Cut €5,600 off moving costs with 5 simple tips
Recent research by Switcher.ie found that households could save almost €5,600 with five simple steps
AS house prices continue to soar, cash-strapped buyers will want to keep any moving costs to a minimum. Though some costs are unavoidable, recent research by Switcher.ie found that households could save almost €5,600 with five simple steps.
Legal costs, which cover the transfer of your old home to its new owners, can be charged as a flat fee or, more usually, a percentage of the purchase price: typically between 1 and 3%. Prices vary, so you should always compare multiple quotes. Though cheapest isn’t always best, opting for a fixed fee could save you thousands.
Fixed-rate example + VAT: €1,783. 1% of house price + VAT: €4,120 (based on 1% of the median property price in Ireland in April 2024 – €335,000). Saving: €2,337.
Though prices differ from agent to agent, they'll typically cost between 1-3% of the house sale price. Some estate agents also offer fixed instead of commission-based fees, which could cut prices significantly – but always compare quotes before listing your property. Remember to do your research and look for fully licensed agents with a good reputation and experience in dealing with properties similar to yours.
Fixed-rate example + VAT: €1,475. 1% of house price + VAT: €4,120. Saving: €2,645.
Removals can be one of the heftiest expenses when buying a new home. The distance, the number of bulky, heavy items, and the day of the week you move all impact the price and the level of service required. Declutter as much as possible, choose an off-peak moving day midweek, and consider packing yourself to cut average moving costs by 40%.
Example cost: €1,350. Example 40% saving: €540.
You’ll need mortgage protection insurance to pay out and clear your mortgage balance if you die during the term. Though it’s not compulsory, you can opt for a policy with your mortgage lender or shop around for a less costly plan that matches your needs. In both cases, always read the policy documents carefully. According to Emero Insurance, the average cost for dual mortgage protection in 2023 was around €30, but the premium will depend on a range of factors. Some providers, like Zurich, offer a 15% discount on online policies.
Example cost: €360 per year. 15% saving: €54.
You’ll also need home insurance to protect your new home in the event of fire or other damage, and you could qualify for a multi-policy discount of around 5% when you buy another insurance policy – like car or mortgage protection – from the same insurer. Buildings insurance covers the structure of your home - all four walls and the roof, as well as all permanent fixtures and fittings - but you’ll also need contents insurance to cover personal possessions like clothes, jewellery and home furnishings.
Example cost: €655 per year. 5% saving: €33.
“Moving home can be an upheaval, but doing your research, planning ahead and comparing costs can make for a smoother changeover and save you thousands,” said Eoin Clarke, commercial director of Switcher.ie.
“Opting for a mid-week move, decluttering where possible, and packing things yourself can minimise removal costs, while a fixed-rate solicitor or estate agent fee can be considerably cheaper than a percentage-based one.
“Remember to research first, be wary of hidden costs, compare multiple quotes and read the small print carefully. Bundling your car insurance and home insurance with one provider means you can enjoy a multi-policy discount and save even more.”
