When the cost of moving home is broken down, it is often segregated. Costs are given for buying a house, moving, and renovating. Seldom is the big picture provided. Yet, moving a home and its contents can be extremely expensive, and more than many sellers anticipate. In this article, we break down the true cost of a move in 2024.
Selling a Home
The main cost of selling can be broken down into three major areas: estate agent fees, conveyance fees, and an EPC. These costs are often unavoidable if you sell your house the traditional way. However, there are UK online estate agents, such as Sold, who will sell the house in a way that minimises these fees, and do so with no hidden charges. Some of them will discuss if a cash offer or an estate agent is the best route for you to take. All you have to do is sign up online for a quick and easy valuation. Make sure you check out legitimate rated and reviewed ones. This way, you will know what to expect and be covered by registered financial authorities. Generally, high street estate agent fees will land somewhere in the 1% to 4% bracket, so they can be sizeable at the top end of the scale.
Conveyance is the legal side of the sale and is dealt with by a solicitor. Some charge a flat fee, while others may charge a percentage. This will also include disbursements, which are third-party fees, like land registry and title change deeds. You can expect to pay around £1000 for conveyance.
Finally, you need an energy performance certificate. This is needed before you even sell the house. It will cost between £60 and £120, depending on the property. If you need one, Gov.uk has advice on acquiring one.
Moving Costs
Source: Unsplash
There is always a temptation to rent a van and save money when doing removals. However, fairly quickly into the process, you will wish you had just paid for a professional. Removal companies will have the right packaging for your furniture and belongings, along with lifting equipment.
There are a lot of variables to getting a price for this. It depends on how big your house and its contents are, the distance being travelled, and even the part of the country the company is based in. The average price in the United Kingdom is between £1,400 and £2,100 for a three-bedroom house.
Settling in the New Property
The price of settling into a new property also varies. You may have somewhere that lets you move in straight away. Even in a home that is ready to go, you are probably going to paint and decorate to make it your own. The average two-bedroom home can be furnished for around £1500 at the low end of the spectrum with budget stores like Ikea. However, the average is around £15,215 including decorating, new fittings, and appliances like televisions.
Thus, the overall price varies but is made up of between 1% and 4% in estate agent fees. Add £1000 of conveyance to this and £100 for an EPC. For removals, an average of £1700 is a good place to start. You can then form a budget for renovation and additional furnishings in your new home.