When your house is no longer feeling like your dream home, you might start thinking about upping sticks and moving. But quite apart from the actual cost of your new house, there are a number of other costs to consider when planning your move. Is it always better to move or when you do the maths is maybe just staying put and getting the lovely Bolton builders at Wisecraft to extend, convert or renovate your home until you and your house are back in a loving relationship a better idea?
So what are some of the average costs involved in moving house?
Deposit – this is usually between 5%-20% of the total cost of your new home and can either come from savings or from any equity raised from selling your current property.
Stamp Duty – this is a government tax paid on properties costing more than £125,000. The rates vary from between 2% and 12% of the purchase price depending on how much your new house costs. There is also an additional tax of 3% to pay on any second homes or buy-to-let properties.
Valuation Fee – this is charged by your mortgage lender to assess the amount that they are willing to lend you; it is typically between £150 and £1,500, although some mortgage companies do not charge you this at all.
Survey – these can vary in extensiveness and thus can cost anywhere between £250 and £750 depending on whether you get a basic home condition survey or a full structural survey.
Legal Fees – buying and selling a home is not something that you can do yourself so you must instruct a solicitor or licenced conveyancer to carry out all of the legal work for you. Legal fees are typically around £500-£1500 and on top of this there will be a charge for local searches to check for any planning issues of approximately £250-£300.
Electronic Transfer Fee – it will cost approx. £40-£50 to electronically transfer the cost of the house from the mortgage lender to the solicitor.
Estate Agent’s Fees – these are only paid by the seller and typically cost around 1%-3% of the sale price plus 20% VAT. In some cases cheaper prices can be found by using online only estate agencies etc.
Removal Costs – of course it may be possible to do this yourself, however it can be extremely hard work and time consuming. Removal costs, of course, vary with the amount to be moved and the distance, and can be anywhere between £500 and £3000.
To get a more accurate idea of your specific home move costs, there are some great calculators at Money Supermarket and Rightmove. But if it all seems like too much hassle why not get the lovely people at Wisecraft Ltd Bolton to come a give you a lovely free no obligation quote to transform your current house back into your dream home?