Moving into a new property is exciting. Whether it’s your first property, or you are moving after you have moved a few times in your life, you will still be counting down the days until you complete and move – there is always a sense of achievement when you buy, as it’s a big milestone that you should be proud of.
When moving, once you are in, there are always going to be costs that you will need to factor into your moving budget. The reality is, you may have to carry out some repair work, like fixing the roof or fixing any carpet that has been damaged. You also have things like stamp duty as well as removal costs – the sooner you get these booked in, the cheaper they can be.
To help get you started. Here is our guide on costs that may occur when you move into a new property. Keep on reading for five suggestions that you may have to pay for and should be factoring into your moving budget.
Stamp Duty
The amount of stamp duty you will need to pay depends on if you are buying your first property, purchasing an additional home, or replacing your main residence, as well as the overall value of the property. If you are a first time buyer, you will benefit from not having to pay stamp duty unless the price is more than the first time buyer stamp duty cap. Stamp duty is typically payable shortly after completion, and your solicitor will usually handle the submission and payment on your behalf.
Repair Work
No matter where you move to, there are always going to be repair costs that you need to carry out. The amount, very much depends on the condition of the property you are going for. If it’s a new build, then there will be a lot less than if the property is considered a renovation property. To help estimate any repair costs, you should carry out a survey before you move, as this will look into the structure of the home and come back with suggestions of work you should do – you can then book people in advance to carry out the work when you move in. Even if there isn’t any repair work that you want to carry out, there may be some home projects which you think of which will improve the space.
Removal Costs
It’s unavoidable that you will have removal costs when you move into a new property. The good news is that the sooner you book your removal company the better the price often is and you will have a better choice of companies to choose from. Last-minute bookings can be more expensive, particularly during peak moving periods such as summer months and Fridays, which are traditionally popular completion days. When looking into a removal company, the best thing to do is look up their reviews online, through sites like TrustPilot or Checkatrade. These sites allow real users to leave feedback on the service they received when working with the company they chose.
Unique Fees
When moving, you will probably find there are a selection of unique fees which you hadn’t thought of. When we say unique fees, what we mean is fees which are unique to different circumstances. For example, if you move to a major city, you may need to factor in costs for a parking permit. Depending on where you are moving to, the price of council tax can vary hugely and you may have a charge if you have pets (this mainly happens in flats). A fee which is also paid if you move into a flat is your monthly service charge which can be expensive and is a reason why some people move to houses over flats as you then don’t have to pay it.
As you can see the above is just a touch on the many different costs that may occur when you move into a new property. The trick is to be as prepared as possible as this will not only help reduce the stress of moving, but it will help you be in the best financial position to pay any costs that occur.
Have you put an offer in for a property, and if yes, has it been accepted yet? Are there any costs that we haven’t included which you think are important? Which of the above suggestions do you think has the greatest costs attached to it? Let us know in the comment box below. We look forward to hearing from you.
