On top of taking out a bigger mortgage, there are other costs to factor into your budget, including estate agent, survey and conveyancing fees, stamp duty charges and moving costs.
Stamp duty charges start at 1% on properties bought for between £125,000 and £250,000, rising to 7% on those valued at more than £2 million. So if you bought a house for £350,000, you’d have to pay £10,500 in stamp duty at 3%.
You can expect to pay around £1,000 if you hire a removals company to transport your belongings to your new house.
Once you’ve calculated all the costs involved in moving you can decide whether improving your home is the better option.
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