Moving into a new home is exciting, stressful and costly, and if you’re not aware of all the costs of that move, it’s going to be a big surprise for you! The costs of buying a new house is so much more than getting the down payment together. You need to have a clear budget, a date for the potential move and you also need to know what the expected and the unexpected expenses are along the way. The last thing that you want are further surprises for your bank account. Knowing what you need to pay for before you move to a new house is just good sense, and below you’re going to find a list of expenses that have to be considered before you start the process of moving.
Legal Fees.
Every new home purchase has a few legal stepping stones to cross before getting to safety. There’s dealing with a reputable solicitor and a conveyancer. You also have to transfer title deeds, finalise the financing with your lender for your mortgage arrangement and you also need to factor in the VAT. Legal fees aren’t something that you can skimp on, either, so make sure you get your figures right first.
Land Registry.
It’s one of those hidden fees that many aren’t aware of until they start the whole process, but the land registry fee is what you pay the government to update the records. The cost is tied to the property already, and it’s a part of your budget.
Buildings Insurance.
Dealing with an insurance broker for your buildings insurance, homeowners insurance and contents insurance can be better than trying to seek it out for yourself. You can often get a good deal with the same insurer, and it is a requirement before you buy your home. You shouldn’t want to miss out on insurance, anyway, as it’s there to protect you and your interests.
Mortgage Arrangement Fees.
You need to pay the person arranging your mortgage for you. It’s a niggly cost, but it’s an admin one that you will have to budget for. It does vary but you can read more here about it.
Moving Costs.
Outside of all the additional fees that you will have to pay, you must also consider the moving costs from the home you are in now to your new one. There are the packing costs if you’re hiring packers, and the accessories if you’re not. There are the costs of the removal company that will take everything to and from the old and new house. There are storage fees if you have to move any of your stuff into storage in the meantime.
Moving to a new house is exciting, and with some organisation you can ensure that it is the least stressful thing that you do this year. Your finances need to be in the right order so that you can move to a new house effectively and with minimal disruption. Don’t be afraid to embrace the experience of buying a new home!