The Cost of Moving Home

If you’re hoping to buy your own home, you’ll need this comprehensive guide to the costs involved in buying a house or flat and moving home. Always remember when you’re saving money for a deposit, you might need to stash away more than you think. There are lots of extra expenses involved in the home-buying and conveyancing process, from solicitor fees to removal costs.

Adding it all up, you can see that for a property costing just over £200,000 the average total of these fees would be around £3,000.

These costs will vary depending on the home you’re buying and other circumstances. Luck plays a role too, especially with surveys – if a major issue is discovered, you may have to start all over again.

On top of your deposit, you’ll need some extra cash ready for the following:

Surveyors – before you can get your mortgage, your lender will want to value the property, and you’ll need to pay or this. Valuation surveys tend to cost around £200 – £300. However, unless the home is a new build, you should also arrange your own survey to reduce the chance of nasty surprises later. A HomeBuyer’s Report can cost between £250 and £1,000 (depending on size of property) and a more detailed building survey can cost up to £1,500.

Mortgage fees – when you take out a mortgage, you’ll have to pay certain fees to the lender depending on the type of mortgage deal. Fees may be as low as a couple of hundred, but could run into a few thousand – so check with your mortgage adviser.

Mortgage term life insurance – if you have a partner, dependents, or a co-holder of the mortgage, it’s highly advisable to take out mortgage term life insurance. This means that if you die before the mortgage is paid off, the insurance will pay off the debt in full.

Conveyancing fees – the conveyancing process ensures your home purchase is fully legal and watertight, and is usually carried out by a solicitor. Fees for this are typically between £850 and £1,500. Your conveyancer should also conduct a range of ‘searches’ to prevent any unpleasant surprises like mine-shafts under your property – these searches cost around £300.

Stamp duty land tax – How much you pay is worked out through a tiered system. You pay 0 per cent on the first £125,000, 0.2 per cent on the next £125,000 – £250,000, and 5 per cent from £250,000 to £925,000, and the tier continues with more tax for properties over higher thresholds. N.B. stamp duty relief is available for first-time buyers, so you may have a lower bill or none at all.

Adding it all up, you can see that for a property costing just over £200,000 the average total of these fees would be around £3,000.

These costs will vary depending on the home you’re buying and other circumstances. Luck plays a role too, especially with surveys – if a major issue is discovered, you may have to start all over again.

Removal costs, furniture and decoration

Most people moving home use a removals company, which will cost between £500 and £1,000. If you’re a first-time buyer and don’t yet own much furniture it’s possible to do it yourself – but then of course  you’ll want to buy some furniture! You can expect to spend around £2,000 on furnishings and an extra £1,000 on white goods such as fridge, washing machine and cooker – as a minimum. But you can save by buying second hand, looking at sites like Freecycle, and seeing if friends and family have items they no longer need.

Depending on the state of the property you’re buying, you may also need to factor in costs such as redecoration and/or home improvements too.

What about selling costs?

If you’re not a first-time buyer, you’ll also have to factor in the cost of selling your current home. The main one here is the estate agent’s fee, which comes directly out of the money your home fetches (usually between 0.5 per cent and 3 per cent).

You’ll need to shell out for your home’s EPC rating certificate upfront, which costs between £60 and £120. If you’re selling a second property (i.e. not your main residence) then you may also have to pay capital gains tax if its value has risen.

Can I put these costs on my mortgage?

The short answer to this is yes, you can add many of the costs of moving to your mortgage. However, in most cases you should resist the temptation to do so, as you’ll pay much more over time – and you can usually get better value finance deals elsewhere. Talk to your mortgage adviser to find out more about this.

Need help saving up a lump sum for buying a home? Then see our page on deposits.

——————————————————

**By Nick Green. Nick Green is a financial journalist writing for Unbiased.co.uk, the site that has helped over 10 million people find financial, business and legal advice. Nick has been writing professionally on money and business topics for over 15 years, and has previously written for leading accountancy firms PKF and BDO.

Picture by Skitterphoto at pexels

A Guide to Learning Languages

 

If you are considering moving somewhere that your native tongue is not the local language, you will have the decision to make – learn the language or not.

While each situation is different, being able to communicate effectively can have a significant effect on the quality of life someone experiences, whether they live at home or abroad.

However, before you reach for the self-help CDs, there’s a few things to consider.

