First time buyer? These are the hidden costs of moving home

The average price of houses has risen exponentially over the past few years, with asking prices hitting a record high of over £313,000 on average in April. On top of this, buyers will need to look at the added cost of moving home. Removal company AnyVan found this cost has risen by 59 per cent over the past decade, and now reaches almost £12,000. These additional costs may not be obvious to first-time buyers, which could lead to being hit with extra fees out of your budget. Thankfully, we’ve highlighted some of the hidden costs that will arise when you’re looking to move out.

Admin fees can increase the cost of moving home

While it may not be obvious, there are some hidden fees that can crop up with estate agents. You may get charged extra in admin fees, which can vary between £50 – £200 depending on the agency. This covers costs of printing contracts, phone calls, and even writing letters on your behalf, which adds to the cost of moving home. It’s important to go over your contract to see when and how much the estate agent will charge you additional fees to cover the admin costs.

Similarly, when you have bought your new property, you’ll need to pay for a solicitor or conveyancer to legally transfer the ownership of the property to you. As this will inevitably involve contracts, letter writing, and phone calls, you may well end up paying for these admin fees on top of the legal fees. Again, carefully read through the contract, and remember to ask about any additional fees before you start, so you can budget accordingly.

Getting a property surveyed increases the cost of moving home

While getting a home surveyed can bump up the cost of moving home, it’s a good idea to pay the extra for a surveyor to have a look at the property. They can highlight if there are any issues in the house that you should be aware of, and help you make an informed decision about how much the property is worth, and how much you’re willing to pay.

A surveyor can also tell you about any repair work that may need doing in your new home, which will allow you to budget for this. In some cases, you may be able to negotiate the asking price of the property — for example, if the survey shows that there are £10,000 worth of repairs that needs to be done, you may be able to ask for a reduction in the overall price for the property, or even have the seller make the necessary repairs.

Consider the cost of physically moving to your new home

When it comes to moving out of your new property you’ll need to think carefully about how many moving vans you will need to hire, and whether you want any porters to help you move your things out of your home. This can cost extra, and can be charged per hour, or per job, as well as per person.

On top of this, if you have any specialist equipment that needs moving, such as instruments or pets, it will cost you extra to move. It’s worth shopping around and requesting different quotes from removal companies, making sure they’re aware of any specialist items that will need moving. In some cases, specific equipment will be needed to move these items, as well as making sure the van is big enough to accommodate for this.

from Finance Girl http://www.financegirl.co.uk/first-time-buyer-these-are-the-hidden-costs-of-moving-home/

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Author: Frozen Pension

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