Are you getting ready to move into a new house? Or perhaps you’re thinking about finding a home that is more suitable for your needs. Regardless of your situation, you should know what are the average costs of moving a house. You see, paying for a house will not solve the matter of costs, as others can significantly increase your expenses. To be well prepared in the case of having to move, here are the aspects that can trigger the most significant moving costs.
- Making a mortgage deposit
The deposit for your mortgage deserves occupying the first place because it will generate the most significant expense of this process. If you apply for a mortgage to get your dream house, you’re conditioned to make a deposit that can range between 5 and 20% of the property’s value. The value of the percentage depends on the institution you get the mortgage from. However, no one will stop you to make a deposit larger than the limits imposed by the lender. And, the bigger the deposit is, the better your monthly mortgage rate will be. Considering that you’ll pay the mortgage every month, for a good number of years, it is worth getting the best deal you can.
And don’t forget about the mortgage arrangement fee. This can add £100 to £250 to your bill, although there are cases in which this fee can go as much as 1% of the mortgage’s value.
- Paying legal fees
The process of getting a new home involves a lot of legal processes. Starting with the initial negotiation and going down to contract checking, title transfer, and others, every legal process will generate a fee you will have to pay in the end. On average, homebuyers pay sums ranging between £500 and £1500 representing legal fees. To this sum, have an additional £200 to £400 ready, in case of extra expenses.
- Covering the costs generated by a survey
As you can tell, the lending company will not simply hand you the requested amount without previous verifications. This means that it will conduct a survey meant to determine the real value of the property. This way, the lender will make sure that the money you will take is covered by the home’s value. A valuation survey can cost between £150 and £250. But this survey will not cover details concerning the structure of the home, as it focuses on its value only.
- The Stamp Duty
The Stamp Duty applies to properties that exceed the value of £125,000. If you are a first-time homebuyer, you should know that Stamp Duty is applicable for properties over £300,000 in this case. The Stamp Duty represents a percentage depending on the value of the property. For example, for properties ranging between £125,001 and £250,000, the Stamp Duty is 2%. If you’re buying a second home, you’ll have to pay an additional 3% on top of the regular tax. The percentage will grow for homes ranging between £250,001 and £925,000 at 5%, with an 8% additional fee for those buying a second home. Homes with values ranging between £925,001 and £1,500,000 will have a percentage of 10%, plus an additional 8% for those purchasing a second property.
- Hiring a removal company
The most challenging part of moving a house is actually getting all your belongings moved. Most certainly you want this part over as soon as possible. To make this happen, you need a removal company. Removal costs can range between £1,000 and £1,400. Ideally, you should book the desired moving date in advance, to make sure a removal team is available. To get the best removal quotes, contact Apex Removals London and get this task off your shoulders fast.
- Hiring a skip to remove waste
From general household waste to unwanted furniture that is no longer suitable for the charity shop, skip hire is one of the most convenient ways of proper waste disposal. All you have to do is to the right size of skip suitable for your needs and load all of your rubbish into the skip. The skip hire company will then do the rest for you. Skip hiring companies know how to dispose of hazardous waste properly. They always make sure to dispose of all of the rubbish environmentally.
- Getting insurance for your new home
The new home will have to be protected by insurance and the company granting you the mortgage may ask you about it. So, it is something you will need to have covered as soon as possible. The lending company will require protection of the property against fire and other disasters and unforeseen events, but it may be a good idea to secure your belongings and valuables that are found inside the home as well.