Firstly, you need to consider you own circumstances. When people move abroad, there are often three reasons for doing so:

  • Long term/permanent: when you’re searching for a better life
  • Medium term: Maybe for your career, or you fancy a change
  • Short term: Travelling or work related

The length of your stay and the perception of your new location will shift significantly if you feel comfortable. Many locations will have an expat community where the local language will undoubtedly be English (the common language). However, when people move abroad, even if it’s intended to be a permanent move, remaining in these expat circles can often become less fulfilling and the desire to move may increase with time.

The common excuses for not learning the local language include “I can’t possibly learn them all”, “people speak English anyway” or event “they want to learn English, and they can do that if I speak English”.

The benefits of learning the local language

The benefits of learning the local language are incredibly significant and include:

  • Understanding the basic customs and being courteous
  • Being able to socialise and increase your sphere of friends
  • Increase the propensity to study/work
  • Increase your career prospects
  • Being able to communicate in an emergency
  • Being accepted by the community

Even if you cannot speak the language perfectly, simply making an effort is often greatly received, and it actually increases your chances of improving your language skills, without you even being aware.

Why wouldn’t you learn?

The most common reason for not learning is laziness, for many, learning a new language later in life is a tricky thing to do. However, it is not impossible.

Many will also drum out the excuse that they can get by in English while covering up a fear of failure or of looking stupid by getting something wrong.

When should you start to learn?

Our belief is that once you have decided on your destination, the sooner you start to learn the better. There is a common approach that “I’ll start once I arrive”. However, it’s highly likely that from the moment you land you will need to understand at least some common elements, and even be able to strike up a small conversation.

Always remember that understanding signs, asking for directions and getting assistance are more easily and effectively communicated in the local language as it is unlikely that English will be used in each of these. And in the cases that it is, quite often the correct information can be miscommunicated.

However, it’s never too late to begin learning. If you have limited time before your move, or maybe the move has arisen through unexpected circumstances, you can always begin once you arrive in your destination.

It’s likely that there will be someone locally who will be able to help you, especially coupled with self-help. Sometimes approaching a new language with two feet can reap excellent rewards.

Just remember that life is a lot more stressful if you cannot communicate.

How do you go about learning?

30 years ago, the only ways to learn were to either read, submerse yourself in the language or get lessons. While these approaches definitely stand the test of time, having lessons can be an expensive approach. Today there are many resources to help you get going, and even become fluent.

Government websites

Government websites will often have an immigration section which also includes useful resources to help you learn the language. While not fully extensive, they will certainly help you learn the basics to get by, as well as offer guides on the key information to know and understand about local culture.

Lessons

Of course, the tried and tested approach is to take lessons. While lessons will often be more expensive than the other methods, it can also be the most cost effective as you will actively be corrected and therefore learn the correct way, including pronunciation.

Many of these resources now include online tutorage which allow you to speak to people directly, increasing your exposure to the language, allowing you real time improvement.

So, should you learn the local language?

Whether you’re moving for a month, year or the rest of your life, it is always a good idea to learn the local language where you live. Doing so will help you get more out of your new expat life, and also will help reduce unnecessary stress which could arise from being isolated.

———————

BALK TALK PHRASEBOOKS ARE THE FIRST OF THEIR KIND DEDICATED TO  CONVERSATIONAL SPEAKING FOR SOUTH EASTERN EUROPEAN LANGUAGES

 

Created by Eastern Europe travel blogger Nwando Ekweani, Balk Talk Phrasebooks were inspired by Peace Corps language trainings she studied online before traveling to Albania, Croatia and other beautiful South Eastern European countries.

Like the Peace Corps trainings, Balk Talk focuses on situational learning. They were created to help travelers quickly reach a conversational level of speaking by providing them with all the phrases they will use in conversation most frequently. 

We at Balk Talk are not here to waste your time by teaching you 1000 verbs you will never use, or how to say every animal on the farm. Instead, we actually prepare you for practical daily conversations for recurring scenarios.  

We are so happy that you found us, and we hope your phrasebook makes your travel experience even more magical than it was already promised to be.

———————-

FREE Croatian lessons online and useful official information found at HR4EU

FREE Serbian, Croatian, Bulgarian, Albanian and many more basic courses online at Loecsen

FREE Slovenian language course (in person) and useful official information at Integration into Slovenian society and online at SLO

 


 

**Picture: The Balkan countries flags / Article by experts for expats