Advertorial feature

Should you improve your home or move?

 

A growing family places extra demands on space and while your two or three bed property may no longer satisfy your needs, selling and trading up isn’t the only option.

The past few years have seen many UK homeowners choosing to improve their current properties, rather than moving. It’s not just as simple as selling your house to pay for buying another. It costs to move. These are the hidden costs uncovered.

Conveyancing fees

A conveyancer handles all of the legal paperwork involved in buying and selling a home. They are paid to carry out a local search to discover if any new developments are being planned around your new location. They are also charged with obtaining the title deed for your new home and ensuring that the seller owns the property and can legally sell it.

You should expect to pay £600 if you are selling a £100,000 priced house. The fees will be closer to £800 on leasehold properties as the conveyancer will need to check the lease.

Estate agents’ fees

After looking around your home, an estate agent will value your property and propose a selling price to you. He or she will then ask you to sign an agreement which states all the terms and conditions involved in the sale of your home. The marketing process includes displaying your property in places such as their office window and local newspapers. For marketing your property and then helping you to find a new home through arranging viewings, an estate agent will take anything between 1.5% and 3% of your home’s selling price.

Stamp duty tax

Since March 2012, there’s no stamp duty relief for first time buyers. This is the tax that you pay for the paperwork to change a property’s ownership. Your conveyancer will deal with this and it can be anywhere between a third and a half of your total moving cost. The amount depends upon the selling price of your new home, but you can expect to pay between 1% and 7% of the price. This means that at the lower end, a property costing £125,000 will cost you £1,250 in stamp duty.

House contents removal

To move within a 15 mile radius of your current home, removal men will typically charge you £1,500. On average, it’s about 12% of your total moving costs. Within each city, there are boroughs which charge more than others. In London, Westminster removal companies charge the most and Barking and Dagenham charge the least. In the South West, it’s most expensive to move from Bath, whereas moving from Plymouth will save you money.

What are the benefit of staying?

Improving your home rather than trading it in for another can be a very good investment. It’s cheaper to make space than buy it. Converting your loft can create space and would add £60,000-£75,000 to the value of a £500,000 property. At a cost of £30,000 - 50,000, at the very least you would add £10,000 should you wish to sell up later on.

An extension priced between £30,000 and £50,000 could add the most value of all, upping your selling price by £75,000 to £100,000. You’re creating a larger living space with the building. Replacing walls with bi-folding doors is another way of creating space. The initial cost is also much cheaper. With these improvements, you could feel like you’re living in a brand new house without the expense of moving.

Should you decide to improve rather than move, you can post your home improvement job here to find a tradesman
Discover more property articles at Homes and Property
Life and Style
tech

Sales of the tablet are set to fall again say analysts

News
A Brazilian wandering spider
news

World's most lethal spider found under a bunch of bananas

Life and Style
fashion

British supermodel and hitmaker join forces to launch a 'huge song'

News
news

The Duke and Duchess of Cambridge announce they are set to welcome second child in spring

PROMOTED VIDEO
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Year 2 Teachers needed for day to day roles

£110 - £130 per day + Competitive rates of pay: Randstad Education Reading: Ye...

Primary General Cover Teachers needed

£110 - £130 per day + Competitive rates of pay: Randstad Education Reading: Pr...

NQT Job Opportunities

£85 - £100 per day: Randstad Education Chester: Are you a Newly Qualified Teac...

Reception Teacher

£110 - £130 per day + Competitive rates of pay: Randstad Education Reading: Ca...

Day In a Page

Oscar Pistorius sentencing: The athlete's wealth and notoriety have provoked a long overdue debate on South African prisons

'They poured water on, then electrified me...'

If Oscar Pistorius is sent to jail, his experience will not be that of other inmates
James Wharton: The former Guard now fighting discrimination against gay soldiers

The former Guard now fighting discrimination against gay soldiers

Life after the Army has brought new battles for the LGBT activist James Wharton
Ebola in the US: Panic over the virus threatens to infect President Obama's midterms

Panic over Ebola threatens to infect the midterms

Just one person has died, yet November's elections may be affected by what Republicans call 'Obama's Katrina', says Rupert Cornwell
Premier League coaches join the RSC to swap the tricks of their trades

Darling, you were fabulous! But offside...

Premier League coaches are joining the RSC to learn acting skills, and in turn they will teach its actors to play football. Nick Clark finds out why
How to dress with authority: Kirsty Wark and Camila Batmanghelidjh discuss the changing role of fashion in women's workwear

How to dress with authority

Kirsty Wark and Camila Batmanghelidjh discuss the changing role of fashion in women's workwear
New book on Joy Division's Ian Curtis sheds new light on the life of the late singer

New book on Ian Curtis sheds fresh light on the life of the late singer

'Joy Division were making art... Ian was for real' says author Jon Savage
Sean Harris: A rare interview with British acting's secret weapon

Sean Harris: A rare interview with British acting's secret weapon

The Bafta-winner talks Hollywood, being branded a psycho, and how Barbra Streisand is his true inspiration
Tim Minchin, interview: The musician, comedian and world's favourite ginger is on scorching form

Tim Minchin interview

For a no-holds-barred comedian who is scathing about woolly thinking and oppressive religiosity, he is surprisingly gentle in person
Boris Johnson's boozing won't win the puritan vote

Boris's boozing won't win the puritan vote

Many of us Brits still disapprove of conspicuous consumption – it's the way we were raised, says DJ Taylor
Ash frontman Tim Wheeler reveals how he came to terms with his father's dementia

Tim Wheeler: Alzheimer's, memories and my dad

Wheeler's dad suffered from Alzheimer's for three years. When he died, there was only one way the Ash frontman knew how to respond: with a heartfelt solo album
Hugh Bonneville & Peter James: 'Peter loves his classic cars; I've always pootled along fine with a Mini Metro. I think I lack his panache'

How We Met: Hugh Bonneville & Peter James

'Peter loves his classic cars; I've always pootled along fine with a Mini Metro. I think I lack his panache'
Bill Granger recipes: Our chef's heavenly crab dishes don't need hours of preparation

Bill Granger's heavenly crab recipes

Scared off by the strain of shelling a crab? Let a fishmonger do the hard work so you can focus on getting the flavours right
Radamel Falcao: How faith and love drive the Colombian to glory

Radamel Falcao: How faith and love drive the Colombian to glory

After a remarkable conversion from reckless defender to prolific striker, Monaco's ace says he wants to make his loan deal at Old Trafford permanent
Terry Venables: Premier League managers must not be allowed to dictate who plays and who does not play for England

Terry Venables column

Premier League managers must not be allowed to dictate who plays and who does not play for England
The Inside Word: Brendan Rodgers looks to the future while Roy Hodgson is ghost of seasons past

Michael Calvin's Inside Word

Brendan Rodgers looks to the future while Roy Hodgson is ghost of seasons past