Regardless of whether you are a buyer or a seller, there will be costs involved in transferring a property from one legal owner to another as well as costs involved in getting yourself and your worldly goods from one home to another.
As is often the case with anything related to property, the exact level of these costs will depend partly on your current local area and partly on your personal situation. Here is a guide from Manchester estate agents Indlu highlighting the sorts of costs you can expect to encounter so you can begin your research about how much to budget for them.
Buyers
A home survey
Although you can, in theory, just use your mortgage valuation, you take the risk of exposing yourself to a lot of expense, hassle and heartache if you do. Mortgage valuations are simply not as thorough as proper home surveys.
The exact cost of a proper survey will depend on which form of survey you choose, in simple terms home surveys can vary from basic checks(most suitable for new-build homes) to a really in-depth look at the property(most suitable for older homes). In any case, they are generally regarded as money well spent.
Conveyancing
As a buyer you will need a conveyancer and having the right conveyancer on your side (even if they are not the cheapest) can do wonders fora smooth home sale.
Mortgage-arrangement fees
You should assume that, at the very least, you’ll need to pay for a valuation even if you already have a home survey.
Stamp duty
As rules currently stand, if you are buying a new home before you have sold your old one, you will have to pay standard stamp duty plus the 3%surcharge. You will then recoup the surcharge when you sell your old home.
Sellers
Estate agents
These days, online estate agents can provide the necessary services at much more affordable prices. It is, however, always worth remembering that cheapest isn’t necessarily the best. It may be worth paying a little more for an online estate agent with local representation and hence local knowledge to have the best of both worlds. If you do opt for a traditional estate agent then be very wary of representatives using over-enthusiastic home valuations to secure sole agency contracts. Always ask any sales agent to explain their valuation on the basis of hard facts.
Conveyancing
As a seller you don’t necessarily have to use a conveyancer, but doing so can make a home sale progress much more quickly and easily – and reduce the chance of the buyer giving up in frustration.
Energy Performance Certificate
The last relic of the much unmissed Home Information Packs is usually relatively inexpensive, but you will need to factor it into your budgeting calculations.
Sellers and buyers – moving costs
The cost of physically making your move will depend on a number of factors of which the most important are how much stuff you have to be moved and how far you need to move it. Professional movers are, of course, the most expensive option, but they are also, usually, the most convenient.
If you opt to save money by moving yourself, remember to ensure that you have appropriate insurance for both the vehicle and its contents. You might also want to arrange for your post to be redirected, which is an additional cost, albeit a small one.About the Author
Indlu are hybrid estate agents in Manchester, offering a ‘no sale, no fee’fixed price service to rival traditional high street estate agents in Denton,Monton, Worsley and Manchester City Centre.
