Published on : Sat, 05 Nov 2005 13:04GMT
by : Lisa Pitt

LONDON: Changing a house is of course a costly affair, but careful planning can help people save as much as 22,000 pounds, according to Your Mortgage magazine. It says the cost of the house is the first target.

A study by the magazine revealed that currently properties are being sold at 93.4 per cent of their asking price, the largest discount since January. This would mean that buyers on an average are saving 9,920 pounds on the price of an average U.K. home.

The magazine said a buyer can advertise privately on websites and targeted publications and avoid estate agents' fee, which is normally three per cent of the cost of the property. This works out to 4,827 on the value of an average home. A buyer can easily save 3,000 pounds of this, the magazine said.

Savings are also possible by using online solicitors/conveyancers (500 pounds), moving one's own things (500 pounds), changing utility providers (700 pounds) and renting out an additional bedroom if possible (4,250 pounds).

The magazine's editor Paula John said with the enormous amount of costs involved in buying and selling property, it is worth exploiting every opportunity. She said the buyers should not be afraid to negotiate. They must also do their homework when it comes to financial products.