If you are looking to buy a home and want to ensure your budget stretches then these unexpected costs of moving home may help you. Unfortunately, the cost of moving when you buy a home isn’t just the house price of the new house you see advertised.
Conveyancing
These are the solicitors’ costs based on the value of the property you are buying. If you know the price you are looking to pay for a property it is worth shopping around for your conveyancing solicitor as the fees can vary significantly.
A simple search for it within your area eg. conveyancing solicitors in Manchester, should help you with where to start. You shop around for car insurance and house insurance so why not shop around for this?
Stamp duty
If you are buying a house with a high price tag this is something you need to factor in.
All houses over £500,000 incur some stamp duty with the amount increasing depending on the house value. Check out the government website for current rates.
Surveys
If you want to ensure the house you are buying is actually as you think with no serious issues then you need the surveys done. Mortgage companies usually insist on these anyway.
The cost of these varies but can be over £1000 so definitely something to factor into the budget.
Deposit
Whilst you will, I am sure, have looked at the house cost and be sure you can afford that remember the deposit will need to be paid as soon as you are exchanging contracts.
If you are looking to purchase when you get money from the sale of another property this is something you may need to work out. A deposit is likely to be around 10% of the sale value.
Valuation fee
This could be offered as part of the surveys you take out but do check as if it isn’t then it is another cost to consider. Again these fees usually are based on the value of the property.
The simple reason for this is to check you are paying a fair price for the property and that any issues found in the surveys are reflected in the price.
Your mortgage company could not lend you the money if they feel you are paying over the odds. This is of course because if you default and they have to repossess the house it needs to be worth it to them.
Energy Performance certificate
If you are selling your current house remember you need to get an energy performance certificate to put your house on the market.
This is one cost that when you are excited about buying a house and selling your current property is easy to forget.
Mail Redirection
This is really important so you do not lose any important letters. It needs to be arranged in plenty of time so look into this and mark it in your calendar.
Moving company and packing costs
Make sure that when you get quotes for removals you factor in any costs for packaging you need. Some movers provide this service which may be easier in the long term, give it some thought and see what you think.
