Are you considering moving house, but feeling a little overwhelmed by all the considerations you need to be aware of? It can be quite daunting, and the reality is that the fees and costs can add up. The best way to keep the costs at a minimum is to have a good understanding of where they come from, so that you can plan accordingly and get a good idea of what your expenses will be. You may find some areas where there are savings to be made.
If you are a homeowner looking to move, the first thing you need to think about is the cost of selling. The first consideration is the Estate Agent fees. These vary but are usually based on a percentage of the sale price (typically 1% - 3%). The average value of a UK property in 2019 was £226,000, so you can expect the estate agent fee to range from £2,260 to £6,780. You will also need to pay your conveyancing fees of £954 including VAT and get an EPC for around £80. All in all, the selling process for a property worth £226,000 will cost you between £3,200 and £7,850.
So What About The Buying costs?
As a buyer, you may be required to pay stamp duty. This is a government tax on all homes that cost more than £125,000, and the stamp duty rates are as follows:
So, for a home priced £226,000, the stamp duty would be £2,020. You will also need to cover the costs of a mortgage valuation fee, a surveyor's fee and local search fees, which are likely to cost between £200 and £1,000, and the conveyancing fees of £954, including VAT. Your new home will also have to be registered with HM Land Registry which will cost £135, or £270 if it is a new build. So, the buying of a new house (not including the actual house price) will cost between £3,000 and £4,000.
Getting help with removals will cost you around £300 - £1,000, or perhaps a bit more. You may also have to pay for other services such as postal redirection, which may cost around £35 per month. So, in total, you can expect the cost of moving home to be between £6,250 and £11,850 if it involves homes priced at the UK average.
This is an estimate, but it factors in the main costs that you will be required to pay. It's wise to negotiate the lowest commissions from estate agents. The team at Bowsers are available to help in the Wisbech and March areas, so please don't hesitate to get in touch and we'll answer any questions you may have.
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