Top tips to save money when moving house

What are the costs involved with moving home?

There are many costs that you’ll have to pay whenever you decide to move to a new house or flat, not just the expense of paying a removal company to take your furniture and other belongings to your next property. It’s crucial that you know about all of these potential costs before you start the moving process in order to save yourself both money and time.

In addition to removal costs, you also need to budget for your future mortgage repayments if you have taken out a loan to help cover the cost of buying your new home. These will be due every month and depending on the value of your house and the mortgage agreement the repayments could be quite costly. It’s important that you stay up to date with repaying your mortgage to avoid the potential risk of the lending firm trying to repossess your home.

If you sell your current home through an estate agent or sell through auction, you will also have to pay fees for taking care of the sale. You should include payment of these fees in your budget for moving home, because they’ll be due at the completion of the sale. However, if you have used an auctioneer then you might be able to pass the moving costs on to the buyer.

You should also get new insurance policies for your future home, and the initial first payment for these policies, as well as the regular monthly payments, is another cost to consider.

Many people get a solicitor involved to help them with the extensive and time-consuming legal paperwork involved in moving to a new property. This is another fee that you’ll have to pay once the sale is complete and you are ready to relocate to your next home.

The independent consumer advocacy organisation Which? has a helpful checklist for moving home that details many of the expenses and other issues you need to review, including insurance, bills, and removal costs.

Some top tips for saving money when moving to a new house or flat

The list above highlights the many different types of expenses that you can incur when moving home, although most of them are foreseeable and you should be able to plan for them.

In addition, to help reduce the costs of your monthly mortgage repayments you could compare offers from various lending firms. Be sure to closely read the terms of any potential mortgage agreement to find the lowest possible interest rate, because this will save you money in the long run. Only sign up for a mortgage that you can afford to pay back every month.

You can also avoid the fees associated with estate agents or auctioneers by instead selling your current house or flat to a quick property buying company. They give homeowners a fast cash sale for properties of many different shapes and sizes, and the reputable companies never charge sellers any fees. That can save you money compared to paying sales fees to an auctioneer or an estate agent.

Another way to save money is by shopping around for the removal company that you ultimately select to help move your belongings from your old home to your new house. Take some time to browse local removal companies’ websites and compare prices, and be on the lookout for any special discounts that a particular company might be offering. Don’t be shy about haggling with companies to get a lower price, because that’s another way to save money.