The true cost of selling up and buying a new home isn’t known until you can finally take stock. When you do, you’ll likely find that you’ve paid more than you expected. Don’t be embarrassed because it happens to everyone. It’s an occupational hazard of getting on the property ladder!
The key is to realise your budget isn’t big enough from the beginning. That way, you can attempt to cut down the extra fees and save yourself time, hassle, and cash in the long run. With that in mind, here are four you can target straight away that will save you a considerable chunk of change.
Do It Quick
A fast house sale is often beneficial because it allows you to reduce your overheads if the property isn’t sitting on the market for months. It’s even more advantageous to sell your house fast at the moment since there is a stamp duty holiday that could save people thousands of pounds. However, it’s due to end soon, if the scheme isn’t extended further, so it’s better to move now rather than later. The good news for first-time buyers is, there is no stamp tax on homes worth up to £500,000, which means anything under the amount is worthwhile from a financial perspective.
Shop Around For Legal Advice
It’s tempting to hire a solicitor as this move is common within the industry. After all, you require a specialist who will eliminate the red tape and ensure the process goes smoothly. On the other hand, it’ll cost you a couple of grand for the privilege. Mostly, people are happy to pay because they view the expenses are inevitable. Although this is the case, shopping around for conveyancing quotes is an excellent way to find affordable-yet-effective experts. Conveyancers are similar to solicitors, yet they are becoming more popular due to their cheaper rates and increased accessibility.
Scrap Estate Agents
One person you might not need is an estate agent. Yes, agents have their benefits, yet they have drawbacks, too, such as the amount they charge. Thankfully, the internet is making the sector reconsider their fees since the likes of Purple Bricks don’t take a commission. Also, it’s pretty easy to advertise your home yourself if you understand basic marketing principles and search engine optimisation. The average seller forks out around £1,000 or £2,000, depending on the property’s value, so it’s worth going the extra mile since you won’t spend half as much.
Double Up Your Surveys
The bank, or whoever you lend money from, will send a surveyor to ensure there is nothing wrong with the property. But, the process is cosmetic, and not much will show up on the report. Hiring a third-party to conduct a second survey is more expensive in the short-term, but could save you money if it highlights problems you can fix before the deal is finalised. Otherwise, a buyer might be able to take you to court and sue you, any legal action will cost a lot more than £500.
If you follow these hacks, you shouldn’t get a nasty shock when you tally up how much you have spent moving.
This is a collaborative post.