The ultimate goal that we have been taught as kids is to have a big house, a good car, and a self-sufficient life. But getting these things are rarely as simple as it seems. People spend their entire lives trying to get enough money to have a picture-perfect life with the house, car, etc. But if you did manage to save up, take loans and finally have that dream house, the struggle isn’t over just yet. You now have a huge loan amount to your name and you need to do your best to pay it off as quickly as possible. Here are some tips on how to save money when moving into a new home/ house.
1. Bargain well with the Broker –
It all starts with reducing the amount you spend on purchasing the flat. You need to save as much as you can. This includes saving on broker costs. Brokers are agents that will make life easier for you through the nightmarish process of buying a flat. But have a bottom line for the amount you would wish to invest in a broker. Right from the start, make it very clear that you will not exceed your budget. You could save a good few thousand if you bargain well and hold your ground.
2. Look for Good loan offers –
If you have a great credit score, almost any bank would be more than willing to give you a loan. This is a great way to save a ton of money when moving. Choose a bank that offers you attractive loans with interest rates that are easier on the pocket. For instance, co-operative banks may have a much tougher process to clear bank loans, but their interest rates are much better than regular banks. Have all your documents in place – check out Documents required for a home loan and go prepared. You will save thousands if not lakhs on the loan interest that you may end up paying in a regular bank. There are government schemes in place that will also help you save some bucks.
3. Use DIY tricks for Home interiors-
If you are looking for more creative ways to save money on moving, then trying out some DIY tricks could help you save thousands. For instance, making home sittings out of tires and ropes are easy and look boho, yet stylish. If you are wondering how can I save money when I move, you could use simple techniques like using socks and towels to cover fragile items and take them yourself in your vehicle instead of giving it to movers and packers which may be an expensive affair.
4. Register the Property on Women’s Names –
You could save as much as 2% in stamp duty if you get the home registered on a lady’s name. This facility is not applicable through all the states across India. This is however applicable in Odisha, Delhi, Uttar Pradesh, Haryana, and Punjab. In fact, banks even have better loan interest rates or offer for women, therefore overall you could end up saving another thousand if you get it registered on a woman’s name.
5. Reuse and Sell –
The biggest expense that homeowners face is setting up the new house with new furniture and interiors. If you are looking at an easy way to save money when shifting/moving to a new house/home, then reuse your old furniture as much as possible, avoid buying new furniture, but if you absolutely must ensure you pretty up your old furniture and sell it. There are a number of reselling apps and websites when you can cough up a good deal if you do it correctly.
Also read – 10 Features That Define Luxury Homes
6. Invest in Interiors wisely –
If you must rework on the furniture make sure you do so carefully, Or else it could rip a hole through your finances. Wondering what are the useful tips to save money during the move? Well, get quotations from a number of interior decorators. Get it vetted well, go for the most effective quality vs price graph. As far as possible it is recommended that you pick out the raw material yourself though reliable sources and get it at economical costs.
Use this as the ultimate guide to saving money on your move out. These great ways to save money when moving into a new home will help you have enough to pay off your loans quicker. Most people just associate the flat cost as the ultimate expenditure. But is it wise to include other factors such as the amount you may end up spending on interiors, the interest rates, the stamp duty registration costs and the length of time you may take to pay off the loan? Use every offer or trick along the way that helps you save some money because, at the end of the entire moving process, you will have saved quite a lot.