Although property price growth in London is beginning to stall in the wake of fresh warnings from economists, the real estate market remains in relatively good health. This is good news for property-owners. Especially for those who have considered selling their home and relocating to a new geographical area. Despite continued speculation that the property market is becoming increasingly destabilised, this demographic of home-owners may be required to act sooner rather than later if they are to sell for a profit.
Managing Your Finances When Moving: How to Save and Make Money
It is important to remember that profit is relative, however, and that it can be influenced by reducing costs and generating additional income when relocating.
Consider the following steps towards achieving these goals: –
- Clear Your House and Embrace the Thrift Market
Prior to moving, it is wise to complete an inventory of your material possessions and identify any items that will not be required in your new home. This is something that individuals and families often overlook, especially when they are moving to a new home where there is additional space and storage. It can provide you with a unique opportunity to generate additional income. You can access the thriving thrift market and sell your unwanted items for a competitive price. Although you may not make thousands, the income that you do earn can go towards work on the house and boost the profitability of your sale.
- Upcycle and Sell Old Furniture
On a similar note, you may be fortunate enough to move into a furnished home with existing possessions. Even if you do not want to keep these items for personal use, you can at least consider the idea of upcycling these unwanted items where necessary and selling them on for a 100% profit. Any money that you generate from selling these items can be retained, although you will need to factor in the cost of materials and listing all items for sale on sites such as eBay. The fact that you may have to post cumbersome items of furniture may also carry a substantial cost, unless you are able to partner with a specialist and flexible delivery service such as TNT Direct.
- Adopt a Proactive Approach to Home Remodelling
When the time comes to renovate your new home, it is all too easy to lose control of costs and expenditure levels. This is because the combined cost of labour, materials and other accessories can quickly accumulate over time, especially if you fail to prepare a viable budget or create a financial contingency. If you are committed to saving as much money as possible, the best strategy is to adopt a proactive approach to work and identify the tasks that you can complete as an individual and without the need for employing tradesmen.