Do you know the hidden costs of moving house? The economic downturn has hit the property market producing falling prices and flat conditions. The knock–on effect is a ‘stay at home boom’. Hugo Tugman, from Architect Your Home, highlights the cost of relocating to a bigger house. Renovating your current home can make financial sense.
The costs of moving house
Even if you can find a house that you want and can afford to buy it in the current market, the cost of moving can still be prohibitively high. For example, buying a house in London at the average price of around £368,000, you could expect the additional cost of moving to stretch into five figures.
This can be broken down into stamp duty fees of more than £14,000, estate agents fees, which at the very least might be 1% (£3,700), as well as solicitors fees of £1,200, the cost of a surveyor which will be in the region of £700, and finally, the expense of moving home which could run up to £1000. Combining this could result in a cost of more than £20,000 and if you take into account the additional price that you will have to pay for a bigger house, the true cost of moving becomes startlingly apparent.
