How To Save Money When Moving Home

The Definitive Guide (2019)

In this post you’re going to learn how to save money when moving home in 2019.

This guide also includes lots of ways to:

  • o Save money during the home move
  • o Avoid wasting time & making mistakes
  • o Actually make money
  • o And lots more
 
So, if you want to save money and have a seamless home move you’ll love this guide.
 

Let’s get started.

Table Of Contents

1) Book Your Home Move Early

Did you know that 87% of all buying decisions start by doing research online?

The old adage goes that the early bird gets the worm. Whilst this is not always the case, booking the items you know you’re going to need can save you money and ensure there is one available. Interestingly, some research shows that you can save around 20% if you book in advance with some providers. 

Here are some of the services you might consider to book during your move:

don't pay for boxes

2) Don't Pay For Boxes When Moving Home

Did you know that for every tonne of cardboard that is recycled, up to 17 trees are saved?

Buying boxes can be relatively expensive. We actually looked it up and found one website (Packing Boxes) will provide all boxes for a 2-3 bed home move for around £60. That’s not too bad, and if you can afford it – that’s great. Moving home is very expensive though and there are actually a lot of alternatives where you can get boxes totally free. Here are two ways you can get free boxes:

– Ask at your local supermarkets or electronic shops (like Currys, Argos etc…) for unwanted boxes

– Ask friends & family; you can even ask on social media 

But you don’t even need boxes. Think outside the box. Literally. Consider using alternatives such as; suitcases, laundry baskets, bags for life, bin bags (be sure to label these!) and many more. 

Rent instead of buying

If you have serious requirements that the free boxes and suitcase aren’t covering, you can actually rent crates instead of buying boxes for yourself. You can find these on a website like ‘crate-hire‘.

Protect your valuables

When it comes to the family heirlooms don’t leave it up to chance. Be sure to bubble-wrap any items which are valuable, you can save yourself a fortune in having to replace macbooks and jewellery.

If you’re looking to have your stuff put away for a little while, move your stuff into storage. Try to find a storage company with a lowest price guarantee, like SafeStore

 

3) How To Get Free Insulation

Did you know that most energy suppliers have schemes to financially support customers in financial hardship?

If you’re wondering how to get free insulation you’re at the right section. Dependant upon your circumstances, you could be entitled for up to £300. When you buy your new home you should receive an Energy Performance Certificate (EPC). If it is low, based on your energy supplier and location you might be entitled to some funding. So, why would an energy supplier give you free insulation? The answer is simple. Energy suppliers actually have high environmental protection targets, as outlined by the UK Government. Using schemes like this are really central to how to save money when moving home.

Even if you aren’t eligible for free insulation, you should consider whether or not it would be worth investing.  a £300 investment can pay itself off within only a couple of years, saving you much more money on your heating bills in the coming years.

free furniture

4) How To Get Free Furniture

Did you know that the average lifespan of a sofa is 8 years?

Furnishing your home can be the most expensive part. We all know that. Despite the fact that it’s how to save money when moving home, most people don’t know how to get free furniture. What if I told you that you could actually get free furniture. You’re wondering, ‘How do I get free furniture?’. The first place to check is a website like Gumtree. People give away sofas, tables, armchairs, mirrors – you name it! And if you don’t like the free stuff, you can pick up a steal at around £20.

It isn’t just Gumtree. For instance, FreeCycle is a website dedicated to giving away free stuff. You might not find award-winning furniture or lawnmowers on there, but it’s an amazing place to get started and will help you kit-out your home on a budget.

5) Move Outside Peak Times

Did you know that on average we spend 50-70 hours a year in traffic congestion?

When booking your travel it can actually be cheaper to do so outside of peak times. It is said that the best time is at some point on a weekday morning. This will also make the traffic a lot lighter, helping with a much smoother move.

6) Compare Suppliers

Did you know that over 10 million people use price comparison websites in the UK every year?

Everyone knows that we’re overpaying for items like our energy and insurance. That’s largely because we either aren’t aware that we could be on something significantly cheaper or we feel like we just don’t have the time. Either way, looking into how you can save in setting-up your new place can literally save you £000’s every year. And that’s not an exaggeration.  

If you need to use storage, make sure to use a company such as SafeStore who have a lowest price guarantee. If you require transport, do shop around and do your research. When it comes to transport, some of the price comparison sites actually share your data with lots of third parties.

Energy

Price Comparison

There are many reputable price comparison websites, but they all do the same thing in principle. uSwitch has a very strong reputation, offering yearly savings of over £238.

Automatic Switching

A different way about it is to use a company like Look After My Bills. It’s cheap energy. Forever. The team over there will manage all future energy switches, automatically putting you on the cheapest one.

7) Take In A Lodger

Did you know that you have a tax free allowance of up to £7,500 for having a lodger?

If you have a spare bedroom, you could rent it out to a lodger and get some serious cash. For instance, if your house is worth £120,000 and have three bedrooms and your mortgage is £400 pcm. You could comfortably achieve £400 a month in rent for a lodger. As outline on Gov.UK’s rent a room scheme, you can have up to £7,500 income completely rent-free from having a lodger.

To understand what you could rent your spare room for, check out the market on a website like Spareroom.  It’s also really important to get permission from your mortgage provider if you want to take a lodger in, as you require their permission.

