When it comes to moving house, many of us fail to think about all the costs that come with it. There’s not just your deposit and mortgage costs to think about, although those are some of the biggest ones. There’s also other costs that need to be taken into account. It’s important to take the time to understand all the costs that come with selling up, to ensure that you budget efficiently for them.
The last thing you want is to have to dip into the money you’ve saved to renovate your new home to cover costs you didn’t expect. That’s why it’s so important that you’re aware of how much selling your home and moving somewhere new will really cost you. To help you do this, we’ve put together this handy guide. By the end of this post, you’ll have a good understanding of how much money moving house will actually take.
What are the major upfront costs?
If you’re thinking of selling up and moving somewhere new, it’s important to be aware of what costs you will incur. You are most probably aware that you’ll need a deposit to buy a new house and get a mortgage, but that’s not all you’ll need. Your deposit will be between five and ten percent of the purchase price of your property. There’s also the cost of having the property valued – you don’t have to do this, but it’s wise to have it checked. You will also need to get your own property valued before putting it up for sale – another cost to account for. You’ll also have a surveyor’s fee to cover – this is an essential check as it will allow you to find out about any issues the property may have. These are the most major costs of moving, but they’re not all you’ll have to pay.
Are there other costs to consider?
As well as the larger costs, you’ll also have some smaller ones to cover. When selling up, you’ll need to hire a solicitor or conveyancer to deal with the legal side of things. These don’t come cheap but are essential if you want the sale to go without a hitch. Then there are realtor fees to take into account – you’ll only have to pay these on the property you sell not the one that you buy. Most realtors take between one and five percent of the value of the property, plus VAT. Lastly, there are the removal costs to think about, from the boxes to the van, it all costs money.
Have you accounted for pre-move upgrades?
A word to the wise, make sure that as well as all the other costs, you’ve also accounted for pre-moving repairs and upgrades. The chances are your home is in need of a few repairs or upgrades before you put it on the market – don’t forget to take the cost of these into account. They may only be small costs but even so, they need to be accounted for.
Now that you’re aware of the real cost of moving house don’t be put off. Selling up can sometimes be the best option for you and your family, so don’t let the fact it can be expensive put you off.