6 money saving tips when buying a new home

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6 money saving tips when buying a new home

6 money saving tips when buying a new home

Buying a house is a notoriously stressful and expensive experience. The sheer cost involved means that you need to keep a close eye on every pound you spend to avoid being stretched beyond your means. To ease the stress on your mind and the strain on your bank account, check out these six money saving tips that can help…

Research:

Forewarned is forearmed, or so the saying goes. Enter into a house purchase with your eyes wide open by doing plenty of research in advance. Tools online will show you an approximate value for individual properties as well as sales data for specific postcodes and street addresses. Use this wisely so that you’ll be able to make an informed decision when trying to negotiate on a price.

Mortgage:

Whether you are a first time buyer or looking to upgrade your current bricks and mortar, a mortgage is the way to get the funds you require to purchase a property. You need to shop around for good deals and think about what these deals will mean in practice. Click here for a useful calculator that will help. Planning ahead and securing a good deal will save lots in the long term.

Sell sell sell:

Moving house is the perfect opportunity to have a full and frank look at the possessions you own. That exercise bike you never use or DVD collection of unwatched films will only add to the amount of items you need to take with you. Why not shed some clutter and earn some cash in the process by selling off such items? You might not make lots but if you earn enough, say, to cover the cost of hiring a van then you’ll have helped cut the cost. It’s easier than ever to sell your possessions online, too, thanks to the wonders of the web.

ISA:

First time buyers can, as of late 2015, sign up for a Help To Buy ISA to help them fund a deposit. With this account, the Government will hand you £50 for every £200 you save. This figure is the maximum each month for this type of account. That bonus extends up to savings of £12,000, meaning a maximum of £3,000 from the state.

This can be used on homes worth up to £250,000 (£450,000 in London) and each person can hold an account – meaning each partner in a couple can get their own bonus. For those non first time buyers it is still worth using the tax free allowance of a normal ISA, now £15,420 a year, as a way to make sure your savings perform well. The better return you get from your savings, the more you can put aside to fund your move.

Conveyancing:

You’ll need the services of a legal professional to ensure all the necessary paperwork is handled correctly. But don’t just settle for the conveyancer put forward by your estate agent or bank, however tempting it may be. Shop around and ensure you get someone who can handle the process swiftly.

Friends and family:

Your friends and family can often help you when it comes to buying a house. Whether it’s the loan of some cash to help you afford a deposit, tips from their sales to help you avoid costly pitfalls or simply manual labour on moving day, there is help at hand and use it wisely to save money.

 

 

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