Moving house
can be a costly exercise, especially with surveys, solicitor fees, and stamp
duty, so it’s important for homeowners to understand how they can go about
saving money in their new property. There are many ways to save on energy bills
and insurance rates, so here’s a selection to get you started.
1. Update Insurance Policies
There really is no better time to check your home insurance policy, or any other property-based insurance policies, than when moving home. If you’ve previously been living in shared accommodation or in a shared access flat, moving to a single occupancy house could lower insurance premiums due to increased security. Similarly, if downsizing significantly, you don’t want to be paying for bricks and mortar, or home contents, that you no longer own. Also be sure to double check your car insurance policy. Moving from a garage to a driveway parking spot, for example, can reduce premiums as there is less chance of the paintwork being damaged due to scraping.
2. Small Upgrades = Big Savings
If moving into an old or less well-maintained property, it could be worth making some small upgrades, despite the initial upfront costs. By making some small changes, homeowners could enjoy big savings in the long term. Costs account for almost half of the average energy bill, so it makes sense to focus upon insulation. If the property has a loft or attic, ensure it is fully insulated. If you can see exposed joists, then you need to take action. Blanket insulation is inexpensive and easy to install, so it’s a good option. Also check doors and window frames for cracks, sealing with duct tape, cardboard, or drywall filler.
3. Install a Water Meter
Many old properties do not have water meters which means that water companies automatically bill the household for the average water usage in the UK, which is roughly the equivalent of the amount of water used by a family of two adults and two children. If you have a large family, or tend to use a large quantity of water, you’re probably better off without a meter, but if you’re single, live with a partner, or have a small, conservation-savvy family, metering could slash the annual water bill. Contact your water company and see whether you could benefit from having a meter installed at your new home.
4. Purchase Good Quality Appliances
If buying new appliances for the home, particularly white goods such as fridge freezers and washing machines, it’s so tempting to choose an inexpensive product, especially if working to a tight budget. However, bargain appliances often have very low energy ratings, which mean they use more energy to run, adding more to your electricity bills. They’re also more likely to have a shorter lifespan. If possible, pay a little more for a branded, high energy rated appliance that will save money in the long run by using less energy and being more reliable.
5. Check for Government-Funded Benefits
If you want, or need, to makes some major changes to your new home it’s well worth looking into Government-funded schemes that can help towards the cost. For example, homeowners wanting to save money on their annual bills can install renewable energy systems with financial assistance from the Renewable Heat Incentive scheme, or the Renewable Heat Premium Payments plan. Once again, there may be some initial upfront costs, but implementing these measures early on can really save money further down the line.
1. Update Insurance Policies
There really is no better time to check your home insurance policy, or any other property-based insurance policies, than when moving home. If you’ve previously been living in shared accommodation or in a shared access flat, moving to a single occupancy house could lower insurance premiums due to increased security. Similarly, if downsizing significantly, you don’t want to be paying for bricks and mortar, or home contents, that you no longer own. Also be sure to double check your car insurance policy. Moving from a garage to a driveway parking spot, for example, can reduce premiums as there is less chance of the paintwork being damaged due to scraping.
2. Small Upgrades = Big Savings
If moving into an old or less well-maintained property, it could be worth making some small upgrades, despite the initial upfront costs. By making some small changes, homeowners could enjoy big savings in the long term. Costs account for almost half of the average energy bill, so it makes sense to focus upon insulation. If the property has a loft or attic, ensure it is fully insulated. If you can see exposed joists, then you need to take action. Blanket insulation is inexpensive and easy to install, so it’s a good option. Also check doors and window frames for cracks, sealing with duct tape, cardboard, or drywall filler.
3. Install a Water Meter
Many old properties do not have water meters which means that water companies automatically bill the household for the average water usage in the UK, which is roughly the equivalent of the amount of water used by a family of two adults and two children. If you have a large family, or tend to use a large quantity of water, you’re probably better off without a meter, but if you’re single, live with a partner, or have a small, conservation-savvy family, metering could slash the annual water bill. Contact your water company and see whether you could benefit from having a meter installed at your new home.
4. Purchase Good Quality Appliances
If buying new appliances for the home, particularly white goods such as fridge freezers and washing machines, it’s so tempting to choose an inexpensive product, especially if working to a tight budget. However, bargain appliances often have very low energy ratings, which mean they use more energy to run, adding more to your electricity bills. They’re also more likely to have a shorter lifespan. If possible, pay a little more for a branded, high energy rated appliance that will save money in the long run by using less energy and being more reliable.
5. Check for Government-Funded Benefits
If you want, or need, to makes some major changes to your new home it’s well worth looking into Government-funded schemes that can help towards the cost. For example, homeowners wanting to save money on their annual bills can install renewable energy systems with financial assistance from the Renewable Heat Incentive scheme, or the Renewable Heat Premium Payments plan. Once again, there may be some initial upfront costs, but implementing these measures early on can really save money further down the line.
If you are a
new homeowner it can be a very expensive time so doing everything you can to
reduce these costs will help you. Chat to other homeowners as well to see if
there are any other ways of saving money.
Do you have any advice for first time buyers? Submit your comments below.
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