With the cost-of-living crisis affecting most households, every penny counts, so Vlatka Lake at storage experts, Space Station and Bruna Pani at We Buy Any House, have shared advice on how to reduce these costs as much as possible.
From moving on the right day to reducing estate agent fees, the tips below could help Brits make over £20,000 extra on their own sale and save thousands on costs.
1: Timing is everything – make up to £20,000 extra
Sell your house in the Spring to increase the value by 7%
Vlatka says: “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 adds: “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 7% [2] , especially as more people prepare to buy houses in parts of the UK where they can holiday, like Cornwall, Devon and the Cotswolds.”
2: Sell your own property – save up to £2,500
Online estate agents are fee-free
Vlatka says: “If you are looking to sell your property, it is a good idea to work out the costs of what your local estate agent will charge you. If you feel confident that you can sell your property on your own, you could use an online agent as their prices can be significantly cheaper, or list your property on social media for free. Just remember, you need to be able to do your own house listing and property viewings.”
Bruna adds: “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.”
3: Cut your moving costs – save up to £390
Moving house on a Sunday is 35% cheaper than any other day
Vlatka says: “When it comes to your moving day, try to be as flexible as possible. If you’re hiring a van or using a moving firm, then be aware that Fridays and Saturdays tend to be more expensive as they are the most popular.”
Bruna adds: “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% cheaper than any other day of the week.”
4: Reduce your household bills – save up to £305
Switching suppliers can help to reduce your monthly outgoings
Vlatka says: “Moving home is the perfect time to sit down and look at your monthly outgoings and evaluate which subscriptions and bills you can do without. 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 comments: “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.”
5: Check your mortgage
Porting your mortgage may be the most logical option
Vlatka says: “When moving to a new property, most mortgage lenders will allow you to transfer your current mortgage deal to the property you are buying. 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 comments: “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.”
