The Inside Edge
In this morning’s Citywire Linton Chiswick rightfully points out that the rising cost of moving house in recent years has been inflated not only by the introduction of higher arrangement and exit fees on mortgages but with the pending 2.5% rise in VAT and rising stamp duty (for homes over £1m) it is set to increase it further. This will bring the cost of moving to 6 – 10% of the value of the house in 2011, and may prompt many to rethink their plans for moving – especially in what seems to be a falling market.
In response to this we’ve put together 5 tips for saving money on moving house:
1. Don’t. Stay in the house you’re in, perhaps use the money to extend or redecorate?
2. Do the removals yourself. Get a group of friends around for a weekend, hire a big van (a very very big van) and pack and move your possessions yourself.
3. Use a low cost estate agent or barter on fees with a High Street Agent to save on selling costs. You have to evaluate whether this strategy will effect the sale of the house though – using an ineffectual service and not finding a buyer may save on fees but for the wrong reason – because you won’t have sold the house!
4. Rent. Much of the cost of buying and selling houses is in the estate agent fees, legal costs and mortgage arrangement fees. If you rent you may have to pay a fee for your tenant verification checks but after that its a fee free life.
5. DIY conveyancing. It is actually possible to undertake your own conveyance (the legal process of transferring ownership of property – normally undertaken by a solicitor or conveyancer) although not advisable unless you are very competent and willing. Get a DIY conveyancing pack from Lawpack online.