Local property expert Andrew Cardwell, the managing director of award winning Cardwells estate agents, shares some of his expert property advice and tips on saving money as inflation rises.
The cost-of-living crisis is affecting everybody, the rising costs of utilities and vehicle fuel are frightening, and everyone is feeling the pinch.
Hopefully, things will improve soon. Although I’m not sure that I am the best qualified to offer money-saving tips, there are a few things that I could suggest which may be helpful regarding the property.
Firstly, we have had three interest rate rises over the last few months and some market commentators speculate that more will follow to try and allay the inflation levels. Perhaps then there may be some sense in considering a fixed interest rate mortgage product over a defined period, often 2 – 5 years instead of a variable rate arrangement. Then you can be certain what the payments will be, and the amount payable will not rise if there are interest rate rises during the fixed term.
The costs of gas and electric are escalating and trying to keep utility bills in check is sensible. Perhaps it’s worth considering adding insulation to loft spaces, ceiling voids or the walls. Some people may be able to consider the installation of solar panels so that they generate their own electricity. A careful analysis of potential savings would be sensible before committing to a purchase of these though, as the amount of power they generate will vary from property to property. On a smaller scale solar powered garden lights can be useful, as the power that they need to run at night time, is collected from the sun during the day, and they operate without any additional power. Wood burning stoves can be good for heating rooms without using gas and electric. There is of course a cost to sourcing the wood, though sometimes wood is offered for free on Facebook and other community groups.
With regards to more broad money saving tips; it’s always sensible to shop around to ensure you are getting the best possible package with things like home broadband, home phone, motor and home insurances, mobile phone, TV / streaming services etc. Perhaps some subscriptions can be reassessed? In our house, we have had the Beano comic delivered for a number of years, but my children are a little bit older now, so that will be the subject of a conversation this week. We have recycled some clothes by selling them online, and used cashback shopping sites, like TopCashBack which can be good if you are making online purchases, as after a couple of months they pay a percentage of the purchase price back to you, from their sales commission.
It’s currently a difficult situation, and no doubt it will have a knock-on effect to the Bury property market at some point if things remain unchecked. However, at present the market is buoyant and although not at the frantic levels of parts of 2021. There are still plenty of people who wish to buy a property and if you are thinking of selling this may prove to be a good time.
If we can be of any assistance, please do not hesitate to call me and my colleagues on 0161 761 1215 or maybe pop into our town centre office and say “hello”.