The process of purchasing or selling a house may seem simple at first, but all the involved stamp duties, legal fees etc. make the process pretty complicated when you dig deeper. You do not need to worry though, because this article will help you figure out all the hidden costs related to moving houses.
When moving houses, it is vital that you take into account all kinds of real costs involved. Knowing how to budget effectively is of utmost importance. While it is no surprise that moving costs have decreased to a great extent in the last decade owing to stiff competition, this process still remains quite expensive. Therefore, go ahead and read this guide in order to know everything that you should know about fees and duties involved in moving houses.
Costs involving estate agents and conveyancing
The rate of conveyancing being close to 10% lower than that about 10 years ago, expecting a fees of around €570 is pretty reasonable for a house priced at the average cost of €167,000. In case you are into selling a house too, it might be possible to negotiate a good package deal with the involved solicitor since the amount of work to be done is lower in such case.
When it comes to estate agents, expect to pay anywhere from 1 to 4 percent of the final house sell cost. If you select a single agent, although the number of people viewing the house may decrease, the commission you pay will be less too.
Advertising your home through websites is a good idea as well, but that involves loads of work on your part.
The Extent of Stamp Duty
You need to pay the government tax when ownership papers of a property are changed, which is called stamp duty. During 1999, paying 1% duty was essential in case a property was priced anywhere between €60,000 and €250,000. However, as of 2010, there is a suspension of stamp duty if the buyer is a first time buyer, and the property costs equal to or less than €250,000. When properties worth less than €125,000 are in question, stamp duty involved is none.
With a removal company being involved in this process, factors such as distance to be moved, amount of commodities, part of the year etc. come into play in determining the exact cost.
1. De-clutter the house
Since removal costs are dependent mostly on volume, you will have to pay more if more items are moved. So do not hesitate to throw away items that you do not use in case the need arises.
2. The earlier you book, the better
Late bookings often end up costing more than usual since the parties know that you have no time. So avoid late bookings of moving services, and especially conveyancing, because the process can consume as much as 8 to 12 weeks. Be sure to ignore Fridays too, more so if there is a bank holiday immediately after, because Fridays are expensive.
3. Compare prices of different firms
To get the best potential quote, get quotes from different removal firms, and use a firm having low rate and abided by the British Association of Removers for safety of the process. You can do the removals yourself of course; however, the process will most probably be too stressful.
image credit: www.housetohome.co.uk