Moving home costs and how to manage them

There are a lot of things to think about when moving to a new home, many of which involve spending money; however, there are some practical ways to keep the costs down so that you have more to spend when you reach your new home.

Be prepared

According to recent figures, the average spend required for moving to a new home is around £9,000 on top of the purchase price. For many homeowners, the cost could be much higher.

In addition to the cost of the new home, there are fees to consider. Examples include stamp duty and the cost of setting up a loan, so you must have funds put aside to cover these extras. It pays to shop around when it comes to mortgages, as set-up fees and interest rates can vary widely.

Due diligence

Other costs that are part of moving generally include getting the property valued. The mortgage lender may do this, with charges varying a lot. It really pays to examine the fine print and see what the cost will be for this service.

You must also remember that estate agents charge a commission when they sell a property, so you must make an allowance for this deduction. Before you think about putting your home on the market, it is worth looking at different agents and what their commission structure will be.

When you purchase another property, you will want to have it examined by a qualified surveyor, so you will also want to build this cost in.

Conveyancing, or dealing with legal aspects of your move, also needs to be paid for. The Guardian reports on this in more detail.

Rather than pay a solicitor, there are other options available. Online conveyancing is one way of reducing the costs of moving home; alternatively, with the right guidance, most people can do this for themselves. If you want to find out more about online conveyancing, companies such as will be happy to provide more information.

Moving home can be both stressful and exciting. Keep the stress to a minimum by drawing up a budget before you start, by being realistic about how much you have to spend, and by calculating how much all the required services will cost.

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