Hidden Costs of Moving House

If you’re a first-time buyer, you may be worried about all the costs of moving house and whether you can afford to move. It’s difficult to keep tabs on all the costs involved. Aside from the purchase price of the house, removal company fees and cost of new furniture, there are other costs that inexperienced house movers may overlook. In this guide, we’re discussing all the hidden costs of moving house, so you’re not left with any surprise bills that leave you out of pocket.

Top Hidden Costs of Moving House

Conveyancing fees

Conveyancing fees include a range of specific services, including searches. You may have a trusted solicitor or conveyancer on your books, but if you’re shopping around for a good deal, it’s best to get a full breakdown of what’s included in the quote to ensure they’re like-for-like.

Survey fees

Surveys report on the condition of the property you want to buy and can include a valuation based on the findings. There are three main types of survey: Condition Report (Level 1), Homebuyer Report (Level 2), and Building Survey (Level 3). The Level 3 survey is the most comprehensive.

Estate agent fees

If you’re also selling a property through an estate agent, then they will take a cut of your property value. This can range from 1% up to 3.5%. If you’re a first-time buyer, though, you won’t have to pay any estate agent fees.

Mortgage broker fees

If you find a mortgage through a mortgage broker, you will need to pay a broker fee for all the work your broker will carry out for you.

Going through a mortgage advisor can really help you budget as they will take the time to discuss and calculate all the house moving costs – even the smaller fees that can add up.

Don’t forget, you will also have a mortgage deposit to pay, which is a certain percentage of the value of the property you want to buy.

Buildings insurance

If you’re buying a property with a mortgage, it may be part of the terms that you get building insurance. This is to protect the value of the property against damage from burglaries, storm damage, fire and flooding. Aside from the essential buildings insurance, there are other insurance products you may want to consider, including contents insurance and critical illness insurance.

Switching energy providers

If you’re looking to switch energy and utility providers, you may even be able to save money. But you may have to pay an early cancellation fee if you’re midway through an annual contract. If you have a car, you will also need to update your new address with your car insurance provider – you may get charged a small admin fee for this. Also if your car is being parked on the roadside rather than in a secure garage on your property, the insurance premium may increase a little.

We hope this article has brought some transparency to how many fees are involved with moving house. If you want a helping hand to calculate all the costs of moving house and help you budget, speak to Agentis today. We’ll find the right mortgage for you. Contact us to book your free initial consultation.