Latest figures from Lloyds Bank have found that the average cost of moving home is now £12,110 - up by £486 on last year. But there are ways to keep escalating costs under control.
What are the biggest costs of moving?
When it comes to moving home, you should consider stamp duty, estate agency, surveyors, home removal, and conveyancing fees, and EPC costs as well as the house price itself.
The biggest expense tends to be the property itself, estate agent fees, and stamp duty. Data from Lloyds Bank shows that on average, Brits pay £5,729 in estate agency fees. You can expect to pay between 1% and 2% of your sale price, but this varies depending on the contract you agree.
Stamp duty is another big cost, especially if you’re selling your home to buy a new one, and don’t qualify for the first-time buyer discount. And don’t forget moving costs. While this’ll depend on the size of your property and how far you’re moving, the average cost is £1,168.
Cut the expense and the stress
With several services involved, often it can feel like the spending will never end. But, try and not let the cost of moving put you off as there are a few ways you can cut costs.
When choosing your estate agent, think about the level of service you need. Don’t feel pressured into choosing the most expensive one because the estate agents seem to know their stuff. Instead, look for an agent that knows the local area, has positive reviews and isn’t trying to sell you extra services.
- You’ll need a survey of your house, but before choosing one, decide which type you need. A cheap condition report could be a good choice for newer homes but an older property may need a more expensive survey.
- Shop around for removal companies and consider hiring a van and doing it yourself.
- Before moving, de-clutter your property. Not only will you have fewer items to transfer but you could also make some extra cash from selling unwanted belongings.
- When looking at mortgages, consider the interest rate, term length and any other costs. You could find that a low-interest deal may be more expensive over the course of the loan.
- You’re probably going to want to furnish your new property with some new pieces but why not look at second-hand sites for furniture from popular brands? You could save hundreds of pounds.
While it may be one of life’s big expenses, moving home is an exciting time in your life too. So try and enjoy it at the same time!