Do you know how much it costs to move house? If you knew, would you move? We’ve laid out the costs so you can decide for yourself: move, or improve…
Conveyancing is the transfer of the legal title of a property, currently this costs about £600 for the average priced house.
Stamp duty is the tax payable in exchange for the documentation required to change the ownership of a property. The government have been messing around with this recently to stimulate the market – the stamp duty holiday. Since March 2010, first-time buyers purchasing properties costing between £125,000 and £250,000 have been exempt from paying stamp duty. The holiday came to an abrupt end on 25th March this year, since then buyers have been paying 1% on these homes which, according to The Guardian is costing them on average £1,300.
The percentage of stamp duty payable is dependant on the price of the property. Houses bought for under £125,000 don’t demand any stamp duty, but anything above this amount will be liable for the tax of between 1 and 7%.
Estate agent fees are between 1-4% of the cost of the house’s sale price, about £4300 for the average home (which according to Zoopla currently costs £214,990.) You can keep this at the lower end by using a sole agent, but this could reduce the number of potential buyers you’ll get through the door. Some people choose to cut out the middle man and do it themselves, by posting their property on sites such as Housenetwork. This will of course save you money, the downside is that you’ll have to put in a fair amount of work and arrange the viewings yourself.
Removal costs are dependant on the time of year, the distance you are moving and the amount of stuff you have to move. There will never be a better time to de-clutter, the more stuff you have the more it will cost to move it.
When possible book in advance, as far in advance as possible, this will keep the cost down too. If they know you’re on a tight time scale this is likely to push the price up. A top tip is to avoid Fridays, they are the most expensive day to move. Like with tradesmen we suggest that you get 3 quotes, to ensure you’re getting a competitive price. Also check that they are a member of the British Association of Removers – your contents will be insured and the removers will be abiding by the BAR’s code of conduct.
Removal costs are typically, according to The House Removals Company, between about £600 and £1000. A good way to keep these figures down, without the stress of moving it all yourself on the day, is to do your own packing. DIY removals are cheaper, but stressful and you will still need to take the cost of van rental and petrol into consideration.
These are the basic costs, and they’re already mounting up. For a total laundry list and calculation of the costs try this calculator. If the cost of moving is already putting you off, why not improve instead? Take some advice from our brand ambassador Jonnie Irwin on why it might be better to improve, not move.
If you do decide to improve, not move, post your home improvement job on RatedPeople.com to be put in touch with up to 3 quality, local tradesmen. Each tradesman will quote for your job, read their online recommendations from previous customers and hire your preferred tradesman.