The Costs Of Moving House
Moving house is a stressful and costly affair and it is something that some of us will only do once in our lifetimes. Moving house is something that everyone needs to do at some point in their lives whether it be for more space, for a new job, or for downsizing.
If you are looking to move house after being stuck at home during the pandemic – it is so important that you take into account the financial burden that will befall you.
If this is your first home the prices can be even higher, but moving house at any time of life is going to be a little costly. Today we want to take a look at the costs of moving house and how you can prepare yourself for the outlay.
The deposit
The first hurdle you need to jump when buying a house is having enough money for the deposit. Consider how much your deposit will be for the house you want by using a simple calculator online and be sure to try and save up as much of a deposit as you can to avoid having to pay extra every month and taking out a longer mortgage.
The house itself
The main cost you will be thinking about when you buy a house is the list price of the home itself. The easiest way to find out whether you can afford a certain value of home is to go online and take a look at a mortgage in principle. This is a helpful exercise and will tell you exactly how much you can afford to lend and it will give you an idea of what you might have to pay each month on your mortgage to maintain this home.
Bills
It is so important when you are looking to buy a house that you consider the bills as well as the cost of the house itself. It is crucial to note that just because you can afford a house doesn’t mean you can afford to keep it maintained over the years. Take a look at comparison for the type of house you want to buy and make sure that you will be able to afford it in the years to come without crippling you.
The estate agent
The next big cost of buying a house will apply if you are selling your current house and buying one. Selling your house will cost money when you hire an estate agent to do it for you – and it is important to remember that your house could be on the market for months which will cost you a pretty penny. Make sure you have enough money to back this and it will make a big difference to you. You can choose to sell privately however this is often a lot more complex.
The solicitor
The main cost you will see during the process of buying a house is your lawyer. The cost of legal services is high and it is important for you to be ready for this when you want to buy a house. The solicitor will be your gateway between you and the seller and their job will be to make the contracts and get both you and the seller to sign the contract for the purchase of your home.
New furniture
New furniture is a cost which will be incredibly high if this is your first home because you will need to buy everything from scratch including your appliances and all of your fittings and utensils. It is important to write down a list of everything you need when moving into a house and be ready to compare prices of items and gather these up so that you know what kind of budget you are looking at. The good thing is that family and friends will often offer you help in this arena so you can sometimes end up with extra furniture and appliances for your home without the outlay.
A storage unit
If you start buying or gathering furniture before you move into your new home it is important to invest in a storage unit to keep everything safe until moving day. This is an incredibly important thing to do and it will make a massive difference to you when you move into your home. By having everything ready to go by moving day it will ensure you don’t have to live without the basics like a bed or an oven in their first few days.
Stamp duty
For those of you who haven’t bought a home before you might not be aware that you have to pay stamp duty on your home. This is a cost that can be high and it is important for you to take it into account when budgeting for the move. You can calculate your stamp duty easily online and it will allow you to set this money aside ready for the day.
A moving van
Moving day will be a hectic one and it is important for you to be as organised as you can to reduce your costs. You might be able to get away with hiring a van yourself and driving to and from your storage unit to move your things; however for bigger moves a moving company is a good idea.
Takeaways
The first day or two you live in your new home you are likely going to need to offer food to eat before you have sorted out your electricity and your gas. Be sure to have a little pot aside for these couple of days and don’t be afraid to treat yourself a little bit here – you have just bought a house after all!
Pet boarding
For those of you who have dogs or cats in your home moving can be stressful. It is important for you to consider boarding your pets for a couple of nights while you do the heavy lifting and moving around – to avoid any stress or injury. Once you have settled in you can bring your pet home and allow them to explore in a safe environment.
Consider all of these costs this year if you are thinking of moving house.
