It is highly unlikely that anybody wants to move home when they consider the costs involved. Remember back to your first house purchase and what that took to finalise. Moving home can magnify those costs and be just as annoying. Here are some things that you may wish to consider before moving home.
First of all you will need to obtain a mortgage. This time finding the deposit should be an easy task as you can use the Equity in your existing property. Given that house prices have risen so much it may well be that you have plenty that you can make from the sale of your original home. The next cost to consider is that you will need to engage conveyancers and solicitors to do the legal side of things. Mortgage lenders will transfer funds to these people before they transfer them to you. You will have to pay for a valuation of the property that you’re looking to purchase. This is also true of a new build property however this does reduce the cost as a level one valuation will only be required.
Next you should consider removal firms. You may be able to do this yourself but you will still probably need to hire a van of some kind. Finally, if you are purchasing a property above £250,000 then you will be subject to stamp duty land tax. If you were a first-time buyer before you would have been exempt from this. However, this government Levies a tax that must be paid at the end of the process. Stamp Duty Refunds can be researched at sentientsdlt