If you are thinking about moving home in the next twelve months or so, then you are probably worrying about the sheer amount of money it’s going to cost. However, there are some clever ways of spending less money and still ending up in your dream property. I thought I would take a look at a few ideas and share them with you today.
Renovate for profit
First of all, take a look at your current home and identify any areas that could be improved. Look at your bathroom, kitchen, and also consider a loft conversion if you have enough money put aside. Now, while it might seem silly to spend a lot of your savings on renovating a property you will be moving out of, it can make sense. There are specific areas of every home that can increase your property value. That means that you should get a return on your initial investment, and can get more money for a higher deposit on your next home.
Make it a long-term move
One of the biggest costs of moving home is the enormous range of fees and charges you will have to pay. Unfortunately, there’s no way of getting around them - it comes with the territory. However, if you want to save money, make sure your next move is to a long-term home. That way you won’t have to pay the same batch of fees a couple of years down the line on another move. In fact, planning for a long-term period in any property tends to be the wisest move going, as you will accrue more profit.
Be prepared to travel
Why buy a home in a city centre when you can live in the suburbs for far less? City life tends to be more expensive - not just for house prices, but for living costs, too. Living outside of the hustle and bustle of the city will involve more money spent on travel, but it’s also cheaper, safer, and quieter. And, when you consider you could get a four bedroom home for the same cost as a two-bed apartment, it makes complete sense.
Research your mortgage options
There are so many different types of mortgage available that it can be confusing to choose the right one. Often, people will just go down the route of choosing the loan that is easiest for them to get, rather than looking at alternatives. So, make sure that you compare mortgage rates online and don’t be afraid to ring up lenders directly. They might be able to offer you a better deal, which will save you a lot of money over a 25-year period.
Look at your credit score
Your credit score is another area to look at because it will impact on the cost of your home loan. The better your credit, the more likely it is you will be offered a low-interest deal. And, of course, that’s going to save you a great deal of money when it comes to mortgage interest payments. Fix any problems before you apply, and do what you can to improve your rating. You will reap the benefits, and it is a lot more simple to do than you might think.
