Moving House: 3 Hidden Costs Involved

Moving house can be stressful, tiring and expensive. I recently bought my first home (a one bedroom flat in Sheffield). It was one of the most stressful things I’ve experienced and I learned a lot from going through the process. I’d spent years saving for a deposit and researching where I wanted to live. But one of the things that I wasn’t prepared for was all the hidden costs involved in moving.

Whether you’re a first time buyer or haven’t moved in a while, there are lots of ways you can make sure that you’re prepared. In this post we aim to make you aware of the hidden costs involved when moving house.

Legal fees

There are a whole range of fees, charges and taxes you need to pay before you can move into your new home. You’ll likely need a solicitor or conveyor to carry out all the legal work when buying your home. Here’s what legal fees you can expect to pay including the typical cost of these fees:

• Solicitor/conveyor. You can often get a free quote from many solicitors and conveyors but typically you can expect to pay between £850-£1,500.
• Stamp duty. This is a government tax paid on homes costing £125,001 or more. Use a Stamp Duty calculator to work out how much you’ll need to pay.
• Electronic transfer fee. This is the cost of transferring the mortgage money from the lender to the solicitor (usually between £40-£50).
• Leaseholders’ costs. If you buy a leasehold property, you’ll have to pay ground rent and service charges to the person who owns the freehold. This typically can cost anything between £100-£1000.

Moving costs

It’s important to know how much it’s going to cost to move into your new home. By being well prepared you’ll be able to reduce these costs. Here are some of the costs to be aware of when moving house:

• Removal costs. The average cost of a removals company ranges from £300-£600. Another option is to rent a van and do it yourself.
• Storage. Estimate the length of time you’ll need storage and compare prices. There are some great options for self storage.
• Temporary accommodation. Make sure to plan for moving day delays by either having the money spare for temporary accommodation or having friends/family on hand to help out.
• Kennels. Consider what you will be doing with pets on moving days.
• Childcare. Plan ahead for moving day childcare. Thinking about this early will offer you more options and open the potential to save money.

Other important considerations when moving house

The day you move into your property is super exciting. But in all the excitement of it, there are a few important things that you need to remember. Here’s my checklist of moving-in-day jobs.

• Energy. Take an energy meter reading as soon as you move in to report back to your energy provider. Moving house is a great excuse to shop around for a better energy deal.
• Water. On day one of moving into a new property you should take a water meter reading.
• Mail. If there’s mail at your address that’s meant for someone else, put a cross through the address and write ‘Not known at this address’ and post it back in a letterbox. To make sure that your mail doesn’t go to the wrong address use the Royal Mail redirection service.
• Council tax. Make your local council aware of your change of address so that they can make sure you pay the right amount of Council Tax.
• Plan ahead. By planning early, recruiting helpful friends and family, and doing research, the more of a stress free move you will have.

Essential reading for wannabe homeowners

Moving home is said to be one of the most stressful events in your life. Make the buying process much smoother by researching all the hidden costs involved beforehand. Let me know in the comments below if you’ve experienced any other hidden costs when buying a property.