The latest research suggests that home movers in Britain spend a collective £10billion on taxes and services such as solicitors fees, home removal costs and stamp duty. Many of these costs are not budgeted for.
Moving home costs a typical UK family an average of £23,800 in hidden fees over a lifetime.
The figures, released by the Co-operative Bank, show that found that around 56% of property owners had money saved to cover these costs, while nearly half didn´t. Of those who couldn´t cover the hidden costs of moving themselves, 15% borrowed money, whilst 5% relied on the goodwill of family and friends to help them out.
A contingency fund is the ideal solution to help cover the various fees and taxes that not everyone realises they will accrue when they purchase a property, particularly those with no previous experience in the market, such as first time buyers.
The research also shows though most Britons (57 per cent) are not prepared to make sacrifices to be able to afford the home they want, 28 per cent give up overseas holidays for their home, 21 per cent no longer eat out and 18 per cent stop buying new clothes.
One in ten property-loving Brits will go even further to have their own home, such as changing careers or putting off plans to start a family.
Head of Mortgage at the Co-operative Bank, John Barker, said: “Moving house is such a complex process, so it pays for buyers and sellers to do their research beforehand. As house prices have continued to increase it is important for people to look at the bigger picture in terms of costs.”
If you want to sell property fast without the hidden costs, or want to find out more about equity release, contact Swift Capital today.
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