the process of buying a property if you are a first-time buyer. Unfortunately, there are more costs involved for those purchasing a second home or moving homes, which can quickly add up. When buying and selling a home at the same time, it can, in some cases, double the cost.
Fortunately, there are a few different ways you can cut costs during your move. Here are some of our top tips to help you save money when moving home.
Negotiate Estate Agent Fees
Estate agents will typically charge you a percentage of the value of the property for their services. It is essential to ensure their valuation of your home is fair and accurate, as overvaluing will mean you lose money both in their fees and in waiting for an offer for your home. Asking for a second opinion can be helpful to ensure that your home isn’t overvalued.
You could also consider choosing an estate agent that charges a flat fee for selling your property if this works out lower than the typical percentage charged.
Save More For A Deposit
Depending on where you live, renting can be expensive. For example, you can easily pay more than $3,000 per month in some areas. Check out 1 bedroom apartments on rent.com in CA for an idea of what’s available and the costs involved. However, it may help to take more time to save for a deposit, as the larger your deposit, the better terms you are likely to get on your mortgage. This means that you will have lower monthly repayments to make when you move into your new home. You could consider saving until you have a 15-25% deposit for the best deal on a mortgage.
Take Advantage Of The Stamp Duty Holiday
The stamp duty holiday can save you a significant amount on your move. Brought in due to the coronavirus pandemic, the stamp duty holiday is set to end over the summer, so it may be a good idea to fast-track buying your new home if you can.
You can find out more in this article from the Conveyancing Expert. Getting the help of a quality conveyancing service can make all the difference in speeding up your home purchase. The Conveyancing Expert are industry leaders with over a decade of experience in smoothing the conveyancing process.
Hire A Van
When it comes to moving day, it can be tempting to hire a moving company to do the heavy lifting for you. It may help to consider hiring a van and doing the job yourself, as this can save you the potentially high cost of hiring movers.
You should consider starting the packing process early and getting things disassembled so that you can take full advantage of your van hire. It may also help to enlist the help of family and friends to make moving day even easier.
Consult A Financial Advisor
A financial advisor will give you a comprehensive overview of your finances and provide you with advice on how best to save money. There are many moving parts when it comes to buying a new home, so having a professional to help you navigate the process can be invaluable.