Moving advice on how much moving home costs
There are a huge number of factors affecting the cost of moving home or to another area, how far you’re moving, time of year, day of the week, accessibility of your property, and most of all how much belongings you have. As a rough guide on how much does moving home cost-For removal cost you could be expected to pay anything from around £500 for a one or two bedroom flat and up to £2,000 for a five bedroom house. The cost of your new home is the tip of the iceberg when it comes to what you have to pay to move house. Factor in the cost of legal fees, professional help and taxes to find out how much that will really cost. Many people find themselves asking the same question, how much moving home costs. Removal cost can vary dramatically read on to see how you can keep your moving cost down.
Find The True Cost Involved When Moving Home
When your moving home, nobody minds parting with hard-earned savings to help set up a mortgage (guess your just happy someone is going to lend you the money to buy your dream home!). But coughing up thousands for stamp duty, estate agents fees and all those other hidden moving cost can really grate.
A survey by property portal showed that the average moving cost of moving house in the UK has more than tripled over the last 10 years, to nearly £9,500. Add in mortgage lenders and surveyor’s fees, and essential household bills and the average new homeowner can expect to spend over £11,000 in the first year alone, according to GE Money Home Lending.
Stamp Duty TaxThis is a tax on buying a property and accounts for nearly half of all the moving cost on the average home. The amount charged depends on the purchase price of the property, but most buyers pay this tax.
Stamp Duty Fee Payable
- Up to £125,000- Zero
- £125,001 to £250,000-1%
- £250,001 to £250,000-3%
- £500,001 to £1,000,000-4%
- £1,000,001 to £2,000,000-5%
- £2,000,001 plus-7%
In areas designated by the government as “disadvantaged”,there will not be stamp duty to pay on properties sold for £150,000 or less. Further advice, go to the HMRC’s website. The loophole that allowed people to reduce their stamp duty bill by paying over the odds for fixture’s and fitting’s has been closed. You have to fill in a detailed form and the Inland Revenue makes random checks of cases that fall just below the stamp duty thresholds to check that every thing is in place.