If you are planning on moving house, then you should know that the average cost of moving in 2019 is currently as much as £11,570 if you are buying and selling a home. This takes into account all of the fees that will likely need to pay when moving.
We have calculated this figure based on our knowledge and experience, as well as factoring in average costs and valuations that you will need to pay. We have broken down all of the costs into different sections to explain what you are paying for and why it is needed. There are of course additional costs that you could incur but all of our costs are calculated as an average cost when moving house.
Breakdown of Costs
When moving home, it can be confusing trying to work out all of the different costs and fees that you will have to pay and get a good idea of exactly how much you will need to fork out for the move. We have put together some tables for the average costs you can expect to pay when moving home.
Average Costs for Sellers
This means that the total average cost if you are buying and selling a property, stands at £11,570, which is a rather large sum. It should also be noted that the valuations with an Asterix are taken as an average but are taken as a percentage. This means if you are planning on buying an expensive home your costs could rise. You also don’t have to pay stamp duty if you are a first-time buyer either.
Average Costs for Buyers Explained
Although we have broken down the costs of buying a home you might still be wondering what each of the fees is for and whether you actually need to pay them or not. We have explained each of the fees in more detail to highlight whether they are important and if you need to include these in your budget.
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Property Survey: there are a number of different surveys that include a homebuyer report, building survey and a full structural survey. Most people opt for a home buyer report to point out any flaws or defects, but you should consider a structural survey if you have any doubts about the property or it’s particularly old. This is more expensive at around £600.
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Conveyancing Fees: this is the fee that you need to pay your solicitors to carry out the move and complete all the necessary paperwork to make sure the sale of your home is legally binding. The fixed fee is usually based on the property value so this could go up depending on how much you are buying your house for.
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Stamp Duty: unless you are a first-time buyer, then it is a legal requirement to pay Stamp Duty Land Tax (SDLT) on any property over £125,000. Your solicitors will handle the payment of stamp duty and this is charged at a percentage based on property value. Our estimations are based on the 2% threshold below £250,000 in value. But over this stamp duty is 5%.
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Mortgage Valuation: you might not have to pay this depending on your lender and the value of your property. Often your lender can include this in the rest of their fees or add it to your mortgage. Many lenders are now also offering it for free too so it is worth shopping around.
Average Costs for Sellers Explained
Similarly, there are a number of fees that you will need to pay when buying a house that is different from those when selling. Again these costs can vary but we have taken the time to explain these costs in more detail.
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Estate Agent Fees: this is a fee that is based on the value of your home as estate agents will typically take a fee of between 1% to 3.5% +VAT. This means that your fees could end up being a lot more depending on how much you sell your home for. You should shop around to get the best fee but make sure you know what’s included for that price.
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Conveyancing Fees: although you are already paying this fee when buying the home, you will still need to hire solicitors to put together the paperwork required for selling your home. It can often make it much easier to use the same solicitors for both buying and selling and you will generally get a favourable price.
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Removals: the average cost of removals for a three bedroom house comes to £900 but make sure that you get a quote in advance so you can plan for this cost. You can, of course, handle the move yourself which can save a lot of money, but consider how much you need to bring with you and how far it is as a removal company can be much more convenient.
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EPC Rating: it is advisable that you get an EPC energy rating carried out on your home before selling it as it can help to get a sale on your property. This survey looks into everything from your insulation to your windows to assess how energy efficient your home is.
Conclusion
Moving house is an expensive process and can cost you upwards of £11,570 for both buying and selling a home. There are also added extras such as fees for mortgage brokers if you decide to use one so the costs can easily reach higher than this. There are also ways that you can cut costs too by shopping around and getting quotes on all of these fees. There are also plenty of services now such as Purple Bricks that offer lower fees than estate agents so this is worth considering. However, you should make sure that you know what you are getting for this price and how much work you have to put into it. Make sure you consider everything when working out your fees.
Make sure you don’t pay for services you don’t need with Bishop’s Move, book your free video survey to discuss your requirements with our friendly moving team and start planning your bespoke moving package today.
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