Home movers should budget an additional £1,962 on top of other expenses to avoid being hit by unexpected costs, home insurer Admiral has advised.
Whilst most people put aside funds for their deposit, stamp duty and legal fees, it is common to overlook some of the other expenses associated with moving home.
Admiral has carried out a survey which found 58% of people used a professional removal firm and 26% hired a van. But the cost of using a removal firm has increased by 38% since 2019 according to Admiral – rising from £353 to £486 – meaning Brits will need to budget more.
It’s not just removal costs which are going up. Other costs which many movers may fail to factor in when they are budgeting have also increased since before the pandemic, according to Admiral.
It found 48% of movers used a cleaning company to prepare their home before moving in. This will set buyers back another £151 on average – 3% more than in 2019.
Meanwhile, it is also common for people to use temporary storage which can add another £390 to the bill – costs for this have increased by 46% since 2019, said Admiral.
And then there are decorating expenses to consider. According to the study 45% of movers hire a decorator to spruce up their home before they move in, a job which can inflate their budget by £901.
Finally, don’t forget the cost of redirecting your post. It’s only £34 but worth remembering to put in your budget.
Noel Summerfield, head of household insurance at Admiral said: “Whether moving into a property you’ve bought or are renting, the cost of moving to a new home can quickly add up.
“It’s often the unexpected things that can send budgets spiralling, and our data suggests 44% of people are budgeting less than half the amount of cash they might actually need.
“Moving is often billed as one of life’s most stressful experiences, with 87% of Brits agreeing they found the process stressful last time they moved.
“But a little bit of planning can go a long way, work out what services you will need in advance and compare prices to find the best option for your budget.”
Don’t forget home insurance
Summerfield suggested movers also ensured they put home insurance in place before the moving day.
“Make sure you let your insurer know before the day of the move” he advised, “so your belongings are fully covered.
“We’ve found that people make most claims for TVs, sofas and fridges damaged during a house move. Admiral’s Gold and Platinum tier policies include accidental loss or damage cover to contents if they are being moved by a professional removal company to a new home, but different policies could have different conditions.
“Some professional removal companies will also have their own insurance to cover your possessions whilst they’re being moved. It’s worth checking with any removal companies exactly what loss and damage they will cover in case anything happens during the move.
“If you’re buying your new home, you should also make sure you have buildings cover in place when you exchange contracts. Your insurer may be able to transfer your existing policy to a new home, but it’s always best to check.”
