Buying a new home and moving to another property is always going to be an expensive commitment. However, you might be surprised to learn that there are ways to cut the costs significantly. Here are a few of the things you can do if you want to make sure that your new purchase doesn’t drain your account.
Buy A Fixer Upper
We all know that new homes are expensive, but what’s the harm in buying an old house that has seen better days? Actually, if you buy an old house where the problems are mainly cosmetic, you can cut the costs of purchasing a home right down. But will you see any benefits from this decision? It depends on how much time you want to spend on renovations. If you love a little DIY around the house, it’s often possible to turn a once fixer upper into a buyer's dream. You’ll definitely need some elbow grease, but ultimately it could both save you money and make you some cash when it comes time to sell in the future.
Measuring Time
The easiest way to lose money when selling a home is to end up with two houses at the same time. Sky Five Properties guide to buying a house includes information on how long it takes to buy a house. You need to measure this period of time against how long you expect your home to be on the market for. If it’s going to take longer to sell than it will to buy than you could be in the position where you’ll own two homes. In doing so, you’ll have to pay two lots of tax and could still be paying for someone to sell your home while you’re in the process of moving into the new place. It can take around six months to sell a home on the market. As such, you shouldn’t start looking for a new one until you have had a few views and maybe even one or two offers.
Comparing Prices
You’ll need to use a few different services when you choose to move to a new house. For instance, you’ll need a solicitor, a removal team and possibly a surveyor. It is worth looking at a few different companies comparing the costs and figuring out the general rates of service here. That way, you can make sure you’re not gouged on price and instead save as much as you can.
Look At Alternatives
Do bear in mind that you don’t have to use the typical services for buying a property. For instance, rather than using a real estate agent to find your new home you can use a property advisor. Many people believe these professionals are far better at finding the right home for new buyers. Particularly, those with a future sale already in mind. And if you think the removal team rates are too high you can look at using a logistics service instead. You might find their prices are cheaper and as such could save you a fortune when you’re ready to move home.
These are just some of the ways you can cut the costs out of buying a new property. There’s absolutely no need to resign yourself to the heavy costs of the average home move.
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