Moving house can be an intimidating undertaking. Depending upon the circumstances surrounding your move, you may have new professional responsibilities on your plate, in addition to relocating. And if you have children, working out their school and finding care add another layer of responsibility, during the already hectic period leading up to a move.
Despite due diligence, settling on a new house and finding a buyer for your present UK home don’t always go as expected, fueling further uncertainty – when you can least afford it. If you thought the hard work and worry were enough of a challenge, think again; moving house also has a hefty financial price attached.
Whether you’re buying or selling, UK house transactions cost money. From estate agent fees to the actual cost of transferring your belongings, the process will set you back thousands of pounds. With financial pressure bearing down at moving time, there are a number of steps you can take to reduce the overall cost of your move.
Cost-effective planning doesn’t happen overnight, so it’s never too early to start working out the details. If you don’t have enough saved to pay for your move, you can always get a loan online – even with bad credit. Before you select a loan amount, try cutting costs with these economical home buying and selling tips.
Selling Costs to Consider
With enough time on your side, you may choose to improve your house before making a sale. The cost of upgrades and updates add to your overall moving expense, but you’d hope to recover the investment in improvements, by attracting a higher sales price for the refreshed property. Beyond the cost of updates, you can expect to pay customary expenses for the exchange of property, such as:
Home Buyers Survey – A survey of your home may uncover problems the buyer wants fixed. You might be able to renegotiate agreeable terms, but if repairs are required prior to the sale, you may be required to pay some of the expense out of pocket.
Legal Fees – A High Street solicitor will cost you more than an online representative, so you should weigh the depth and complexity of your property transaction, with an eye toward savings. When it’s a straightforward house sale, it may be possible to save a few hundred pounds by working with a lower priced solicitor.
Estate Agent Fees – There are benefits to working with an estate agent, but you’ll pay a percentage of the sales price for the service. Once again, working with an online agent can yield tremendous savings. Compared to even a single percentage-point paid to a traditional agent, acceptable online alternatives can help you make savings worth thousands of pounds.
The price you pay for a home, combined with the cost of financing the purchase, determine what you’ll pay each month, and for how long. When you’re pulling together a move, you must account for expenses like these:
Deposit – A house deposit isn’t small change, so you’ve probably been preparing for years, putting by a house deposit. When the time comes to move house, you’ll need a percentage of the sales price up-front. Each deal is unique, so you’ll have to meet your lender minimum. Paying a larger share of the sales price with you deposit results in better bank rates and a lower monthly payment.
Survey Fees – Before buying a house, you want assurance there’s no structural damage or costly repairs lurking in the future. Various surveys can help determine the state of a house and advise about solutions. Some surveys include valuations, but the primary focus of a basic home buyer survey is structural integrity.
Moving Costs – The more you’re involved in the moving process, the less it’ll cost you to box up, transfer, and unpack your belongings. With a full plate of moving responsibilities, you may prefer hiring a removal firm to do it all. But if you need to save money and don’t have much to move, it may be possible to keep the expense to a minimum.
Whether you’re buying or selling a UK house this summer, you’ll run into expenses completing the property transaction. These are a few of the cost to anticipate, preparing your move, and things to think about, with savings in mind.