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Moving into a new property is always exciting, but it can be a costly time in your life. In addition to the cost of your new home, there are numerous expenses to consider. From stamp duty and survey fees to professional fees and homebuyer’s reports. You’ll want to ensure your budget covers all of these essential expenses.
However, there are ways you can reduce your costs when you’re purchasing a property. If you’re thinking about moving in the New Year. Take a look at these top tips for saving money when you buy your next home:
Reduce Your Debts
If you have a large amount of debt, it could be having a negative impact on your credit score. In turn, this could make you ineligible for the best mortgage deals. So you might end up having to pay a higher rate of interest. By creating a financial plan now, you can reduce your debts and improve your credit rating. Before you begin applying for mortgages.
Buying a ‘fixer-upper’ might seem like a great project and a viable way of securing a more expensive property. But it’s easy for costs to spiral out of control. Purchasing a home that’s ready to live in will minimise the amount of work you need to do at the outset. This makes it easier to plan your budget and keep costs to a minimum.
Get to Know the Market
It’s important to get to know the market before you begin making offers. Particularly if you’re moving to a new area. Spend time talking to estate agents and view local properties. To get a feel of what type of homes your budget can stretch to. Virtual tours are a great way to view numerous properties in a short space of time. While local information and market updates can help you to get an insight into which areas offer the best property prices.
When you’re buying a property, you’re likely to require services from a number of professionals. You may need a surveyor to assess the property. As well as a solicitor to draft contracts and a mortgage broker to place your loan, for example. However, there’s no need to rush into hiring someone or settle for using the first company you come across. Prices and fees can vary quite significantly, so it’s worth shopping around and getting recommendations before you hire anyone.
Look Out for Service Charges
If you’re buying a flat or apartment, there’s a good chance that you’ll be subject to a quarterly or annual service charge. This is used to maintain communal areas. But it can vary from around £50 a year right up to thousands of pounds. So it’s important to clarify whether any service charges are applicable and, if so, exactly how much they are.
Budgeting for a House Move
A detailed budget will help you to keep track of costs when you’re moving house. To ensure you don’t overextend yourself. By taking fees, commissions and removal costs into account. For example, you can create a comprehensive budget that keeps you on track while you’re locating and buying your new home.