It pays to add up the real cost of buying and selling a home

How much does a house move really cost? From solicitors, surveyors and stamp duty fees to the cost of preparing your house for sale, storing items and removal vans, not to mention the mortgage itself, there are a lot of hidden costs to account for.

Here is a guide compiled by Safestore that reveals what you need to do and how much you need to save to prepare for your move.

*Deposit: Typicall, a mortgage deposit will form between five per cent and 20 per cent of the total value of the property. The rest will be covered by the mortgage, typically provided by a bank or high street lender.The larger the deposit you can provide, the more options you have when it comes to getting a mortgage. A larger deposit means lower interest rates, and a greater choice of lenders.

*Estate Agents: If you’re selling a property, it pays to go with an estate agent as they provide a suggested selling price, photographs of the property, listings in branch and online (including portals such as Rightmove, Onthe Market and Zoopla) and a For Sale board. On average, this works out at around 1.8 per cfent of the final sale price. On a £300,000 property, that’s £5,400 simply to get your property out there for others to see.

*Solicitors: So you’ve found your dream home, but this is when you need the professionals involved. It’s time to get a solicitor. A solicitor or licensed conveyancer is required to carry out all the legal work when buying and selling your home. They act as the middleman between you and the vendor. Other items are also covered within their fees, which typically range from £500 to £1,500, including VAT at 20 per cent.

*Mortgage Fees: There are many charges related to the management and setup of your mortgage. These include a booking fee between £99 and £250, and the arrangement fee, which can cost around £2,000. You have the option of paying these up front or adding them to your mortgage, allowing you to pay them over the full term of your mortgage period. It’s often best to pay these upfront rather than adding them to your mortgage, otherwise you’ll be paying interest on them.

*Stamp Duty: Although moving costs are steadily rising, Stamp Duty is one area that’s fallen in price for a number of homebuyers. Thanks to a sweeping reform to Stamp Duty Land Tax (SDLT) in the 2014 budget, around 98 per cent

of homebuyers will now pay less tax when buying a property. The tax is levied on homes over £125,000.

*Valuation Fee: This is a valuation of the property you are intending to purchase, carried out by your mortgage lender. This is to satisfy the lender that the money they are prepared to lend you aligns with the value of the property. This can vary depending on the type of mortgage you have, with anything from between £150 to £1,500.

*Searches: Solicitors also carry out local searches costing you between £250 and £300. These local searches check the local area for any defects, local area planning or environmental issues that may affect the property you are planning to buy.

*Surveys: These range from A £250 to £600 plus.

*Storage: Buyers and sellers might find themselves having to move into rented accommodation before they can move into their new home. It can also helo if you want to declutter your home ready for viewings. Prices vary depending on how long you need it for and the space required.

*Removal Costs: Vary but start from around £400 for a semi-detached home.

*www.safestore.co.uk/