The Real Cost of Moving House: Buying, Selling & Moving
What’s the Process and Where Do You Start?
Moving house is rarely an inexpensive venture but there are ways to save money. There are several fees to address before even considering a removals company. It may all seem a bit complicated at first but we’re here to detail what you’re moving house cost will entail and what affairs you need to set in order to get your move underway.
Fortunately, what you pay for usually relieves some of the stress from the moving process, surveyors, estate agents and solicitors are all available for your benefit. And while they may seem expensive in the first instance, they can end up saving you thousands.
Let’s talk about some of the factors you’ll need to address
Unfortunately, your moving house cost isn’t just a matter of calling up a removals company in London and transporting your life from one home to another. There are a number of other costs you need to consider before you’re given the keys to your new home. We’ve detailed the main costs below:
A surveyor’s job is to survey your property to firstly ensure that there are no immediate flaws that need attention and secondly, how to maximise your houses’ potential by investing wisely. In most cases, a HomeBuyer Report will be required for properties that are in reasonable condition. Costs usually start between £350-500. While they will identify any damp, structural problems and pest issues, they won’t look beyond floorboards or behind the walls.
If your surveyor discovers a problem, for example, damp in the property that will cost £5,000 to repair, you can fairly ask for £5,000 off the asking price because of the damp damage.
Stamp Duty Tax is a tax that you must pay for land (or a property) over a certain price in England and Northern Ireland. Currently, the SDLT average price is £125,000 for residential properties but there are certain exemptions that you may be eligible for. If you’re a first-time buyer, you will get a discount (relief) in certain scenarios, such as:
If you purchase a house on or after the 22nd of November 2017
The house price is the same or less than £500,000
You and the person(s) you’re purchasing the house with are first-time buyers
for more information on Stamp Tax and how you may be eligible for further discounts, head over to Gov’s site here.
This is the act of transferring the home ownership from seller to buyer. Simply put, it starts when your offer on the house is accepted and finishes when the keys are handed over. Conveyancing is an incredibly important part of the buying a house process and it’s important to understand so you aren’t hit with any nasty surprises along the way!
If you want to play it safe, you’ll want to find a solicitor or surveyor to guide you through the conveyancing process. The fee varies depending on a number of factors, but according to Money Advice Service, conveyancing fees are usually between £850 – £1,500 including VAT.
Estate agent fees
If you’re looking to get your property sold quickly or you don’t want to bear the stress of selling independently, you may want to consider speaking to an estate agent. These fees will vary depending on the agency you visit. Property valuations are usually free, you shouldn’t need to pay agency fees (if there are agency fees, look elsewhere) and that’s about it! Where estate agents make their money is the selling of properties, because they take commission, which is usually between 0.75% and 3.5% of the selling price.
This is where we come in! If you’re moving home, you’re going to need a removals van. Even if you don’t go directly through a removals company, you’re going to want a van big enough to transport your belongings to your new property. Picking a removals company alleviates much of the time, stress and effort of moving house, which is why many people opt for these services.
Shop around for removal companies because rates do differ. We pride ourselves on our competitive rates and while we may not be the cheapest removal company in London, our quality of service justifies our quotes. You can call us today for a free removals quote or if you have any questions about moving home!
Extras (buying furniture etc)
This part is subjective to what you’re looking to buy or invest in to upgrade your house. You’ll want to consider everything from buying furniture to investing in tools to renovate your new home (if necessary). It all depends on what you want to do with your new home.
Ways to save money on your moving house cost
There are of course ways to save money! Some fees simply cannot be avoided, which is why it’s important to do your due diligence and compare the prices of surveyors, estate agents and removal companies.
Below we’ll talk about some of the effective ways to help save you save money when moving house.
Moving house is the best excuse to have a thorough clear-out. You may even find some items to sell! Every little helps when it comes to moving home, and if you can knock the price off some of the fees by selling furniture, clothes, etc it’s only going to help. Plus, ridding your property of items you don’t need may even lead to one less removal van required, which means less money spent on moving house!
Shop around and compare prices
This is where research comes in handy. Don’t just pick the first removals company, estate agency or surveyor you find on Google. Compare and speak to a few to find out whether they’re the right fit and if you can afford them!
For any further information on how we can help cut down your moving house cost, give us a call today. Our team are always on-hand to answer any questions you may have