The Hidden Costs of Moving Home

The Hidden Costs of Moving Home

The Hidden Costs of Moving Home | brokeGIRLrich

No matter how you look at it, your residential property is the most unique asset you’ll ever own. If you live in it, the asset depreciates, you have to spend money to maintain it and it pays you nothing. Even selling it is a tedious and expensive process.

Here are some of the (often unavoidable) costs of moving home:

Estate Agent Fees

Starting with the most obvious cost if you choose to go the traditional route to selling a home. Estate agents across the country charge an average of 1.2% plus VAT to sell the house for you. This process is time-consuming and often pretty expensive. Check an online guide to see how much an estate agency could end up costing you depending on your location. This is probably why many people are now trying to sell their home privately. Private selling, however, involves its own risks. More on that later.

Conveyance Fees

You’ll need either a licensed conveyancer or a solicitor to deal with the mountain of legal paperwork that comes with selling property. Most of these services charge a flat fee that ranges between £500 to £1500 depending on the complexity of the transaction. You can cut costs by hiring the same solicitor to deal with the purchase of the property you want to move into. This will give you a chance to negotiate a better flat rate.

Energy Performance Certificates

Seller now have to provide buyers with an Energy Performance Certificate, which is essentially a grade for the energy efficiency of your building. The service requires an accredited domestic energy assessor who can provide a grade between A and G for less than £150. A better grade may be able to fetch you a better price, but if the grade is too low you’ll need invest in energy efficiency before you sell.

Opportunity Costs

This is the least expected expense while selling a house. Getting rid of property could take months and cost thousands of pounds. The paperwork, negotiations and repairs all take up too much time that you could have spent at work or doing something productive. Instead, you have to put off work and family commitments to deal with a sale, especially if you are trying to sell privately by yourself. Many sellers are now turning to services like Quick Move Now that buy property quickly and relieve them of the hassle. Don’t underestimate the opportunity costs involved with being stuck in a property deal. The quicker the sale, the quicker you can move on and start life afresh in your new home.

Depending on your situation, moving house may be unavoidable. But if you plan your move carefully and make arrangements for a quick sale, you could end up saving yourself a lot of time, effort and money.

3 thoughts on “The Hidden Costs of Moving Home

  1. So many people start to buy a home without understanding what costs are involved. Write out a moving checklist and get quotes from key professionals for each stage of the process. Add up all the quotes and you will then have a budget to work to when the time comes. Affordability and having the required cash flow takes some planning.
    Duncan Pattinson recently posted…Housing Associations Conveyancing Solicitors. Shared Ownership Or Equity SchemesMy Profile

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

CommentLuv badge