Whether you’re planning to downsize to a smaller house, move up the ladder to a family home, or relocate quickly to another part of the country; it’s important to keep an eye on your finances when you move house.
By looking at the value of your home versus the mortgage, you can work out the deposit available for your next place, but one in four consumers underestimate how much the move will cost them.
If you’re working out your finances for a big move, then make sure you remember these hidden costs when you move home that often get overlooked.
Valuation fee – £150+
Some mortgage lenders will insist on an independent valuation for a property you’re trying to buy, and they may sneak a valuation fee into your costs. This will usually be tied to the value of the property, and can be anything from £150 to thousands of pounds, although the higher rate is for multi-million pound properties. This shouldn’t be confused with a survey, as it’s a check of the market value rather than telling you about the condition of the house, or identifying any potential issues.
Removals – £300 to £1,000
It’s surprising how many people don’t factor in moving costs when they decide to move house. Using a removal firm is a good idea, as it’ll save you having to move furniture up and down stairs, and is much quicker and easier than hiring a van. Moving costs will vary a lot depending on the size of your property and how much stuff you have, but will usually cost from £200 – £1,000.
Energy Performance Certificate (EPC) — £60 to £120
Any property that’s being sold needs to have an EPC to show its level of energy efficiency. This runs on a grading system, from A to G, with the most efficient properties achieving an A, and these should be the homes with the lowest fuel bills. The EPC has been a legal requirement since 2007, and many private companies offer this service, so you can shop around to get a cheaper price.
Conveyancing fees – average £1,300
Conveyancing expenses when you sell your home can easily hit the thousand-pound mark. Many house sellers now shop around for solicitors rather than using one from their local high street, but fees can often rise if anything unexpected comes up and the sale doesn’t go seamlessly. Those selling a leasehold property will find they’re quoted more for conveyancing, as it’s a lot more work and the process can take longer.
Redecoration of property – Various
In an uncertain property market, you’ll want your home to look as attractive as possible to buyers before you put it up for sale. However, many people don’t consider how much of an investment this can be in terms of time and money. You may need to take time off to get DIY jobs done, or get the professionals in at a huge cost to yourself, and this will cut into profits made from the house.
A simpler way to sell your home fast, without the hidden fees, is to use Quick Move Now. We buy homes in any condition across England and Wales, and even pay for conveyancing, surveys, and the EPC. There’s no need to redecorate, and you can avoid estate agent fees. Simply call today on 0800 068 3366, or get an estimate for your property.