When you start to budget for a house move, it’s important to factor in all the associated costs and fees involved – there’s a lot more to buying a house than getting a mortgage. If you want to keep the costs as low as possible (and why wouldn’t you?) then your first port of call should be your solicitor who will help you to get all your ducks lined up and avoid pricey delays or complications. Next, you’ll need to put together a comprehensive breakdown of how much moving house will cost you. Here’s a brief guide to the types of fees you’ll need to include:
- Valuation fees – lenders generally charge around £300 to check a property before a sale.
- Survey fees – it’s essential to get any potential property surveyed to check its condition, flag up any structural issues, or anything that might affect insurance eligibility. Bear in mind that you might need to survey more than one property if a sale falls through, so budget accordingly! Depending on how detailed a survey you choose, expect to spend between £250 and £500.
- Mortgage arrangement fees – the average cost charged by lenders is around £1,000 but it’s possible to find low fees on fixed-rate or re-mortgage deals.
- Stamp duty – properties costing over £125,000 are eligible for stamp duty fees. The rules around stamp duty changed in December 2014 – find out what you’re likely to pay by checking our stamp duty guide.
- Legal fees – choosing fixed fees for your property and conveyancing services helps you budget more accurately for your move. Average legal costs will depend on purchase price, but are likely to be between £600 and £900.
- Removal costs – unless you know someone with a large van who’s feeling especially generous, it’s likely you’ll need to rent a removal vehicle or service to help you move. Depending on distance and the amount of stuff you have to shift, costs can vary from £100 to £1000.
- Repairs and renovations – even if you move into a brand spanking new home, chances are you’ll want to make a few changes here and there – and for older homes, you’re guaranteed to need to set aside some cash for renovations and maintenance. It’s always a good idea to keep a kitty for emergency repairs, too.
- New furniture, fixtures and fittings – help balance the cost of buying new furniture by decluttering and selling all the things you don’t really need or won’t fit in your new place. All the little things like light bulbs, extension leads and door mats add up too, so make sure you’ve budgeted for a trip (or two) to Ikea.