Making A Considered Move19:36
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The housing market in the UK is getting better but still people are choosing to stay put rather than move home even if a growing family is adding tension to your four walls. With lots of options for home improvements the temptation to stay put is justified but home improvements cost money. If you are considering selling your home here are some practical things you need to consider before deciding to sell up or stay put.
The local market
House prices are expected to continue to grow in most areas of the UK due to a high demand for houses that will only get bigger over the next few years. Even with Brexit and changes to legislation around rental properties and the amount landlords have to pay in tax the housing market is not predicted to slump in the near future.
That said it always pays to do your homework before putting your home on the market. Use sites like Zoopla to check the potential value of your property before you make the decision to sell and you could avoid wasting everyone’s time.
You will need to engage a conveyancer
Residential conveyancing ensures all of the legal paperwork that goes hand in hand with selling your home gets completed correctly and on time. A conveyancer will do everything carrying out local searches to throw up any planning permission that might effect your new property to any potential threats such as subsidence. They are also responsible for obtaining the title deed for your new home and that the seller is acting legally.
Check out the duty owed
Stamp duty is the cost of changing a property's ownership from one person to another. Your conveyancer will make sure this is paid but it is worth bearing in mind that it can be up to a third and a half of your total moving cost which is quite a heavy burden to bear if you’re moving on a tight budget. You can expect to pay between 1% and 7% of total house price of your new home.
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The actual move
Moving house can be a stressful undertaking. Aside from the costs of estate agents, conveyancer, stamp duty etc you have to factor in the time to work through the buying process, what happens if the deal falls down both in terms of your home and the property you are trying to buy not to mention packing all of your life into boxes, getting your stuff safely moved from one place to another, adjusting to a new area and the many other anxieties and challenges a move can throw up.
But it can also be an exciting time with new neighbours to get to know, a chance for a fresh start and new style ideas and of course a bigger home for your family or in fact a smaller one for when the children have homes of their own. It can be a rewarding experience financially too if you choose an investment property that could earn you more than staying put in the future.