When it comes to moving home, most people are focused on the property price and the size of the deposit they need to provide. These are major financial elements, however, there are many other costs to consider when moving home. When you budget for your move, it is essential that you consider all the costs of moving home and plan accordingly.
If you are looking to buy property, some of the additional costs you may need to consider include:
- Stamp duty
- Property surveyors
- Conveyancing fees
- Valuation fees
The removal of stamp duty for first-time buyers purchasing property for less than £300,000 in England will help to lower costs, but it is not unreasonable to assume these costs amount to more than £1,000 when buying a property, or more than £3,000 if you must pay stamp duty.
If you are looking to sell a property, some of the costs you need to consider include:
- Estate agent costs
- Conveyancing fees
- The cost of the EPC
These fees can cost you more than £4,000 but if you use an online estate agent as opposed to a traditional agent, the service may be cheaper. However, remember when selling your home you want to factor in getting the best price achievable for your home and not just choosing the cheapest estate agent. Equally, when choosing conveyancers and surveys you want to check reviews to ensure you are properly represented.
With respect to the general costs of moving home, the main costs are hiring a removal company and paying for postal redirection. This may cost you more than £1,000 with the removal company costs being most of this amount.
In the worst-case scenario, someone selling their home and buying a new home may find that they are paying around £8,000 in fees to move home. This is a considerable amount of money and it is easy to see why people are keen to find ways to lower the cost of moving home.
Can you carry out the move yourself or with friends and family members help?
One of the most important questions to consider when planning a move is whether you need a removals service. A removals service makes things easier, it means you don’t need to call on favours or support from others and if you are wary about items being broken during the trip, rely on the experts. Professionals have considerable experience in moving belongings, so there is a greater chance of your precious items making it to your new home safely. Also, if you hire a removals company and accidents occur, they will have insurance, so you should receive some compensation.
The day you move home impacts on the cost of moving. The busiest days for moving home are Friday and the weekend, which means these are usually the more expensive days. If you can move during the week, say on a Tuesday or a Wednesday, you may find that you can significantly lower the cost of moving property.
The number of items that you need to move impacts on the cost of moving home. If you can minimise the number of belongings you take with you, you can lower the costs of moving home. When you start packing to move out of your old home, split your belongings into different piles, bundles or groups, including:
- Items you need to take with you
- Items you are currently unsure about and will decide on before you move
- Items that you don’t want but can sell or pass on to other people
- Items you can give to charity
- Items that you will place into the bin
When you break down items in this manner, you think about what you really need in your new home. It makes sense to declutter your belongings before you move home. This can aid the selling process, but it will also create more space in your new property.
A lot of people don’t like the idea of throwing items away but if you can sell them, pass them or give them to a charity shop, you can take comfort from other people benefitting from these items. If you have a bundle of items that you will reconsider, think about if you have used or missed the items when stored away. If you haven’t, you don’t need them, and you can get rid of them.
When you move home, you need assistance from professionals, especially with regards to legal matters. However, with online estate agents and conveyancers, you may find that you can obtain the services you need at a more affordable price.
At Move Engine, we understand the challenges that arise when moving home and we know how expensive the process can be. If you want help in finding ways to lower the cost of moving home without compromising on quality, please contact us and we will be more than happy to help.