Cutting moving costs

If you are a homeowner looking to move, but are put off by the expense involved, you’re not alone. Over the last decade the cost of moving home has soared and, according to a recent survey, now stands just shy of £10,000. While stamp duty accounts for a large proportion of the outlay (on average £5,481) cutting the cost is still feasible if you’re canny.

Budget

At the risk of sounding slightly proscriptive: a little budgeting goes a long way. Before you commit to anything make a list of all possible outgoings – include stamp duty, solicitors fees, survey, Hip (if you’re selling a property too), mortgage fees and valuation, land registry, searches and removals. By working out a realistic budget from the outset there should be no hidden ‘nasty surprises’ and you have your starting sum that you can begin to look at ways of reducing.

Removal costs

If you’re brave (and fit enough) consider bypassing a removal company altogether and doing the work yourself – persuade friends and relatives to help out with the promise of a post-move dinner. This option isn’t easy, especially if you’re in a family sized home or, like many of us, you’ve accumulated a mountain of ‘stuff’ over the years – but it can save you anything from £450 upwards. Ruthlessly downsize your belongings before you start, you’ll be surprised at how many non-essentials can be disposed of this way. If you still feel you have too much to tackle on your own, ensure you get quotes from a minimum of three removal companies before committing; we suggest doing this at least a month in advance. Try to haggle over the final price, this can somewhat surprisingly, work.

Cut out the middle man

If you are selling a property to facilitate your move estate agent’s fees will eat into a big part of your budget – typically between 1% and 3% of the total sale price. While you can negotiate over fees and type of contract the bottom line is you will still be handing over a hefty sum. In recent years a growing number of people have started to market their property online, often through a specialist online agency – standard fees for these tend to be much lower than traditional agents. Last year a survey was conducted comparing online agents to their high street counter-parts, concluding that while online estate agents offer most of the services available from traditional high street operators, low overheads meant big savings for sellers in the form of reduced commission. However, a note of caution: non-refundable upfront fees of up to £250 are common with online operators to cover photography, floor plans, virtual tours and house details. By going it alone, say by placing an advert, you can pretty much cut out all the costs but may have to wait a little longer for that all-important sale. Also be aware that you will be allowing unvetted viewers (who may have no intention of buying) through your door. As with everything, thoroughly check your rights before going it alone.

Shop around

Surveys and conveyancing costs vary enormously. While the old adage ‘you get what you pay for’ does hold some truth it’s still possible to get a quality service without paying over the odds. Personal recommendation is always a good starting point. Also check specialised companies in your area; as with everything research thoroughly and compare prices and services before you instruct.

Furnishings

Not necessarily at the top of everyone’s list but if you’re moving to a bigger home chances are you’ll need to add furnishing costs into your budget. Be creative; instead of shelling out hundreds on a new sofa look at alternatives such as auction sites.