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Your Mortgage: Save thousands on your home

04 November 2005
Homebuyers could save £22,000 by being more careful about how they choose their new home, says Your Mortgage magazine.

The magazine says UK residents moving house could save a lot of money by employing canny measures when selling their old property - and looking for their new one.

Property buyers are already getting up to a £9,000 discount since properties are currently being sold at around 94 per cent of their asking price and prudent buyers willing to do some hard negotiating can make a substantial saving.

Sellers could also save by money by advertising their house privately instead of relying on an agent who charges high fees.

Although the three per cent fee most agents charge does not sound like a lot of money, it can add up to almost £5,000 on the cost of the average house.

Homebuyers can also make savings by using online solicitors and moving their own furniture instead of hiring someone to do it.

"Remember that savings are there to be made and with the enormous amount of costs involved in buying and selling property it is worth exploiting every opportunity," said Paula John, Your Mortgage magazine editor.

"My advice would be don’t be afraid to negotiate and do your homework when it comes to financial products-don’t just select for the first option you see," she added.

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