Act Fast To Secure An Affordable Property Move In 2020
Top ways to cut the cost of typical moving fees if you’re looking for a new home this year.
2020 has been an unusual year for the property industry. With several months of lockdown, the property market initially ground to a complete halt. But this has been followed in quick succession by an enormous rebound as pent-up demand has created a surge in buyer enquiries and houses going up for sale. If you’re already looking, are on the market or considering a move over the winter of 2020/21, then here are some top tips to help you save thousands on your next home move.
Take Advantage of The Government’s Stamp Duty Holiday
Back in July, Chancellor Rishi Sunak announced that there would be a stamp duty holiday, where buyers would pay £0 tax on properties up to £500,000. This has had an enormous effect on the property industry as a whole, as even those buying homes over the threshold can still stand to save up to £15,000. If you’d like to make your move during this stamp duty holiday, then you have until the 31st March, 2021 to complete on your purchase. This is very likely the largest cost-saving available to you at the moment, so now would be a great to act on it.
As experienced Romford estate agents, we know that the average length of time to buy or sell a property can be anything between eight to fourteen weeks in the UK. However, at the moment, things like local searches are taking longer to be returned to solicitors. As this could add extra time before you exchange, it would be wise to get to the offer stage well before Christmas.
Moving Your Mortgage
If you already have an existing mortgage, then there may be penalty fees applicable if you wish to pay it off before the end of the mortgage term. This is usually the case if you need to switch to a different lender for example. As an alternative, many mortgage providers are happy for you to ‘port’ your mortgage and move it from your current home to the next property in order to avoid these early repayment fees. It’s worth speaking to a mortgage broker or else your current loan provider to find out what the exact terms are on your product.
Downsizing Your Possessions
Moving your belongings from A to B can be an expensive business, but there are some ways to reduce the costs payable to a removal firm. Begin by carrying out a deep clean and declutter of your home. This should be done in advance of any property viewings to showcase the potential of your home to prospective buyers. However, it also allows you to focus on exactly what you wish to take with you to your new property. Remember that removal firms charge depending on the volume of goods you need to transport. So, there’s no point paying extra to carry around your old junk with you. Now is a great time to downsize your belongings by recycling, giving to charity and selling on eBay.
Get a few quotes from removal firms so that you have a competitive cost comparison. Ask which days of the week might be cheaper, with Fridays and the weekends typically more expensive than other days. You can save further money by packing and unpacking yourself, or even hiring a van if you’re physically able to carry out all the removals without the help of professionals.
Moving home can be an expensive project, but there are plenty of ways to save tens of thousands of pounds if you act fast this year. Whether you’re buying or selling, you can speak to our experienced sales team at Keystones Property for our expert guidance on 01708 909 100 today.