Moving House: More Than Just Packing Boxes

While the decision to move house brings joy, it also comes with a whole new set of financial considerations compared to your first purchase. We’re here to guide you through some key costs you might not have encountered as a first-time buyer.

 

Equity: A Stepping Stone, Not a Hurdle

Firstly, let's talk about your deposit. Unlike your first purchase, where a hefty deposit might have caused some worry, you'll likely be using the equity you've built up in your existing home. This means the upfront financial burden won't be as significant as it was before.

 

Selling Up: Estate Agent Fees

Now, let's dive into the costs associated with selling your current property. Estate agent fees, which are typically 1% to 2% of the sale price, come into play here. This fee covers the agent's services in marketing and selling your home, ensuring a smooth and successful transaction.

 

Understanding Stamp Duty

Depending on the value of your new home, you might encounter stamp duty, a tax levied on property purchases in certain circumstances. You can easily find out if this applies to you and calculate the amount using the government's handy tool: https://www.gov.uk/stamp-duty-land-tax.

 

Don't Forget the Movers!

One cost that often gets overlooked is the removal company or van you'll need to transport your belongings. Consider the size of your move, the distance involved, and compare quotes from different companies to find the best fit for your budget.

 

Survey: Don't Get Caught Off Guard

Investing in a property survey before committing to a purchase is crucial. While it requires an upfront cost, it can uncover hidden defects and potential repair needs. This information can be leveraged to negotiate a lower purchase price, potentially offsetting the survey cost and saving you money in the long run.

 

Our Team can help you, please call us on 01206 363658 or email referrals@valunation.com