A question that is commonly asked in the house moving industry… How much will it cost me to move home? Well, it is without a doubt that moving home can be extremely expensive, with there being a lot of costs that people do not always know about. Today, we are going to share with you some of the costs you will need to cover when moving home.
Deposit
Firstly, the most commonly known fee when moving home is your deposit. This is the largest cost which you will come across when you are moving home. This is more difficult for first-time buyers as you need to save up the whole deposit of your home. On average it should be 10% of the property value. When you are moving your deposit can come from the money you gain as profit from the sale of your home.
Solicitor Fees
Another fee which you will need to save up for is solicitor fees. These can be fairly expensive when moving as you will need to pay for them to sort paperwork for both your sale and your purchase. These fees typically range from £850-£1500 depending on how complicated the gain you are in is.
Stamp Duty
When you are moving home you will need to pay stamp duty fees. This fee is generally around 3% of the cost of your property if above £40,000 and under £500,000, the percent is slightly higher for houses above £500,000. This fee is generally removed on properties if you are a first-time buyer or moving to a new build home.
It is without a doubt that moving home is an expensive time. On average you will need around £10,000 saved for your moving fees. Some of this can come from the sale of your home, but you also need to consider your deposit on top.