Moving house is an exciting time, whether you’ve done it all before or it’s your first time. But it’s also notoriously expensive.
If you’re budgeting for your next house move, here are just some of the costs you’ll need to factor in before you can get the keys to your new abode.
1. Stamp duty
One of the biggest costs when you’re moving house is stamp duty. Although there was a stamp duty holiday during the pandemic, it is now being applied to house sales. How much you pay will depend on the size and market value of your home.
The more expensive your home is, the more you’ll pay, so it’s always best to check stamp duty rates before you put an offer in.
2. Surveyor costs
If you’re buying a house, you’re obliged to foot the costs of your surveyor. The conveyancing process is carried out by a solicitor and will include a thorough inspection of the property’s condition. You can also pay for ‘searches’ to be carried out to ensure your garden isn’t infested with Japanese knotweed or built over a mine shaft.
Although additional surveys are a great way to find out exactly what you’re buying. It’s important to be financially prudent and only get what you can afford.
3. Legal fees
As well as paying for the conveyancing costs, you’ll also need to budget for your legal fees. Solicitors’ fees will vary based on the value of the home you’re buying and how complex your sale is likely to be. If you’re moving to a leasehold property, you can expect to pay more compared to a freehold.
4. Removal costs
Unless you’re going to spend weeks making trips back and forth with a boot full of furniture (which is technically possible!), you’ll need to factor in the removal costs.
Most people will get a removal company to help with the move, which can cost £500-£1,000.
When moving into your first home, you’ll need to budget for furniture and any white goods. Things like fridges, freezers and ovens can be pricey, so make sure to budget for these before you move in.
If you’re moving into an older property or a project, it’s also a good idea to account for renovation costs. For a quick way to spruce up your new home, a fresh lick of paint is normally pretty wallet-friendly.
Moving house is an exciting time, but it’s also an expensive one. But by thinking ahead and saving for all eventualities, you won’t be hit with any surprise costs that could hinder your move.