28 Oct How moving could save you money
There aren’t many more expensive life events than buying a property; but did you know that if you make some smart choices, moving home could actually save you money. Now is a good time to move as you will be able to take advantage of excellent mortgage rates and the Stamp Duty Holiday, but there are also a number of reasons it could make financial sense to make the leap and move home now.
With the Coronavirus turning many of our lifestyles upside down, we have seen a huge surge in people escaping the city for more rural surroundings. If you are looking for a property with more space and access to green areas, make sure that you take a look at some of the stunning properties for sale in Virginia Water and get in touch.
So why is now a good time to move?
Stamp Duty Holiday
In the wake of the first COVID-19 lock down, the Government announced the Stamp Duty Holiday after in order to help the markets recover. This has meant that hundreds of thousands of people in England have been able to save up to £15,000 on their home move with nine out of ten transactions in England qualifying for exemption.
This year has seen an unprecedented shift in the way we live and how we work. The pandemic has meant that a vast number of people have had to get used to working from home and so, buying a property with a ready-made home office is much higher on people’s agenda.
If you anticipate working remotely more often, or indeed permanently, then buying a home with an office could cut your commute costs significantly. According to the HRDirector the average annual cost of commuting to London is £5,114, not to mention the time it takes to actually travel – this can sometimes add a further three hours per day to you ‘work time’. When you combine this with the other peripheral costs of coffee, lunch, croissants while travelling to and from work – you could save thousands a year.
Living in the city has its perks: shops are open late, you’re never far from a 24/7 supermarket, pubs and bars are on your doorstep and it’s easy to exercise at your local gym. However, all this comes at a cost. If you move to an area with great outdoor spaces you can say good bye to £40/month gym fees and get out to the park for your exercise.
While it is impossible to put a price on the cleaner air you find away from the city but spending more time outdoors will save you money in the long run.
At the time of writing (Oct-2020) there are some excellent mortgage rates available. With the Bank of England reducing their base rate to 0.1% in response to the coronavirus, the average rates for two-year and five-year fixed-rate mortgages fell to a record low in May. Now could be an excellent opportunity to secure a great deal on your property finance.
If you relocate to a different area with your family, you are likely to have to reassess your childcare arrangements. Simple supply and demand means that childcare in the city is more expensive than in the commuter belt, so moving further afield will help you to save money on Nursery places. According to Babycentre the average cost of a week in a nursery in London is £280 vs. £210 outside of the city.
Moving closer to grandparents and other relatives could result in some free babysitting, saving you further on your childcare costs.
Relocating in order to Up/Downsize
If you are looking to save yourself some money, the best thing you can do is relocate to a less expensive area or down size your property. If we are talking about living in the city, you might find that selling up in order to buy a smaller property will free up some capital you have in your home and you could benefit from refinancing to a deal with smaller monthly payments.
The other alternative is to relocate to an area where your money will go further. Moving to a bigger house in a less expensive area is likely to get you more square footage for your pound. A move closer to relatives could help you save on a number of aspects of your lifestyle as well as get you better value on your property.
Get in Touch
If you are thinking of moving to the area, make sure you take a look at our amazing catalogue of properties for sale in Virginia Water and the surrounding areas.
If you’d like to speak to someone about properties to let in Virginia Water, a member of our expert team would be happy to help. You can call us on 01344 843000 or email us. You can also follow us on Facebook, Twitter, Instagram and LinkedIn.