When you are moving home, there are a few costs that you need to take into consideration. Moving home is not a cheap process and you should not be fooled that the sale of your own property will cover all of the costs. It is said that you should aim to have at least £10,000 saved to cover the cost of moving home on top of your deposit.
So, what are some of the costs we need to consider when moving home?
One of the first costs that you need to consider when moving home is your own deposit. The amount is entirely up to your but most mortgage companies require at least a 5-10% deposit of the property value you are purchasing. So, we would recommend that you have around £20,000 as your ideal deposit. Most people can use the profit from the sale of their current home to cover their deposit of the new property.
Another cost you need to consider when moving home is solicitor fees. You would have had these costs when moving into your first home. However, when you are moving home the costs will be higher as they will be dealing with a sale as well as a purchase. Depending on the complexity of your chain will depend on the cost of this service.
Another cost consideration to have is estate agent fees. If your home has been listed with an estate agent, most will require a cost to be paid upon sale of your home. Some of these will be a percentage taken straight from the sale of your home, so this should be taken into consideration when saving your deposit.
You will also need to take into consideration moving costs. Some people struggle to move home on their own so will hire a removal company. Again depending on the size of your home and the distance you are moving will depend on the cost of this service.