The average price of houses has risen exponentially over the past few years, with the average house price hitting £313,000 last year. It was thought that the result of the referendum and Brexit itself would halt house prices. The figures naturally vary from region to region, and between England and Scotland, for example. Nevertheless, whilst the rate of rises may have sowed, average prices have still gone up. The price of the property is not the only issue though. We look at the hidden costs of moving home.
The Hidden Costs Of Moving Home – The Added Costs
On top of this, buyers will need to look at the added cost of moving home. It has been calculated that costs for moving home have increased by almost 60% over the past decade, the average now almost topping a staggering £12,000. These additional costs may not be clear to first-time buyers. The costs can hot you with extra costs out of your budget. Thus Moolr highlight some of the hidden costs that will arise when you’re looking to move out.
Admin Fees
Whilst some costs will not be made clear, there are some hidden fees that can crop up with estate agents. Estate agents may charge extra amounts in admin fees. These can can vary between £50 – £200 depending on the agency. The costs cover printing contracts, phone calls, and even writing letters on your behalf. All this adds to the cost of moving home. It’s vital to go over your contract to see when and how much the estate agent will charge you additional fees.
The Hidden Costs Of Moving Home – Legal Fees
Similarly, when you have bought your new property, you’ll need to pay for a solicitor or someone to carry out a conveyance. This is to legally transfer the ownership of the property to you. Again this will inevitably involve contracts, letter writing, and phone calls. Thus, you may well end up paying for these admin fees on top of the legal fees. Always read through the contract. Remember to ask about any additional fees before you start, so you can budget accordingly.
Surveyance Fees
Getting a home surveyed can bump up the cost of moving home. Nevertheless, it’s a good idea to pay the extra for a surveyor to have a look at the property. They highlight if there are any issues in the house that you should be aware of. They also help you make an reasoned decision on how much the property is truly worth. And thus, whether to proceed with a purchase.
A surveyor will also tell you about any repair work that may need doing in your new home. This allows you to budget accordingly. In some cases, you may be able to negotiate the asking price of the property. For example, if the survey shows that there are £10,000 worth of repairs that needs to be done, you may be able to ask for a reduction in the overall price for the property. Alternatively, you could have the seller make the necessary repairs themselves.
Consider the cost of physically moving to your new home
When it comes to moving out of your new property you’ll need to think carefully about how many moving vans you will need to hire. Consider whether you want anyone to help you. Consider also whether you could do some of the moving yourself. If you have any specialist equipment that needs moving, such as instruments or pets, it will cost you extra to move. Consider shopping around and requesting different quotes from removal companies. Make sure they’re aware of any specialist items that will need moving.
