How Much Does It Cost To Move House?
Are you considering selling your house but concerned about the cost? Are you wondering whether downsizing will be worth the money? Not sure if you even have the money to move right now? You might be weighing up all of your options to make the best financial decision possible.
It can be difficult to get a clear picture of all the expenses involved in moving. Whatever your situation, you need to know all the costs that go along with moving house so you can do what’s right for you.
Here are the costs to consider when selling your property and moving to a new home…
Why Should You Move House To Start With?
Only you know whether it’s the right time to move house. There are lots of reasons you might be thinking about finding a new home and leaving your current property. The most common reasons are;
Buying Your First Home
Purchasing your first home is a huge life event and can be incredibly exciting. It’s a good idea to be fully prepared when buying your first property as there are lots of pitfalls and expenses that could be minimised.
Getting onto the property ladder is an important step and can benefit your finances now and in the future.
Downsizing To Something Smaller
There are times when a smaller or more low-maintenance home would suit you. We often help homeowners find a more manageable property once their children have moved out or when a larger property or garden becomes challenging to maintain.
Upgrading To Something Better Suited To You
Most of us aspire to move to a bigger or better house! You might be thinking about upgrading your home if your family has grown or you need more space. Our upgrading buyers are keen to find homes with larger rooms, bigger driveways and lots of outside space.
Looking For A New Home After Divorce
Moving home after a divorce can be a difficult situation to manage. We have sensitively supported homeowners who are looking to find separate properties following a split.
Buying A Home With A New Partner
Combining homes with a new partner is an exciting time! But in joining your lives together, you likely want a home that meets both of your needs.
The Costs Of Moving House Explained
You might be surprised to find out just how many different costs go into selling your home and buying a new one. We’ve broken down the most common expenses you’re likely to come across, plus some extras, so you can budget appropriately.
Cost Of Selling Your House
- Estate Agent Costs
Every estate agency will have its own fee structure. Estate agents usually don’t charge you anything until they’ve sold your property, and then they take a percentage fee from the final sale price. This typically ranges from 1%-5%. In some cases, agents might charge for extra services that are designed to sell your property faster or for a better price.
As a home seller, you’re obligated to get your property’s EPC (energy performance certificate). Your estate agent can help you get this for a relatively low cost, but it is compulsory. An EPC can cost around £80-£120.
- Conveyancing Fees
Solicitor costs are something many buyers forget to budget for. You will need a reputable conveyancer to take care of the legal side of selling your home and exchanging contracts and money. Conveyancer fees vary widely but can be around £1000-£2000.
Cost Of Purchasing A New House
Understandably, more costs are involved when purchasing a house than when selling a house. It’s important to bear these in mind, together with your selling costs, as these fees will likely come close together when moving to a new home.
- Stamp Duty
Currently, there is no stamp duty to purchase property up to £250,000, or £425,000 if you are a first-time buyer. If your purchase price is higher than that, you’ll need to pay a percentage increase. You can calculate your stamp duty costs here.
- Home Survey
A survey will be carried out independently by your mortgage provider if you use a mortgage to purchase. This is done to ensure your mortgage value is correct. However, it’s also recommended that you have a home buyer’s survey done, as this will let you know if any issues might have gone unnoticed, like subsidence or rot. This can cost between £500-£800.
Just as with selling, you’ll need a conveyancer’s help to progress and complete your purchase. They will also check for any legal problems, such as planning, arrangements or flood history. This can cost around £1000.
- Mortgage Advisor
If you’re buying with a mortgage, it’s advisable to get the help of a mortgage advisor. The selling estate agent can usually suggest a reliable mortgage advisor, so you can ensure you get the best mortgage possible for you. Once you’ve received a mortgage offer from your chosen provider, your mortgage advisor will usually charge between £300-£500 for their services.
Extra Costs Of Moving
- Removals – if you’re moving a lot of furniture or belongings from one house to another then you need the help of professional movers. This price can vary depending on the number of belongings moved and the distance.
- Insurance – When you receive a mortgage, your provider usually requires building insurance. It’s also a good idea to get contents insurance as soon as you can.
- Professional Cleaners – if you’re moving into a previously owned property, you might prefer to save time and energy by employing the help of professionals to give your new home a deep clean. And if you’re leaving rented accommodation, there’s sometimes a clause in your contract that stipulates that you have a professional clean when you vacate.
Ready To Move?
Moving home is a big decision, especially when you factor in the ‘hidden’ costs. It’s essential to carefully consider the costs of selling your home, as well as purchasing your next home. If you’re properly prepared and have budgeted for all the common expenses, you’ll be in a good position to move house with less stress and fewer surprises.
Ready to get moving? Get in touch with our friendly home-selling experts to get advice for your situation. Contact us here to get started…