House-moves are one of the single most stressful things we encounter in modern life – and no wonder. Between boxing up your life, promising vast sums of money and the back-breaking work of decoration and re-decoration, it is a tiring event. It is also costlier than it might seem. Here we’ll look at the hidden costs you should be aware of, and the average cost of moving house – as well as some tips to save money on your move.
What to Account Before You Move House
Stamp Duty
If this isn’t your first time owning a home, you will be expected to pay Stamp Duty on top of your purchase. Stamp Duty is a surcharge which increases with the value of the home, starting at 3% for second homes worth £40,000 or more. Otherwise, Stamp Duty applies to homes of £125,001 and more, starting at 2%. This is a considerable cost which, if missed, could seriously harm your budget.
Valuation and Property Surveys
Valuations may be required if your mortgage lender wants to confirm the house’s value; your bank may be kind to you and cover valuations for free, but occasionally you may be expected to cover this cost yourself. A far more practical report is that of the property survey, in which a chartered surveyor examines the house for any issues which might crop up in the future. For even modest homes, these can add up to £800 to your moving budget together – while more comprehensive surveys of larger buildings could rack up the costs yet further. If you are struggling with what a survey will entail, then it is recommended you explore more about it before you start buying your new home.
Solicitor Fees
Solicitors are unfortunately a necessity when it comes to moving home – they are there to handle the legal side, including planning disputes, registration with government and your contracts. Each of these bring their own fees, but the average cost of hiring a solicitor for a house move is around £1200.
What to Consider on Moving Day
Mail Redirection
A small cost in the grand scheme of things, but wallet money you might not expect to spend – mail redirection can cost around £40 at your local post office.
Removal Fees
The single biggest cost on moving day is the removal company. Often you’re hiring three bodies and an articulated lorry to move your belongings, and with the specialist nature of a house move you are hiring experts. These costs rack up, and you could be looking at nearly 4 figures with regard to some moves.
Self-Storage
If your completion dates don’t line up – or you’ve simply got too much stuff – you might require a storage unit to keep your belongings. These can ramp up in price pretty spectacularly, so be careful with the storage provider you choose.
Ways to Save Money on Your House Move
The added cost of all these elements can be a scary things – according to Which?, the average cost of moving home has topped £10,000 in recent years. But there are some small ways you can chip that cost down, and save your money for the future.
Firstly, you might want to forgo the expensive removal company and instead hire a Man and Van service; the cost is dramatically cheaper for more or less the same service – though you may have to pack your belongings yourself. You could also try to swerve the cost of renting a separate storage space, by de-cluttering your home and attempting to move all of your belongings in one day.
A risky move, but there are a range of property survey types from which you can choose, with a sliding scale of price. If you’re fairly savvy with construction and DIY, you might want to go for the most basic property condition, and examine the house yourself – a move that could save thousands.
