When moving home, the main financial focus is usually on deposits, mortgage repayments and stamp duty. Legal fees and – if you are a seller – estate agent commission will also be on your radar.
But a new study has found buyers may also want to consider budgeting an additional £750 on top of all the other expense to cover the cost of actually moving house.
This is because research by MoneySuperMarket has discovered Brits are spending, on average, just under this amount (£748) each time they move.
And it would seem this figure is rising fast. Indeed, the study found the average person moves five-and-half times over the course of their life. Researchers calculated, based on the current cost of moving, this meant they would pay a grand total of £4,116 in their lifetime in additional moving costs.
This is an increase of 12% from the average £3,688 reported last year.
Jo Thornhill, money expert at MoneySuperMarket, said: “The cost of moving house is a well-known challenge for Brits. It’s an issue that has come into sharp focus over the past 18 months with the housing market booming in response to government incentives like the stamp duty holiday.
“What is less well known are those additional costs of moving that can add a significant amount to your bill, over and above items like stamp duty, legal and estate agency fees.”
What are these costs for?
So, what’s eating up this additional £750 for home movers? According to the price comparison site, new furniture is the most common extra spend for people moving to a new home along with the purchase new bedding and kitchen utensils.
Paying for post to re-directed and changing bill providers also eats into the moving home budget of many people. And, of course, there’s the cost of removal itself with a quarter of those quizzed hiring a firm to help them transport their belongings.
Jo added: “If you are considering moving, factor in things like cleaning, new household items, temporary storage space and professional movers to make sure your treasured possessions get from A to B safely and, crucially, to make sure you aren’t surprised with any unexpected bills.
“It’s also important that you have contents insurance before transporting your items to their new home – most policies will provide cover for your belongings against damage or loss while they’re in transit from one property to the next.
“But make sure you use a professional removals firm – many of which have their own insurance – to guarantee you benefit from this protection.”
