With rising costs across the board, including mortgage rates, and accessing the property ladder becoming more and more of a distant dream for many, saving money has never been more important. Our estate agents in Newham are always here to help property owners, first-time buyers, and renters alike.
Here are their best tips on how to pay off debts:
- One option if you have more than one property is to sell one of them. This way, you can reduce the costs associated with managing two properties and make your life easier.
- Our estate agents in Newham also recommend considering selling off both properties and purchasing a new one that meets all of your specific needs in terms of location, size, and amenities.
- Another option to save money and use it to pay off general debts or mortgages is to consider downsizing. A smaller home will be cheaper to buy, leaving you to do as you please with the difference, and be easier to maintain long-term, thus reducing your monthly costs.
- Our estate agents in Newham recommend taking into account how much money you would have after selling off any additional property or selling a bigger home to move into a smaller, more manageable one.
- Take into account how much of the amount would be required to pay off loans or other debts and how much you would effectively be left with to purchase a new property if necessary.
- You should also take into account that you may have to pay stamp duty, estate agent fees, conveyancing fees, and potentially other fees too when buying and selling properties.
- According to our estate agents in Newham, you should consider whether or not you will afford a new mortgage or buying a new home in your preferred location with the amount remaining after you have paid off your debts.