Moving home costs
When you are looking to move house you have to take into account the fees which you are more than likely going to need to pay and include them into your budget. This should help you to know which properties you can and can't afford, and also help avoid missing out on your dream home.
Fees You Should Budget for when Moving Home
* Estate Agent Fees
* Valuation Fees (charged from your mortgage company on the property you are purchasing)
* Solicitors Fees (Buying and Selling)
* Stamp Duty
* Mortgage Arrangement Fees
* Removals Costs
* Home Information Packs or EPC charges
With some of the fees it can be dependent on the price of the house you are buying or selling, and the more expensive the house the higher the charges could be.
It may also be worth while getting a Mortgage Offer in Principle for around the price for which you are looking at houses. The reason for this is then you know that if you see a property which you really like you are confident to make an offer without worrying that you might not actually be able to get a mortgage for that amount, there is usually no charge for an offer in principle so there is no reason to not check this out.
Average Property Prices and Moving Fees
The average cost of a house in the UK currently stands at around £225k which falls into the 1% stamp duty rate, but overall on costs you could be looking at a total of around £9000.00. This is based on selling a £150k property and moving to a £225k property, though your house move costs could vary dramatically dependent on your chosen Estate Agent, Removals Firm, Mortgage Company, HIP's Provider and Solicitor.
Other factors to be considered with regards to the property you are moving to are:-
* Is it Freehold or Leasehold
* What is the Council Tax Band
* Is the Water Metered (what are the current owner's paying?)
* Get a Home insurance Quote
* Get a Car Insurance Quote
Dependent on your new post code your monthly costs could change, for example your Car Insurance, Home Insurance and your Council Tax. Always look to see which are the Most Expensive and Cheapest Postcodes for Car Insurance, check the new postcode for Home Insurance and also check the amount which the current owners pay for Council Tax, not just the band. These are factors which add to the Pros or Cons of that particular property. Surely if these points add to the Cons it is much better to know about them before you move as you still have the option to change your mind, where as after you are a little more stuck and could find that all the increased payments make you really struggle to keep up to date on all your outgoings.