While the stamp duty holiday is helping buyers to lower the overall cost of buying a home, buyers must prepare for additional costs. Saving up to £15,000 on stamp duty fees is appealing, but you need to know the overall cost to move with confidence.
At Stones Residential, we are pleased to say we have helped many people move in, out and around Belsize Park and surrounding areas. We ensure you make an informed decision regarding moving. We will help you create a budget, and wherever possible, advise you of additional costs.
We also stay in touch with the latest studies in the housing market. This information, coupled with our local knowledge, will help you plan your move accordingly.
There are many hidden costs associated with moving home
Research carried out by MoneySuperMarket suggests the average household spends close to £700 in hidden fees when they move home. With the same source finding 19% of British people move a minimum of nine times in their life; the potential lifetime expenditure on hidden fees is over £6,000.
Are you prepared for these hidden costs?
The top six most common additional fees for British home movers are:
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Bedding and kitchen utensils, cited by 53% of respondents
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New furniture, also cited by 53% of respondents
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The cost of having mail re-directed, listed by 39% of respondents
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The cost of having Wi-Fi installed, said by 36% of respondents
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Having to change bill providers, named by 34% of respondents
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24% of respondents listed the cost of removal services
The study also uncovered the three most common reasons for moving:
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31% of respondents saying they want to own their own place
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29% cited moving in with a partner
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28% saying moving to a larger home
Kate Devine is the Home Insurance spokesperson at MoneySuperMarket, and she said; “With the housing market boosted by the Chancellor’s stamp duty holiday, many of us are considering moving home. Whether you’re buying or renting, make sure you’ve factored in all the potential costs you expect to incur.”
Kate continued by saying; “If you’re buying a home, our research shows that it’s not just stamp duty, legal and estate agency fees that should be on your checklist, but also things like cleaning, new household products, temporary storage space and professional movers to make sure your treasured possessions get from A to B safely.”
Kate Devine concluded by saying; “To protect you in case things go wrong when you move, we would recommend you have contents insurance before transporting your items to their new home – most policies will provide cover for your belongings against damage or loss while they’re in transit from one property to the next. But make sure you use a professional removals firm – many of which have their own insurance – to guarantee you benefit from this protection.”
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
