One of the biggest hurdles people face financially when moving is Stamp Duty. It’s had several tweaks in recent years but the principles remain the same.
On completion, the buyer is billed via a conveyancing solicitor for Stamp Duty, a tax paid to central government.
You can actually work out what you’d pay with this handy calculator.
If you paid an average property price in Norwich which currently stands at £238,287 you’d stump up £2260 as a tax. It would be less obviously if you’re based in places with lower average prices like Great Yarmouth, Gorleston, Lowestoft or King’s Lynn, but head for the North Norfolk honeypots of places like Blakeney where the average property price exceeds a cool million and you’ll be paying over £40,000 in Stamp Duty.
That’s a lot of money?
There is a suggestion though in high politic circles that the financial burden of stamp duty should shift to the sellers.
That family who buy a typical Norwich home would no longer have to find £2260, the seller would.
That owner in Blakeney or Burnham Market would have to find £40k plus.
At Envision CAD, we get asked to plan architectural extensions and conversions for domestic and commercial properties. We do feel that extending may well be a better way of investing than expending your savings and equity on Stamp Duty, don’t you?
There’s no hard and fast rules about extension costs but you can get ballpark figures from websites like this.
You don’t have to spend North Norfolk stamp duty money either to improve living spaces: you can convert a garage or loft space cost-effectively.
Ideal Home makes one of many excellent suggestions:
“When you have initial meetings with architects, surveyors, structural engineers and even builders, ask about their experience in working on low-cost projects and make your budget clear from the start. If they are happy to proceed on that basis, ask if they can produce planning and building regulations drawings for a fixed price.”
It’s something we can help you with at Envision CAD.
Contact us today.