Buying Your First Home: The Costs of Moving House

Posted August 3, 2020 by in Lifestyle
keys in door

It’s no secret that moving to a new home costs time and money, but when all is said and done, it’s worth it to feel like you’re living in your ideal house. Whether you decide to buy a property or rent, there are always stressful moments during the process. Searching for a suitable property can seem endless, and once you do find one, the race against time to put in an offer before someone else is frantic. 

While these initial stages might feel exciting and frustrating, what comes next can be more challenging and perhaps even tough on your bank account. Below are some of the main costs associated with moving house and you should make sure you have enough saved up to cover these expenses before you move:

moving tips

Mortgage

While this applies to those who are choosing to buy a property rather than rent, finding the right mortgage can be difficult. If you have a good credit rating and a steady job, you’re more likely to get the results that you want, and putting down a larger deposit on the property will reduce your monthly payments.

However, you’re still left in limbo as you wait to hear whether your application has been accepted. It’s also important to make sure you’re applying to the right kind of mortgage and that you’re getting the best rates. Speak to professionals such as this mortgage adviser Putney to get the best guidance when looking for your mortgage. 

Agents and Lawyers

Realtors will charge fees during the process of buying a property, and if you’re renting, there is likely to be administration costs attached to this, too. It’s easy to forget about these extra expenses as you get caught up in all the other tasks and concerns that come with moving, but make sure you’ve saved some extra cash to cover these.

If you’re buying a property, it’s wise to get a lawyer who specializes in property law to check over the deeds and other legal paperwork that you might not understand and make sure you can afford their services, too. 

Property Tax

This is another point for those looking to become homeowners. You will have to pay a residential property tax once you purchase a new home. These costs will differ from state to state, so make sure you’re doing your research into how much these costs average out in whichever area you’re moving to. 

Hiring a Removal Company

If you have few belongings you might decide to skip this one and move everything yourself. However, if you own heavy furniture, this is a good reason to hire expert movers as they will have all the right equipment and training to handle such items safely. Overall, hiring a removal company to take your stuff from A to B does help to make the move a little quicker and saves you doing all the heavy lifting. Although it might not always be a necessary expense, it is worth it. 

There are plenty of other costs that you will incur when you next move house, whether you’re renting or buying, but above are some of the most common scenarios, so make sure you’ve got enough in the bank to fund it!