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The average cost of moving house in the UK is now almost £12,000 but experts have shared five easy ways to save potentially thousands on the process. With the cost of living on the rise, every penny counts when it comes to moving property. Now, storage expert Vlatka Lake at Space Station and Bruna Pani at We Buy Any House have shared their advice on how to reduce these costs as much as possible.
From moving house on the correct day to reducing estate agent fees, these tips could make Britons extra on their own sale while saving thousands on moving costs.
Timing is key
Britons could make seven percent more on their homes if they sell during the spring months.
Vlatka explained: “Typically, there are periods throughout the year that are quieter for property sales than others, so if you are looking to buy, try doing so in these lulls. Christmas and school holidays tend to attract a less competitive market, meaning that you may be able to secure a property at a lower price.”
Bruna added: “You are also more likely to get a better deal for your property during the warmer months of the year, as there is more competition in the housing market.
“Throughout spring, house prices increase by up to seven percent especially as more people prepare to buy houses in parts of the UK where they can holiday, like Cornwall, Devon and the Cotswolds.”
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Sell your own home
Online estate agents tend to be fee-free which means sellers can save money. For those looking to sell, it’s best to work out what a local estate agent will charge.
If you feel confident you can sell your property on your own, you could use an online agent as their prices can be significantly cheaper, or list the property on social media for free.
“Just remember, you need to be able to do your own house listing and property viewings,” Vlatka added.
Bruna added: “Online estate agents are a great way to save money on your property sale. Most online estate agents are fee-free, and therefore can assist you in the entire sale of your property without having to pay any legal fees or commission, saving you around £2,500 in costs.”
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Cut moving costs
According to the experts, moving house on a Sunday is 35 percent cheaper than any other day.
Try to be as flexible as possible when it comes to moving house on certain days. Those hiring a van or using a moving firm should be aware that Fridays and Saturdays tend to be more expensive as they’re the most popular.
Bruna added: “According to studies, the most popular day to move house is on a Friday, and the least popular day to move house is a Sunday.
“Because of this, Sundays are the cheapest day to move house and the average price to move on this day is around £717, which is 35 percent cheaper than any other day of the week.”
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Reduce energy bills
Switching suppliers can help to reduce monthly outgoings and moving home is the perfect time to sit down and look at monthly outgoings and evaluate which subscriptions and bills you can be cut.
Vlatka added: “Do you need them and if so, can you find them elsewhere for a cheaper price? Make sure you’re checking your home insurance, internet subscription and phone bills.”
Bruna agreed and said: “Depending on your supplier, location and property, this can drastically impact the amount of money you pay each month.
“If you are on a standard provider, you can save up to £305 per year by switching to a smaller provider, which could make a huge difference to the amount of money you are spending per year.”
Check your mortgage
Vlatka said when moving to a new property, most mortgage lenders will allow homeowners to transfer their current mortgage deal to the property they are buying.
She added: “This is a convenient way to sort out your mortgage for your new home, but it doesn’t mean that you will save any money.
“Check if you can find a better deal elsewhere before moving your mortgage, as this has the potential to save you thousands of pounds over the years.”
Bruna commented: “If you are still within the introductory period on your mortgage, then you will certainly have to continue with the repayment charges. If you have an outstanding debt of £20,000, then your repayment charges will be between £2,000 and £10,000.”
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