1. Bypass estate Agents.
Estate agents can take up to 2% of the house price; they are making a very nice profit at our expense. However, it is possible to buy a house without using estate agents. There are schemes which enable homeowners to buy from lists of house not using estate agents. For example, you may be able to find a property broker in your area You will need to employ solicitors yourself. But, despite the extra work, it could be very profitable for you.
2. Home swaps.
An increasing number of people are signing upto schemes which enables you to swap houses, with people in different areas. This can save alot of costs and hassle. A difference in the value of the house, can be overcome through paying (or getting paid) a top up fee. For example, Gum Tree homeswap scheme
3. Negotiate existing furniture / white goods into the deal.
Usually when you buy the house the fittings are not included. However, it may be possible to negotiate a discounted price for keeping the furniture and white goods. This saves the hassle of moving and refitting. It can save money in fitting the house.
4. Choose your area carefully.
House prices can fluctuate significantly, even though they may be only a few miles apart. Just because an area is more expensive doesn’t mean that it is necessarily better for you. For example, some areas may be very expensive, because they are in close proximity to good schools. If you don’t have children about to start school, it is best to avoid these areas and avoid paying the “good school premium”
5. Take your time in buying, but don’t wait for perfection.
The great difficulty with buying a house is finding the best value house for your needs. By looking at the widest possible selection of houses you have the best chance to get the best value house. This can save you spending more for facilities you don’t need on a house. At the same time, you need to avoid the trap of waiting for the perfect house to come along. The perfect house doesn’t exist, as there will always be some feature that could be better. The thing to do is to rate houses out of 10 for best value. When you get 9 and 10s be prepared to make a serious bid. If you wait for too long, you may find that house prices are rising, giving you a worse choice the longer you leave it.
6. Save Money on Stamp Duty.
If the house price is just above the stamp duty threshold £250,000 (3% tax) Try negotiate a price just below, you might be able to compensate through giving white goods to the value of the discount
7. Cut the Cost of Your Mortgage.
Avoid paying a fee to a mortgage broker, many will find the best mortgage for free. Make sure you have the most competitive rate by checking out a wide variety of deals. Don’t just go with your regular bank and assume they will be best.