Determine the Overall Cost of Moving House

There are loads of taxes, charges and fees you will need to pay after and before you get the keys of your new house. Well, this post will tell about all the additional costs you will require factoring while managing credit and contacting we buy any house companies, to sell your old house and buy a new one. This post consist of a list what you will need to forfeit, when you will require paying the cost, and who you will require paying it to.

Stamp duty

If you are already up for estate agents' commission, then clearly you are not a first home owner and so you will be liable for the full impost of stamp duty on the amount borrowed and the purchase price. Well, there are huge ranges in stamp duty prices for different property type. No all the states ignore stamp duty for new house buyers in every state, though most of them have concessions. Remember that stamp-duty will be your huge expenditure and this is explained below -

  • 0 percent on real estate up to $125,000
  • 2 percent on real estate from $125,001 to $250,000
  • 5 percent on real estate from $250,001 to $925,000
  • 10 percent on real estate from $925,001 to $1.5 million
  • 12 percent on real estate from above $1.5 million

Agent commission

Commissions of agents can vary among 1 and 5% of the overall selling cost. It's important that you look into what you are going to get for your money. For example, does it consist of open house inspections, letterbox drops, or newspaper advertising? The small commission may not inevitably show the best value. According to some property experts, the average commission amount on the sale of a normal house is 10,000 USD. Obviously, if you are a new house owner, then you won't need to think about the agent commission. And in case, you prefer Fast sale home on your own then you would help yourself to save the costs.

Lending costs

Well, your lender can entail a whole range of charges comprising a settlement fee, legal fee, valuation fee, and application fee. In this cutthroat world, a few lenders may ignore some of these costs so as to capture your business. But, usually you can anticipate paying up to 1000 USD. As well as if you scrounge over 80% of the price of your new house, then you might be needed to pull out lenders' credit insurance. Insurance is important for providing security to the lender. On the other hand, you may require considering trauma insurance or income protection insurance to save you from losing house in case you fail to make reimbursements.

The move

Last, but not the least, you need to think about removalist cost. This cost can be ranging from $500 to rent a vehicle and do the relocation on your own or up to 5000 USD if you hire the professionals. Also, you may have to arrange money for phone, gas, and electricity connections.