The stamp duty holiday has invigorated the housing market. If you are considering selling your home and moving on, we can help.
We can provide you with a property valuation. This valuation is useful in connecting with buyers, and planning your next move.
Given the cost of moving home, it is useful to know what you can, and cannot, afford. Moving home is an expensive exercise. Agency fees, legal fees and stamp duty all play their part in ramping up the cost of relocating.
Research carried out by MoneySuperMarket suggests the average household spends close to £700 in hidden fees when they move home. With the same source finding 19% of British people move a minimum of nine times in their life; the potential lifetime expenditure on hidden fees is over £6,000.
Be aware of nasty surprises associated with property moves
The same study also found 63% of people were unaware that moving home regularly can have a negative impact on their credit score.
If you have arranged a mortgage, you probably have a good standard of credit score. However, you want to maintain this score, so it is worth considering the impact of moving too many times. If you can minimise this activity, you should find that you don’t harm your credit score.
What is important for you when moving home?
The top six most common additional fees for British home movers are:
Bedding and kitchen utensils, cited by 53% of respondents
New furniture, also cited by 53% of respondents
The cost of having mail re-directed, listed by 39% of respondents
The cost of having Wi-Fi installed, said by 36% of respondents
Having to change bill providers, named by 34% of respondents
24% of respondents listed the cost of removal services
The study also uncovered the three most common reasons for moving:
31% of respondents saying they want to own their own place
29% cited moving in with a partner
28% saying moving to a larger home
Kate Devine is the Home Insurance spokesperson at MoneySuperMarket, and she said; “With the housing market boosted by the Chancellor’s stamp duty holiday, many of us are considering moving home. Whether you’re buying or renting, make sure you’ve factored in all the potential costs you expect to incur.”
Kate continued by saying; “If you’re buying a home, our research shows that it’s not just stamp duty, legal and estate agency fees that should be on your checklist, but also things like cleaning, new household products, temporary storage space and professional movers to make sure your treasured possessions get from A to B safely.”
Kate Devine concluded by saying; “To protect you in case things go wrong when you move, we wouldrecommend you have contents insurance before transporting your items to their new home – most policies will provide cover for your belongings against damage or loss while they’re in transit from one property to the next. But make sure you use a professional removals firm – many of which have their own insurance – to guarantee you benefit from this protection.”