Top Tips To Save Money When Selling Your Property
Anyone who has moved house will know it can be really expensive, as well as stressful.
If you haven’t done it already, you’ll probably not realise just how expensive selling a house can become, yet it’s no surprise really once you tally everything up. The deposit, estate agent's fees, solicitor's fees, removal costs, stamp duty, valuations and surveys, redirecting your mail, hiring a cleaner - it can soon add up and be quite a shock.
With the housing market allowed to continue during the pandemic - which is a good thing for those forced to sell up to avoid financial disaster - the costs of moving home will be on many people's minds.
If you’re selling your house but are wanting to do so without breaking the bank, there are some top tips on how you can actually save money during the sale of your home.
For start, Choose Your Estate Agent Carefully!
One of, if not the most important thing to do when selling your home, is to shop around and ensure you’re going with the best estate agent possible. Going with the wrong estate agent could be detrimental to the sale of your home, and furthermore, to your finances. It will also help you save your money if you use an alternative style of estate agent. Personally, I would recommend an independent estate agent, not because I am one, but because they have fewer properties on the market at any given time and it is their name and reputation above the door. They will always give you the best service and most care as it matters more to them.
Know Your Finances
If you’re looking to save money, then it’s really important to know your finances in the first place and to have an idea of achievable figures for the sale.
It would be a good idea to sit down with your lender prior to the sale and run numbers with them. This is the most efficient and reliable way you’re going to get an accurate sum of what you can expect from the sale, in both incomings and outgoings.
In regards to your new home, you could even make a list of what sorts of features you’re looking for, and ask the lender to help you map out the price of them. This is a good way of finding out if and where you’ll have leeway in your budget and will prepare you well in advance for the financial outgoings ahead.
Explore whether to remortgage
If you’re buying and moving somewhere else you may be able to port your current mortgage. However, given how low rates have become in the past few years, it could be an opportunity to save on your monthly repayments by remortgaging.
Think Like a Buyer
Regardless of how long you’ve lived here and how much you’ve loved your home, now is time to come to terms with the fact that in the not-so-distant future, it’s going to belong to someone else.
With this in mind, detach yourself emotionally from the property, and think like a buyer on the market. What would you find appealing, or perhaps, not so appealing if you were coming to view this property? When you’ve decided on this, start making the changes accordingly. This would be a great way of decreasing clutter, and increasing your cash flow!
Choose your solicitor wisely
You should select a solicitor who will carry out prep work before a buyer is even found. This can really speed things along when a buyer makes an offer. An efficient solicitor service can shave weeks, or even months, off the conveyancing process.
Consider DIY moving/removals
Using a removal firm is expensive, as it costs around £1,200-£1,500 for a three-bed house moving 50 miles.
You can therefore save a bundle if you’re prepared to do this yourself, though don’t expect it to be easy and take into account how much stuff you have.
If you decide to book a removal, make sure to do it well in advance which will give you significant discounts. For this you need to have a completion date established as early as possible. A good agent, solicitor or surveyor can help make this happen.
Pack wisely
Whether you decide to go for a DIY move or use a removals service, pack efficiently. The small things make a big difference. You should also disassemble large items and furniture in advance, especially if you’re being charged for the time it takes a removals company to move your possessions.
Cut Back Where You Can
Last of all, but certainly not least, remember to keep an eye out for where you can cut back on your finances.
Some of your outgoings will be a necessity, but others are a choice. Save money while preparing for your home sale, whether that be passing up on nights out at the weekend, or taking lunch from home to work. In the long run, you’ll be thankful for those extra few pennies!
Well, I hope this article helps.
And remember if you’re looking for a different kind of property experience,
More than just an estate agent…
I’m Gary Lintorn - Let Me Get You Moving...
01322 555 000
07985 106832
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