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Real cost of moving home

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The average cost of moving home has rocketed to £9,331 in the past year, figures show, with legal fees and stamp duty unsurprisingly the largest part of that. Estate agent, surveyor, land registry and EPC costs will set the typical house buyer back £7,641 - but there's an additional £1,690 eaten up by unexpected fees that could force many into the red. Stamp duty can equally cause a financial headache for those looking to move. On top of this, building insurance costs can amount to £107 and a survey although not a legal requirement but recommended will set you back a further £550. An energy performance certificate is a legal requirement, however, which adds an additional £90 on average.

In addition to these largely anticipated costs, many home movers are being caught out by unexpected charges, such as childcare, self-storage, decorating and pet-sitting fees. Movers cited buying furniture that's the wrong size, paying for decorators, DIY help and extended van hires as some of the most expensive.

A further report found ‘extra’ outgoings such as buying utensils and bedding, paying for a postal redirection service, changing service providers and installing technology, such as Wi-Fi, were the biggest shocks.

To balance the budget, try to plan ahead and really challenge what home move costs you could cut down, or better yet, if there are any you can cut out. Whether it’s storage for belongings, parking and removal vans or even childcare, buying a new house can really take its toll on finances at a time when home movers will be feeling the pinch.

Being prepared for any last minute costs is a first step to make that milestone as smooth as possible.

These are the fees forgotten about most often:

  1. Van removals service
  2. Transport between locations
  3. Installation costs for new technology (eg Wi-Fi, TV etc)
  4. Costs for switching utility providers
  5. New furniture
  6. New household items (eg bedding, kitchen utensils)
  7. Cleaning costs for rented properties
  8. Storage space in between moving
  9. Postal redirection costs
  10. Childcare on 'moving day'
  11. Parking costs in the local area
  12. Decorators
  13. Pet-sitters
  14. Council tax costs

 

Posted by MMB Finance Swindon and Gloucester on 15 August 2019