The Cost of Moving Home
The cost of moving home can sometimes feel scary 🧛♂️. Here we look at what costs you should consider.
This Halloween we’re here to shed some light on the costs you should consider as a buyer when moving home. We’re here to make sure your moving experience is less *trick* and more *treat*. 🍬
1. The Ghastly Stamp Duty 👻
First up on our haunted list of costs is Stamp Duty Land Tax (SDLT). For those who haven’t dealt with this before, stamp duty is a tax paid on property purchases over a certain price in England. Depending on the property’s value, this can be a major cost that can catch buyers off guard. Here’s a quick breakdown:
- Properties up to £250,000 – No stamp duty (phew! 😅)
- £250,001 to £925,000 – 5% of the purchase price
- £925,001 to £1.5 million – 10% of the purchase price
- Over £1.5 million – 12% of the purchase price
First time buyers have different SDLT thresholds. For UK residents, SDLT is charged at 0% on the first £425,000 of consideration and then at 5% on any remainder of consideration so far as not exceeding £625,000.
With such potentially high costs, Stamp Duty can be a terrifying financial burden. Your estate agent can provide clarity on the exact amount you’ll need to pay and help you plan for it in advance.
2. Conveyancing Fees
Next up are the legal fees involved in buying a property. Conveyancers or solicitors will help you with the legal aspects of purchasing your new home, such as handling contracts, land registry, and property searches.
The cost of conveyancing typically ranges between £850 and £1,500, plus disbursements (additional expenses such as local searches). Your estate agent can recommend trusted solicitors and conveyancers, helping you find reliable experts who won’t suck the life out of your budget. 🦇
3. Survey Fees 💀
Before signing on the dotted line, most buyers opt for a property survey. This is like having a professional ghost-hunter investigate your new home to ensure there are no nasty surprises lurking within the walls. Whether it’s structural issues or damp problems it’s crucial to be aware of any potential problems.
Survey costs vary depending on the level of detail you need:
- Basic Condition Report – £300 to £400
- Homebuyer’s Report – £400 to £900
- Full Structural Survey – £600 to £1,500
4. Removals
Don’t forget about the cost of physically moving your belongings! Removal services can range from £500 for small, local moves to over £2,000 for larger, long-distance relocations. Factors such as packing services and the number of belongings can increase this cost considerably.
5. Additional Costs to consider 🕷️
On top of the big-ticket items, there are a few other costs that might sneak up on you. These include:
Mortgage arrangement fees – typically between £1,000 and £2,000
Broker fees – around £500 to £1,000 if you use a mortgage broker
Home insurance – required by most lenders, and can cost £200 to £600 annually
New furniture and decorations – depending on your new home’s condition, you might need to budget for furniture, appliances, and decorating costs. 🛋️
These hidden costs could give you a fright, but with a clear plan in place, you can manage them without any nasty surprises. Remember that all costs can vary considerably depending on your circumstance, property values, size and condition.
The Final Trick-or-Treat 🍬
While the cost of moving home can seem daunting at first, it doesn’t have to be a scary experience. By being aware of these key costs and working closely with a professional estate agent, you can navigate the process with confidence. With the right support and preparation, your move can be more *treat* than *trick*. 👻🏡
Get in touch today, we can help find you your new home. Happy Halloween, and happy moving! 🎃🖤
Richard 🌟
📞 01474 321957
📧 richard@mandmprop.co.uk
Happy Halloween, and happy moving! 🎃🖤