Expenses To Consider When Moving House
- Date: 2010-08-08 - Word Count: 413
Share This!
Buying a house can often be an expensive and stressful business. Part of the stress that can come with moving often involves factors that are out of your control, for instance, chains breaking down, mortgages not coming through in time and not fully understanding the legalise. From the moment you decide to move, you are forced into a position where you put your life in the hands of professionals and the costs start to rise. The average cost of moving house in the UK has risen over the past ten years to £9,500.
Here is a list of expenses to consider when moving house:
Stamp Duty
Paying out thousands of pounds on stamp duty is always a bitter pill to swallow. With a house value under £125,000 you pay no duty, but between £125,000 and £500,000 this rises from 1-4% of the purchase price.
Estate Agency fees
These are unregulated, although most adhere to National Association of Estate Agents codes. Costs vary between 1-3% but an average estate agent fee would be 1.75% of the purchase price of your property.
Solicitor's costs
A property conveyance costs between £400 and £1000 plus an extra £200 for searches to check the seller owns the property, for flooding, pollution and other such items; there will also be a land registration fee of £70-£500; and another of £300-£700 if you are selling as well.
Mortgage costs
Fees on a new mortgage can cost up to a £1000 or more, plus around £175 for a property valuation fee.
Detailed Survey
For peace of mind a homebuyer's survey will reveal any serious defects and will cost around £300 for a basic check or £500 for a structural survey.
Hidden costs
Other hidden costs include increased buildings insurance for a larger property. Council tax will probably rise if you are moving to a larger house in a more prestigious area. Mail redirection costs £37 for a year; plus any reconnections of utilities although most usually don't charge for changeovers.
Money saving tips
Although moving house usually involves paying out large sums of money there are also ways in which you can save significant costs. Moving during the week is always cheaper than moving on a Friday; plus moving yourself rather than getting in a removal company, and downsizing contents before you move saves the trouble and added effort of taking items that you don't want with you. Using a no commission estate agent will save you hundreds or even thousands of pounds and is one of the largest savings you can make.
Here is a list of expenses to consider when moving house:
Stamp Duty
Paying out thousands of pounds on stamp duty is always a bitter pill to swallow. With a house value under £125,000 you pay no duty, but between £125,000 and £500,000 this rises from 1-4% of the purchase price.
Estate Agency fees
These are unregulated, although most adhere to National Association of Estate Agents codes. Costs vary between 1-3% but an average estate agent fee would be 1.75% of the purchase price of your property.
Solicitor's costs
A property conveyance costs between £400 and £1000 plus an extra £200 for searches to check the seller owns the property, for flooding, pollution and other such items; there will also be a land registration fee of £70-£500; and another of £300-£700 if you are selling as well.
Mortgage costs
Fees on a new mortgage can cost up to a £1000 or more, plus around £175 for a property valuation fee.
Detailed Survey
For peace of mind a homebuyer's survey will reveal any serious defects and will cost around £300 for a basic check or £500 for a structural survey.
Hidden costs
Other hidden costs include increased buildings insurance for a larger property. Council tax will probably rise if you are moving to a larger house in a more prestigious area. Mail redirection costs £37 for a year; plus any reconnections of utilities although most usually don't charge for changeovers.
Money saving tips
Although moving house usually involves paying out large sums of money there are also ways in which you can save significant costs. Moving during the week is always cheaper than moving on a Friday; plus moving yourself rather than getting in a removal company, and downsizing contents before you move saves the trouble and added effort of taking items that you don't want with you. Using a no commission estate agent will save you hundreds or even thousands of pounds and is one of the largest savings you can make.
Related Tags: sell property, estate agent, sell property online, property online, property portals, commission free estate agent, estate agent uk, selling property online
Your Article Search Directory : Find in Articles
Recent articles in this category:
- 5 Reasons to Buy Jasper Real Estate
Jasper is a small town in North Georgia and it is growing rapidly. Since North Georgia Foreclosures - Ellijay Real Estate
Ellijay Georgia has always been known for it's outdoor activities and seasonal festivals. Downtown E - How to Deal With Blocked Drains
A blocked drain is an occurrence that happens eventually to all households. You may have experienced - The Benefits of Hiring a Plumbing Consultant
Your dream home may not always be brand new, with fresh paint and home essentials. There are certain - The Worst Mistake You Can Make When You Apply to Rent a Home
A whole new class of people has become renters and potential renters in America during the last thre - State of Individual Real Estate Markets
Everybody is well aware of the hit that the real estate market has taken over the past three years. - Thoughts on Avoiding the Landlord Trap
I've heard several people say they would never invest in a multifamily rental property because they - An Idea to Increase the Bottom Line of Your Investment Property
Are you pretty sure that you've already maximized the income coming from your property? If you've cl - Finding the Value of a Piece of Investment Real Estate
There is a lot of confusion about how much investment property is really worth. We'll look at three - Arkansas Land For Sale - Search Engine Optimization and Your Website
If you have Arkansas land for sale and are interested in advertising it on your website I have a few
Most viewed articles in this category:
- How High Did Home Prices Really Go
The U.S. Census Bureau released data on Tuesday that revealed where the nation's hottest markets wer - New Homeowners Tips for Household Safety
With so many items on their ¡°buying a home¡± checklist, few homeowners take into considerati - Truth About VA Foreclosures
Many people now days are finding themselves out of work and not being able to make the mortgage paym - Avoid Rookie Real Estate Investing Mistakes
When Robert Kiyosaki, author of the Rich Dad book series, bought his first property he was, of cours - Finding The Perfect Roommate On Craigslist
Craigslist, Roommates, and The Concerns Craigslist is "great" when it comes to looking for housing - The Forgotten Secret To Selling Property - Simple, Quick And Cheap
Why spend big dollars trying to get people to drive a long way to see your house, when your best pro - Get Amazing Results Selling Real Estate Online
This is the age of the internet. Why not take advantage of the widespread use of the internet to ad - Dallas Real Estate Information
In the United States, Dallas is considered as the second leading state according to the area. If any - The Largest Private Equity Indian Real Estate Deal
In the largest private equity deal won by the real estate sector, Morgan Stanley Real Estate has inv - Fractional Real Estate Ownership
Fractional ownership of vacation ski condos is growing in popularity. Park City Utah a popular ski t
