The Cost of Moving House in 2021
Moving home is and will always be an exciting prospect, but you need to keep an eye on the costs more so now than ever.
The recent pandemic has provided negatives to moving homes of course, with health considerations absolutely paramount as well as instability around employment for some, but at the same time, there are some attractive opportunities created by the government to promote a resurgence in the property industry that are worth consideration.
The first of course being the stamp duty holiday extension, which will now remain in place until June 30th as well as policies that will see the government guarantee mortgages for those with a 5% deposit. Schemes such as these are likely to encourage property industry regeneration.
It is estimated that the average cost of moving in the UK is around £9k, although this figure is hugely dependent on where you live. Whether you’re a first‐time buyer or moving to a new home, we take a look at the additional costs of moving home you’ll need to be aware of from the standard financials to house removals services;
Deposit
Most banks/lenders will ask for a deposit of at least 5%, but this is likely to be higher if you are not a first time buyer or looking to take advantage of the current government mortgage assistance.
The mortgage you apply for might include a fee, which you could add to the mortgage balance instead, but this method will mean interest will be added. Mortgage fees typically range from about £500 to £2,500.
Surveys
A survey isn’t compulsory, but they’re recommended in most cases as professional surveyors are able to highlight any issues that could cost you money in the future and potentially affect the purchase decision.
A comprehensive building survey could cost anywhere between £500 and £2,000, depending on the size of the property.
Solicitors/Legal Fees
Unfortunately there’s no way to avoid it, solicitors are required to handle all the legal aspects of your home sale or purchase. Property purchases can be complex procedures, and legal advice helps you avoid issues that will ultimately cost you more if handled incorrectly.
Legal fees tend to be between about £1000 and £2000, but It’s always a good idea to get quotes – check what the price includes such as search and Land Registry fees.
Hotels/Storage
Often, to avoid chains, buyers will opt to place their possessions into storage and stay in a hotel so as to not hold up sale of their property and allow a more relaxed search of their own.
Storage prices will vary, so shop around for quotes, but be prepared to pay from £140 per month. Hotels are of course based on stars, but if you’re not too fussy, the standard room at a Travel Lodge ranges from around £30‐£35 per night.
House Removal Services
If you have furniture, which the majority of homeowners do, you’ll need to look at engaging with a trained and insured house removals company for a quote. Be sure to check the mover is insured so that your possessions are covered if they’re damaged in transit. Sandwell Removals Ltd are specialists who keep your treasured items out of harm’s way during your house move.
Sandwell Removals Ltd is a family owned removals firm based in West Bromwich specialising in domestic and small business removals. Feel free to contact us for a free house removals quote.