8) Reduce The Cost Of Buying/Selling Your Home

Did you know that eggs would cost £5 if they had risen in line with the increase in house prices?

When you’re spending hundreds of thousands of pounds on a new home it can be very easy to lose perspective of money. If you’re spending £20,000 on a deposit and £8,000 on Stamp tax etc… an extra £495 for mortgage advise is nothing, right? It’s actually a bias we have as humans; essentially when you present a smaller number after a larger one that number will appear to be less. 

The bottom line is, whether you’re buying or selling you can save hundreds if not thousands. So, let’s briefly take a look at how to save money when buying and make money when selling

How To Save Money When Buying A Home

(1) Use a free mortgage broker

For specialist circumstances it can be helpful to pay for a mortgage broker. Some are amazing and can have refined skills in getting mortgages to fit your particular circumstances. Truthfully though, it isn’t always the case. This is important to know when thinking about how to save money when buying a home. Popular mortgage brokers such as London & Country and online mortgage broker Habito are 100% free. Whatever you do, at least check if you could get the same rate for free.

(2) Pay less Stamp Duty

As we all know, stamp duty is calculated automatically by your solicitors at point of completion. If you want to know what you can expect to pay you can calculate your stamp tax here. That said, there are some really creative ways to get back your money on stamp tax. If you want to know how to save money when buying a home, this is one of the biggest ways. For instance, if you’re buying a new build you can see if you could negotiate the cost of the stamp tax into the deal. 

New build providers can offer you a cash incentive of up to 5% of the property purchase price. Essentially, your deposit minus cash incentive has to equal 5% or more. New build providers will be more inclined to be flexible the closer to completion date that are as they need to sell the property.

 If your property is a second residence you can actually claim the stamp tax back if you sell your other property within three years. The Money Advice Service have lots of helpful information in this regard.

 

(3) Shop around for legal

Mortgage brokers and developers are notorious for recommending their own law firms to manage the mortgage process. The majority of the time they will be commissioned and benefit from their recommendation. 

And there’s nothing wrong with that per se but it might not be the cheapest deal on the market. So, with that in mind make sure you do your research and always get at least three quotes. 

Think about it, that extra 20 minutes of legwork could literally save you hundreds of pounds.

 

 

(4) Negotiate on the price

It’s said that 80% of negotiation is just asking the question. With property most of the profit is made when you purchase. This could be the biggest way to help you save money when buying a home. We’ve pulled together a full guide on how to buy a house below market value if you want to delve further into this topic.

 

How To Make Money When Selling A Home

(1) Get the right Estate Agent

When it comes to estate agents cheaper isn’t always better. This is an important concept to understand if you want to know how to make money when selling a home. Naturally, you might pay £2,000 in fees but sell it for £5,000 more. There are excellent estate agents at all costs. 

Ultimately, look at all the options but the two most important factors are: highest reviews and best local knowledge.

(2) Sell at the right time

When should I sell my house? It’s an age-old question. Check out this helpful graphic pulled together by HomeBuyers. They have a really useful article on the best time to sell your home, but below is the high-level view to get you started.

(3) Apply the stuff that is easy to forget

A lot of the principles we covered in how to save money when buying a home also apply here. Common sense is a large part of knowing how to make money selling home, but it’s easily forgotten. And to add onto that, naturally make sure that your house is presentable. It’s not just about sight, smell is very important so candles and fragrances will become your best friend. Some of the best advice you can get is being able to walk away from the deal if it’s not the price you think is right for the property.

9) Take Out Home Service Cover

Did you know that the average boiler with installation costs around £2,000

Home service cover is a monthly Direct Debit which can cover the the cost of repairs and maintenance of your boiler, plumbing, electrics and so on. Depending on excess and cover it can range from £1 up to around £40. But it can buy you complete peace of mind and. 

Crucially, it can save your hundreds on plumbing and boiler costs. Reputable providers include companies like British Gas & Home Serve.  

10) Ask Friends & Family For Help

According to research, one out three people moving home are doing so to be closer to either friends or family

What are friends and family for if they can’t be called-on for when you’re moving? In reality though no one wants to be a burden, in fact people do want to help help. Instead of generally asking for help, try to consider one aspect of the home move a friend or family member.

 For instance, could you borrow your dad’s truck, have that old furniture your friend was throwing away or even borrow an afternoon in exchange for a pizza – you get the idea

11) Cut Off Supply Early

Did you know that Sky Broadband has roughly a 25% market share?

When moving home it’s always best practice to give companies fair notice that you’re moving home. This isn’t so much a courtesy as it is helpful in avoiding fines and unwarranted costs. We’ve pulled together a full moving home checklist which covers everyone you need to inform and when. 

Typically, with things like your internet and sky package you can actually port them over to your new place, assuming it’s technically possible.

If you are cancelling, or can’t take it over, the timings of the contract could be such that it might be worth finishing the contract a few days or weeks before you leave the home. This is instead of paying for it weeks after you’ve already left.

12) Update Your Address Online

Did you know that it can take up to 7 hours to tell everyone that you’re moving home?

Instead of spending up to 7 hours telling everyone that you’ve changed address, we’ve created a form in which you can tell them all. In one form. Within 5 minutes. Whether you use our online change of address form or contact all of your companies & institutions directly, keeping them informed can help prevent erroneous bills and fines. 

Hopefully you’re now beaming with ideas on how to save money when moving home and you save hundreds, if not thousands.

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