People who have recently moved home were faced with unexpected costs totalling £17 billion, new research from MoneySuperMarket has revealed.
Two-fifths (39 per cent) of the more than 500 recent homemovers who took part in the online survey said the move cost more than originally planned. The average extra spending per move stands at £5,000.
The majority of people (63 per cent) had to use savings to cover the additional expense, while 16 per cent used credit. More than one in ten (11 per cent) asked their parents for help.
Buyers and renters also pay more than anticipated
Homebuyers and renters often have to pay extra as well. Those who bought their home paid over £6,000 more than expected on average, while renters overpaid more than £3,000 each, the survey found.
High stress of moving affects personal life
Most people expect to be stressed out when moving and 86 per cent of respondents confirmed the experience was stressful. Of those, more than half (55 per cent) said it was more stressful than they had expected, the research shows.
Moving home proved especially trying for a fifth of movers, who could not concentrate on work. Another 20 per cent said they had arguments with their partners as a result of moving house.
Dan Plant, consumer expert at MoneySuperMarket said:
“Whether for the first time, or stepping up the ladder, moving home is a momentous life choice for people to make. There is so much to consider, both before, and after keys are handed over, and as it takes an average of six months just to find a property, it’s understandably stressful and has a knock on effect in all aspects of people’s lives. It should be a really exciting time, but unfortunately the most common words people associate with moving are ‘tiring’, ‘draining’ and ‘frustrating.’
“Moving house doesn’t have to be a completely arduous process. Being as prepared as possible will help ease the angst. It’s important to consider all costs involved so you aren’t hit with an unexpected bill at any point – from the mortgage, surveys and stamp duty, to removal hire and any other necessary additions to the new house. Simple steps such as creating a checklist and timeline will also alleviate the extra pressure on your relationships, job and health.”
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