Rising Cost of Moving House
Buying or selling a house is a stressful process, but people often forget that whether you are buying or selling, organising a house move in itself is extremely costly when you take everything into account.
Here is a full breakdown of the costs:
Stamp Duty Land Tax is a tax on all land transactions when buying in England, Wales and Northern Ireland, which is payable to HM Revenue and Customs on all property purchases over £125,000. You will only pay for the portion of your property within certain thresholds; for properties between £250,000.01 – £925,000, you will pay 5% stamp duty.
The estate agent fees are usually worked out as a percentage of the final sale price of your property. The fees cover all sorts of costs, from valuing your property to creating floor plans and everyday overheads that come with running a business on a high street.
Once you have found a property you want, you need to hire a surveyor to find any issues within it you might have missed. Then, you need to decide what kind of property survey you need. The price you pay depends on the value of the property as well as the type of survey you choose. The categories include:
- House purchase survey report
- Condition report
- Full building survey
Packing takes a lot of effort, and many people can’t take the time off from their jobs and other priorities to do it. Moving companies specialise in packing and moving items from your current property to a new one, as well as many other additional services, for a fee. Keep in mind that different companies charge different prices, so it’s important to do your research.
This involves the legal and administrative work that transfers the ownership of the property from the seller to the buyer.
Energy Performance Certificate
The Energy Performance Certificate will give insight into how efficiently a home uses energy and the costs of running the house.
The cost of moving house has increased to just under £11,000, or 40% of the average UK salary. House prices continue to rise, which means the costs related to moving house will continue to rise too, which can make the prospect of buying or selling a house seem too daunting. However, the following infographic by Comparemymove.com will help you minimise these costs.