How to save money when buying a house

How to save money when buying a house

Planning to embark on the thrilling journey of finding your new home? Regardless of the property type you're eyeing, we know the excitement is building up. However, we get it – the expenses associated with home buying can be a bit overwhelming. From bricks and mortar to conveyancing, legal costs, stamp duty, and mortgage fees – it's a long list. But fear not! We're here to share some top-notch tips on how to save some quid along the way.

First things first, plan ahead and polish up that credit score of yours. A higher credit score means a better chance of securing a decent mortgage. So, before you start touring properties and making offers, give your credit file a good look.

In the early stages of your house-hunting adventure? Utilize free mortgage calculators to get an idea of your borrowing capacity. Once you have the figures, shop around for the best mortgage offers in the market. Better yet, consult with a savvy mortgage advisor who can provide first-hand advice and discuss your options.

Now, thinking about the overall cost of buying a home might be a bit tricky, but it's worth it. Consider potential fees involved – mortgage arrangement fees, valuation fees, legal fees, stamp duty, removal costs, and more. Knowing the costs won't technically save you money, but it will prevent any unpleasant surprises.

For first-time buyers, there's the Help to Buy ISA scheme introduced by the government in 2017. Save up to £4,000 a year, and the government adds a sweet 25% bonus if used towards your first home.

Don't rush into decisions; instead, shop around before settling on where to invest your money. The housing market isn't a sprint – take your time and look for good deals on legal fees, etc. It could save you a few hundred pounds.

Utilize personal finance apps and keep an eye on the seasons. Is there a perfect season to buy a home? Well, maybe. Stay tech-savvy and season-savvy to save those extra pounds.

Before getting the keys to your first home, keep an eye on the market trends and lease details. Knowing house price averages and understanding leasehold terms will empower you to make informed decisions.

When it comes to flats, service charges are part of the package. Be aware of these costs, which cover communal areas maintenance. The number of flats in a building can impact service charges, so choose wisely. And hey, if you're feeling adventurous, consider buying at an auction – it could be your ticket to a cut-price deal.

So, there you have it – a guide to navigating the exciting, and sometimes daunting, world of home buying with a dash of humour and plenty of money-saving tips! Happy house hunting!

Added: December 1, 2023 09:28:40