What Can I Do To Limit The Costs Of Moving House?

Unfortunately, moving house can be one of the most expensive times of our lives

. As well as all the obvious costs involved in moving house, such as raising enough money for a deposit, paying solicitors fees and funding the cost of a professional removal company, there are many hidden costs which considerably add to the expense of moving house. By budgeting and planning your finances you can ensure that you are not, at any point in the process of moving house, surprised by any large costs that you have not accounted for.

If you save up as much of a deposit as you can before applying for a mortgage you will lessen the amount you have to borrow from the mortgage company and ultimately reduce the amount of interest you will have to pay in the long term. It is also important to shop around for the best mortgage deals. What is good for one person may not be the best deal for another. Make sure that you receive independent financial advice and choose your mortgage company wisely and with an informed mindset.

You may have factored into your budget the cost of hiring a professional removal company. You may automatically presume that this is entirely necessary, however, you should consider the amount of furniture and belongings that are required to be moved and see whether it would be more cost effective to hire a van or two and ask friends and family members to help you carry out the move.

Stamp duty is a significant cost involved in moving house. Stamp duty is a land tax payable to the government which is payable on all properties over 125,001. The amount of stamp duty you are required to pay increases as the price of the property increases. You should therefore think carefully if you are looking to buy a property which is priced close to either side of a threshold and try and pitch your offer below the threshold to avoid paying an increased amount of stamp duty. For example, you would have to pay stamp duty of 1% on a property of 250,000 but this would increase to 3% as soon as the sale price of the property increases to 250,001.

In summary, being as informed as possible about the costs of moving house will ensure that you are able to plan your budget and not take steps to purchase a new property until you feel confident that you have the funds in place to cover the significant costs involved.

by: Robert Gray

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