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Moving house is incredibly stressful and, if you’re not careful, costs can soon spiral out of control. The price of the house itself is only a fraction of the cost that you will pay overall. Here are the hidden costs to consider:
- Legal Fees
You’ll need a solicitor or a conveyancer to deal with the legal side of the move and this comes at a large cost. Fees can be anywhere from £500-£1,000 depending on what needs to be done. Always remember to ring around and get quotes to find the best deal.
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Energy Performance Certificates
These are a legal requirement if you’re selling your home and you’ll have to pay to get them done in order to show prospective buyers. The price varies based on the size of your property but they’re usually around £30-£50.
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Stamp Duty (SDLT)
SDLT must be paid on home or land purchases above a certain value. The average SDLT is around £1,700 and this is a sizeable chunk of money to add onto the price that you have paid for your new home. As always, the price you pay is dependent on the size of the house or land you purchase.
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Estate Agent Fees
Obviously, if you do not use an estate agent you will not have to pay this charge. However, estate agents give homes exposure and if you don’t want to spend days trekking around then it is the best option. Estate agents generally take a cut of around 1-2% of any sale so, if you’re selling, be aware that you won’t get to keep the full amount.
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Surveys and Valuations
Your mortgage provider will ask for a valuation to ensure that the property is worth what you’re paying for it. This is the most basic type of survey and other more expensive ones are available depending on what you want or need.
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Basic Survey: The simplicity of this valuation means that it could miss any potential problems. It is cheap, however, and only costs around £100-£300.
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Homebuyers Report: This provides a detailed report on the state of the property and costs around £500. Again, however, this isn’t a full survey and can miss some problems.
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Building Survey/Full Structural Survey: Costing around £1,000 a full structural survey is the most comprehensive option and is generally used on extremely old or converted properties.
As well as outgoing costs, you’ll also have to be aware of anything you’re owed. If you’re on housing benefit then you’ll have to calculate how much you should get for your new property. DSS Move has an online benefits calculator to help you along. By having a detailed idea of your incomings and outgoings, you should end up with a deal to suit you.
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