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10 Costs to Consider Before You Decide to Move House READ THIS INFORMATION
Unless you have the cash burning a hole in your pocket to buy a house there and then, there are a lot of costs involved in buying a new property. Let's get started straight away.
1/ Deposit
Probably the biggest cost of moving into a new home will be your a deposit. Depending on your financial situation, this could be as little as 5%. However, the more you have, the better mortgage deal you will get.
2/ Stamp duty
Stamp duty of 2% is payable on any property over £125,000, with incremental increases up to 12.5% on assets worth more than £1.25 million. For more expensive properties, it could be worth coming to an agreement with the selling party to avoid stamp duty costs.
3/ Surveyance fees
A property survey can cost you around £2-300. You will need to get one to ensure there are no structural defects or serious work that needs doing. However, it is often worth the investment as it will give you peace of mind.
4/ Home inspection
A home inspection will cost you anything from £350 to £500. However, they could shave off a considerable chunk of the asking price. A home inspector will take a more thorough look at the building and point out any areas that need repairing.
5/ Legal fees
Legal fees can rack up quickly, so it's best to choose a solicitor with a transparent package with no surprise costs. The last thing you want is to be more out of pocket before you even move in. Also, think about choosing a firm that will take care of your surveys and arrangements for you. It might cost a little more, but it will reduce the stress that can be involved.
6/ Mortgage Arrangement
Some lenders will charge you money to set up your mortgage account, which can run into anything up to £2K. If paying upfront is a problem you and add it to your mortgage, although this will attract interest over the mortgage period.
7/ Set-up fees
If you are going on a tracker or fixed mortgage, you may have to pay a set-up fee to lock in the price. This is usually a small amount, although not insignificant. You can expect to pay anything up to and around £250.
8/ Moving
Removal companies charge anything from £500 upwards, depending on the amount you are moving from your old house to your new one. You could do this yourself, of course, but there are plenty of benefits of getting it done in one hit.
9/ Building insurance
Your building insurance will need to be updated. Some mortgage lenders charge you if you use a different insurance plan to the one that they offer you. Although the fee is negligible (no more than £30 or so), it still needs to be considered when you are working out your budget.
10/ New furniture
Unless you move into a clone of your old home, you will need to put aside money for new furniture. The chances of everything fitting into the new place like a glove are slim, so hold some savings back. Need some inspiration? You can find some great ideas in our article on interior design.
Have a great move!
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