You’ve run your figures and you’re so organised that everything is in a spread sheet, your sale has been agreed and so has your mortgage and as you speed towards completion it looks like plain sailing from here on. No matter how meticulous you are with your figures though, when moving, unexpected costs can come as a nasty surprise, adding some unwelcome stress into the mix.
Forewarned is forearmed as they say, so read on to find out about some of the most common unexpected costs movers face.
Survey Costs
There are numerous different types of surveys available, some will be made compulsory by your mortgage lender whilst others may be required for your own peace of mind.
Depending on what surveys you go for, they can cost anything from a few hundred to thousands of pounds, so be clear about what’s compulsory and anything on top of that you may want, and make sure you’ve done your homework and know how much they will all end up costing.
Home & Contents Insurance
Home insurance is easily overlooked especially when there are so many other seemingly more important things to budget for, but you’ll want to make sure you have a decent policy in place as quickly as possible.
Home insurance is definitely not something to overlook, put off or scrimp on, so make sure you get a range of quotes or use a price comparison service to find the right policy for you.
Stamp Duty
Although here in the UK many are enjoying a stamp duty holiday right now, depending on when you move and the value of the property, stamp duty can represent a large figure.
Even though it can be costly, it’s easy to overlook, especially for first time buyers who might have thought about conveyancing (find out more about cheap online conveyancing here) and survey fees but not stamp duty.
Redecorating & DIY
If you’re happy to move into somewhere less than perfect and live with it and aren’t too fussed about making things just-so quickly, this isn’t likely to be of major importance, but many movers will be keen not only to put their stamp on their new home, but also to make a few home improvements.
From simple things like changing the colour of painted walls to replacing carpets or even refitting the kitchen, everything adds up, so be realistic. Can you really live with that hideous, mucky living room carpet for the foreseeable or will you want it replaced as soon as possible? Does the bathroom suite really need ripping out right away or can you do that 6 or even 12 months down the line?
Make sure you’re realistic and factor all these costs in from the start to avoid nasty surprises.
Estate Agent Fees
The value of your property will most likely determine your estate agent fees, and you can expect to pay anything up to around 3.5% in fees.
It’s crucial then that you get a range of quotes and are fully aware of all of your options. Some estate agents may require a fee even if you don’t end up selling, so make sure you’re aware of all the terms and conditions and factor the costs into your decision-making process.
Set Up Of New Services & Utilities
It’s easy to forget things like broadband and cable TV, but services like these all generally come with a cost attached and that cost can sometimes be hefty once you’ve added an engineer visit, cost of equipment or rental and so on.
Due to the way some utilities are billed too and the change in usage, for example, if you’re moving into a larger property, you might find that you face slightly higher costs than in your old home, so don’t just guesstimate costs based on what you currently pay.
Council Tax
Make sure you know what band your new property falls in and don’t assume that if you’re in say, band D, that council tax will be the same! Although if you’ll be living in the same area and the new property is in the same band as your existing property there will, of course, be no change but if you’re moving into a different area you might be surprised by just how much council tax differs depending on the region.
So there you have it, some of the costs associated with moving that are easy to forget, overlook or underestimate! In general, it’s always better to get an accurate quote so you can work out total costs, or if you are guesstimating based on what you pay now, always make sure you overestimate. We’d recommend also adding on a contingency of about 5% so if something costs more than you’ve budgeted for, it won’t be the end of the world.
Good luck with your move!
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