Hidden Costs of Moving Home
Hidden Costs of Moving Home: What You Need to Know
Moving home can be an exciting time, a chance for a fresh start in a new space. However, the financial aspect of moving can often be underestimated, leading to unexpected expenses that can add up quickly. To help you prepare for your next move, let's break down the various costs associated with moving.
Estate Agent Costs
If you are selling a property, your chosen estate agent should make their fees crystal clear to you before signing a contract. Usually these are payable on completion, but some agents will charge some or all of the fee upfront, so make sure you understand your commitment to them fully. We would always recommend getting three Estate Agents to value your property, so that you can find the best fit for you – and recommendations and reviews are also worth considering.
If you are buying a property, be aware that some Estate Agents will charge you a fee as well as or instead of the seller.
If you are renting a property, you cannot legally be charged a fee by an Estate Agent. They may request a holding deposit to secure the property, which can be retained in certain circumstances even if your application to rent the property is unsuccessful, so its crucial that you are honest and upfront about any poor credit, rent arrears etc prior to paying any money over.
If your application to rent is successful, you will usually be asked to pay the first month’s rent upfront along with a deposit – the deposit cannot be more than the equivalent of 5 weeks’ rent, including any holding deposit already paid.
Legal/Professional Costs
If you are buying or selling a property, or both, it is crucial to factor your solicitors’ costs into your budget. Usually you will be expected to pay a small amount upfront to be held ‘on account’, with the balance payable upon completion. Prices can vary so it is worth obtaining a few quotes for comparison, and seek out personal recommendations or online reviews before making a final decision. Hollywell Homes work with a panel of trusted solicitors and can provide you with a free, no obligation quote – even if you aren’t buying or selling through us.
If you are buying with a mortgage using a broker, they may charge a fee for their services – although they may be able to secure you a better rate than going direct to a bank which may save you far more in the long run. Your mortgage lender will carry out a valuation survey, but it is usually advisable to have an independent survey of the property to identify any possible issues with the structure, wiring etc. This is also something Hollywell Homes can help with if you are unsure how to arrange this.
Removals
One of the most significant expenses is hiring professional movers. Depending on the distance of the move and the amount of belongings, costs can vary greatly. Bear in mind that popular dates such as Bank Holidays and school holidays are likely to get booked up more quickly, so don’t leave it too late.
Movers often offer additional services such as packing, unpacking, and special handling for delicate items. While these services can save you time and stress, they come at an extra cost.
You may decide to save money by moving yourself, but remember to factor in the cost of van hire, fuel, and packing supplies.
Cleaning Costs
You will need to ensure the property is clean for the next occupiers. If you are leaving a rental property, your tenancy agreement may stipulate that you need to pay for a professional clean to either the whole property, or certain elements such as the carpets and/or cooker. Often you can avoid this cost by cleaning yourself but to a ‘professional standard’ - you can request a pre-check out inspection by your landlord or agent to give you the opportunity to rectify anything they feel you may have missed, which will help to ensure you are able to reclaim your full deposit. It is also advisable to take lots of photographs of the property in case of any dispute after you have returned the keys.
Temporary Accommodation and Storage
In some cases, there might be a gap between moving out of your old home and into your new one. This can necessitate temporary accommodation, which can be costly. Similarly, if your new home isn't ready, you might need to rent a storage unit for your belongings.
Miscellaneous Costs
Finally, there are often overlooked costs such as:
Meals and Snacks: Moving is hard work, and you'll likely find yourself needing quick and easy meals, which can add up if you're ordering takeaways frequently.
Replacement of Items: Inevitably, some items may get lost or broken during the move, leading to replacement costs.
Pet Care: If you have pets, you might need to budget for boarding them during the move or purchasing new supplies for them.
Moving house can be a stressful experience, even for the best prepared movers. By understanding and planning for all possible expenses, you can avoid financial surprises and ensure a smoother transition to your new home with less added stress.
Hollywell Homes are always happy to advise on any aspects of moving, whether you are a client of ours or not. As an independent agent, we are passionate about all things property and love nothing more than sharing our expertise, so don’t hesitate to give us a call if there is anything we can possibly assist you with.
