Last year we thought long and hard about whether we wanted to sell our home. We’ve been here for 13 years in March and our family’s needs are very different to what they were then. Back then we weren’t even married, and didn’t have the children, and this was our first grown up house. I’d only owned modern property before, so having a 100 year old house to manage and maintain felt very grown up.
Now the girls are older, I work from home, and we have a HUGE amount of stuff. Whilst we can sort through the stuff and declutter, we can’t get away from the fact that we only have one tiny bathroom, and our pre-teen seems to spend more and more time in there in the mornings! Queue our discussions about whether to move to something a little bigger, or extend what we already have.
As I mentioned in this post, we decided to convert the attic to a new bedroom and bathroom, which saves the bathroom queueing issue and will free up an existing small bedroom to create an office for me. But, it took a bit of consideration to get to this point, and weighing up our options and the cost of moving. In recent years, during the economic downturn, many people have decided to sticks with their current homes, and renovate or extend, instead of moving somewhere new. It’s seemed like the most cost-effective option. But it got me thinking, that surely there are ways to keep that cost down, ways to minimise that big extra set of fees that we have to add onto the price of our mortgage and new home.
1. Use an Online Agent and Sell Yourself
It’s becoming more and more popular to market your own property or use an online estate agent since the law changed a few years ago. Do your research and go on recommendations if you can but if you want to do it yourself be sure you know what you’re letting yourself in for, and be prepared to do all the negotiations. You’ll also have to show all potential buyers around, but it could save thousand of pounds, so it’s well worth considering.
2. Research Your Mortgage
Many people use a financial advisor to help find the perfect mortgage deal, but if you can give yourself enough time, there are plenty of online money sites that will compare and source the best mortgage deals available at the current time. I guess you have to remain calm and not get overwhelmed, but it’s not too hard to collate the information and make your own decision, saving you the fees from your advisor.
3. Negotiate with your Seller
Moving into a new house often brings high redecoration costs. And sometimes you have to replace key white goods or pieces of furniture that you are leaving behind in your old home. Perhaps your old sofa won’t fit, or the new house needs standalone wardrobes when you had fitted. All of this can add to the cost, so be prepared to talk to your vendor and ascertain if they are willing to include any extras, or sell them to you at a discounted price. They might not be brand new, but as long as they’re in good condition, they may last another few years and save you the expense at the time of moving.
4. Find a Better Deal
The internet provides us with a wealth of information, and gives us, the consumer a lot of power. If you’re not happy with the offer from your removal company for example, hunt the internet for a different provider. Or even hire a van and some willing friends and do it yourself. Similarly, if you’re new home needs a little renovation work, find local tradespeople who are a fraction of the cost of big national companies, or even find out if there’s a skills exchange in your area, where people swap their skills for yours, for free. It’s also a great way to get to know your neighbours and others in your new community!
Do you have any other tips on how to save money when selling your home?