When most people consider the cost of moving home, they’re usually thinking of the one big expense – the property itself. But often it’s the remaining costs people underestimate, or even completely forget about.
If you’re saving to move into your first home, or just gearing yourself up for your next big home move – take a look at our top tips so there are no big surprises.
The costs of buying a house
For a buying a house valued at £250,000 you can expect to pay around £3,190 in basic fees, this is excluding removals which will vary depending on how much you're taking with you. The fees are split up like this:
|Survey (Homebuyer report)
|Stamp Duty Land Tax
These costs were calculated using the basic fees charged by our partners on reallymoving so there may be additional costs if you need extra conveyancing searches
or a more in-depth building survey
The costs of selling a house
For selling a house valued at £250,000 it costs around £5,380 in basic fees excluding removals. With an estate agent's fee of 1.5% the costs are split up like this:
|Energy Performance Certifiate
|Estate Agent's Fee
One of the main things people don’t seem to question is the estate agent’s fee for selling the property. This is one of the main costs in the process
and you can haggle. Don’t assume the fee is fixed!
Alternatively, you could pay an upfront fee with an online estate agent, rather than going with a high street agent, but be aware that often you have to do a lot of the work yourself. This includes loading up information online, viewings etc.
An energy performance certificate may or may not be required
, depending on how long you have left on the current one as they last 10 years.
The costs people usually forget
Everyone works out the cost of the house, and maybe they’ve thought about conveyancing costs and removals. But what about the disbursements that come with your conveyancing? Will you require any extra searches?
Have you considered how much Stamp Duty will cost you? What kind of survey are you planning to get, and will you need any specialists to look at the property afterwards?
There’s also mortgage set up costs, if you’re selling you may need an EPC, and your estate agent’s cut of the sale.
Remember, as part of your mortgage you’ll be required to get buildings insurance, and if you are moving very valuable items you may want to get Goods in Transit Insurance.
The cost of moving as a first time buyer
As a first time buyer, the whole process can feel a bit overwhelming, and prices can be unexpected. But don’t despair! As a first time buyer you’re likely to get a Stamp Duty break, if your property is under £300,000. Even if it’s over, but still under £500,000 you’ll get a discount on your Stamp Duty. That’s one less thing to worry about.
First time buyers usually don’t use a removals team and just call in friends and family to help transport items.
How to work out your moving costs
It’s easy to work out your moving costs using our Moving Cost Calculator – you put in the value of your property and the distance you’re moving, and we’ll work out the rest. Also, our calculator uses our prices on reallymoving so they already take into account the cheaper prices we can find by using comparisons. It’s great because there are no nasty surprises – you can work out all your costs in advance.
The additional costs
There are some costs that aren’t completely necessary but might make life easier. For example, you may want a professional cleaner to clean your previous property before you leave (especially if you were renting and want your deposit back). You might also want your new property cleaned before you arrive.
On the day, many people get a locksmith out to change the locks on their new property to ensure they feel safe. You may also want another pair of keys cut.
You will have had a valuation from your removals team, who will have visited and assessed how much stuff you have, how long it will take to move and give you an approximate cost. However, there can be cases where you end up paying more for removals. For example, if there is a hold up with the exchange, you may be left waiting for keys. Or you may be in a chain, waiting for the people in your new property to leave. You will be charged for the removals team’s time, so try and limit opportunities for this. Also, making sure you have fully packed and are ready to go when the team arrives will stop unexpected charges.
If you have items that need to be disassembled or reassembled, mention them early on, as there may be an extra fee for this.
How to make sure you don’t pay more than you should
It seems obvious but compare everything! Compare the mortgage deals available, check with different lenders. Compare your surveyors, conveyancing solicitors and removals.
Ensure you get a home valuation from a removals team so they can give you a detailed and accurate quote. If you require extra packing services, let them know in advance.
Moving home doesn’t have to be a hugely expensive process – just give yourself lots of time to book the services you need and compare services to make sure you get the best deal possible.