Updated: Nov 24
Are you looking to move home, but feeling a little overwhelmed by the complexity of the process? You are not alone - although there is a wealth of useful information available for first time buyers, guidance specifically designed for those who are looking to move can be hard to find. In this article, we discuss why it can often feel more complicated and stressful when moving home compared to buying your first property and therefore aim to provide actionable steps so that you are better prepared for your move. Whether you have recently decided on where your next house will be or already have an idea in mind, we have put together all your moving home tips you need right here.
Is Moving Your Only Option?
Whether it's a new job or a breakup, sometimes moving is unavoidable. But before you pack your bags, consider other options. If you are happy where you are but simply running out of space then maybe you could convert your loft, garage, or even build an extension for a more cost-effective solution?
Spruce Up Your Home!
As the saying goes, first impressions count. Ensure that your house is clean and tidy to attract potential buyers. You don't need to redecorate extensively, just make sure it looks presentable, minor repairs dealt with and declutter where you can.
As the demand for outdoor spaces grows, it's essential to showcase your garden's potential to buyers. Get started by mowing the lawn, trimming trees and bushes, sprucing up the garden furniture, stashing away children's toys and tidying up any mess created by pets.
Obtain valuations from Local Estate Agents:
Discovering the value of your home is the first step towards determining your moving potential. Knowing this now will help you assess how much capital you have available for your deposit and moving expenses, allowing you to better understand the types of properties you can explore.
Be cautious of agents who may overinflate the value of your home, this is often a tactic in the hope you sign up with them. This could harm your chances of selling quickly and therefore negatively affect your final sale price.
In a slow / downward housing market, it is wise to set a sensible asking price upfront rather than starting high and decreasing later. A reputable local estate agent will provide guidance throughout the entire process.
Establish how much you can now borrow:
Once you know how much your home is likely to sell for, you then need to establish how much you can borrow. Understanding this now will leave you clearer on the types of property you can consider.
Instead of restricting your options by approaching your current lender right away, it is advisable to consult a mortgage broker. They can swiftly provide you with an overview of your borrowing capability. With their guidance throughout the process, a broker plays a crucial role in facilitating your move.
Go one step further and secure your mortgage Agreement in Principle for complete peace of mind moving forward.
Calculate Associated Fees:
Prepare for the costs of moving home by conducting thorough research to understand what is involved. Your mortgage broker can give you a general idea but you can also check out our article What Fees Will I Pay & When for a comprehensive breakdown. To give you a quick overview, here's what you can expect to pay when moving home:
Estate Agent – we're all keen to save money and you can do so by using an online estate agent. However, do not underestimate the value of a knowledgeable local estate agent who can help you achieve the highest selling price. Expect to pay between 0.5% and 1.5% of your sale price.
Legal Fees – allow for £2,000 to £3,000 when buying and selling. Yes, you can again save money with an online conveyancer, but industry experts agree that hiring a trusted solicitor is still the smartest choice.
Stamp Duty – if you will own one property on completion, expect to pay:
Up to £250,000 Purchase Price - Zero
£250,001 to £925,000 - 5%
£925,001 to £1.5m - 10%
£1.5m plus - 12%
You usually pay 3% on top of these rates if you own another residential property. Stamp Duty rates are always subject to change so for details on current rates click here
Removal Costs – this will vary depending on how much needs moving and to where – in 2023, the average house removal cost for a 3-bedroom home is £800*, based on a moving distance of 15 miles.
In addition to the above you will also need to factor in mortgage costs. Your mortgage broker will guide you on the various options available to you and all costs involved.
Put Your Property on the Market Before Searching for a New Home:
Don't stress yourself unnecessarily by searching for a new property before putting yours on the market. The property you want may already be taken by the time you sell. It is in fact advisable to have a buyer lined up before looking at properties. Besides, both sellers and estate agents generally won't take you seriously unless you have a buyer in place and can therefore move forward.
Finding & Securing the Perfect Home:
When it comes to moving locally, choosing the right estate agent to sell your home is crucial. An experienced and reputable agent with local knowledge can also be the key to finding your next dream home. Do not be swayed by online agents who only offer low fees and no real added value.
Once you have found a buyer for your current property, it is time to connect with estate agents in the local area where you want to buy. Let them know that you are in a strong position with a buyer in place and your mortgage ready to go. As it may have been a while since you bought your current home, for some additional hints and tips check out our page How to Make an Offer on a Property.
Offer accepted, you are well on your way to moving!
Once you've found a buyer and had your offer accepted on your new home, you're one step closer to completing your move. However, there's still a lot to do and you'll need the support of the people you're working with - the estate agent, mortgage broker, and solicitor. Good communication will be crucial, so choose your team wisely! For a detailed guide visit My Offer Has Been Accepted, What Happens Next?
Moving home is undoubtedly a stressful process, but with careful planning and the right advice from a professional mortgage broker, local estate agent and a reputable conveyancer, you can ensure that you have the best chance of making a successful move to your new home.
Would you like a single point of contact to guide you all the way? Contact us now!
Your home may be repossessed if you do not keep up repayments on your mortgage.