Best do your sums properly if you plan to move home this year. New research has revealed that buyers will have to find almost £4,000 to pay all the bills associated with moving.
That total covers the cost of conveyancing services, instructing a building survey and other costs of moving, including hiring a removal firm.
Online lender MYJAR quizzed 2,000 people who have moved home in the last 10 years.
Their research showed that buyers now pay on average £230,776 for a home across the UK, but on top of that they will pay out £3,823.88 on additional costs.
More than a third (40 percent) said they were not prepared for that extra expense, while a third ended up borrowing money to settle their bills.
The biggest expense was legal fees, on average more than £1,600. Buying new furniture and furnishings was the next biggest outlay.
Those taking part in the survey were asked for their money-saving moving tips with a third (30 percent) suggesting doing your own removal as the best way of keeping cash in your pocket.
Tom Newwould of MYJAR said: “Every pound adds up, resulting in what is clearly an unanticipated extra amount for homeowners to pay, showing perhaps a lack of knowledge around the true cost of moving.
“Not every buyer will find this extra cost easy to fund so it’s important to plan ahead and ensure you’re not left in a difficult position moneywise. Finances always need careful consideration and planning.”
Don’t be caught out by unexpected expenses. At Capital Conveyancing, we offer low-cost, high-quality conveyancing services with no hidden extras or unexpected fees tucked away.
Working with an expert property panel, we can get your house purchase or sale underway in minutes with a no-obligation quote. And with our no-completion, no-fee guarantee, you won’t lose a penny if for any reason your transaction fails to complete.
Call the Capital Conveyancing team now on 0207 406 5880 or get an instant online conveyancing quote now.
Fran is the content writer for Capital Conveyancing, producing articles on all aspects of the conveyancing process and around the UK property market in general. If there is a topic you'd like to see covered on these pages, please drop Fran a line on [email protected]