Be Ready For Additional Costs Of Moving Home

If the stamp duty holiday has inspired you to be active in the housing market, you are not alone. Many prospective buyers appreciate the chance of saving money, and the local market has been active in recent months.

However, if you are planning on moving soon, you should be ready for additional costs of moving home. If you don’t budget accordingly, you might find the cost of moving puts you under severe financial pressure.

Moving home is often expensive

Research carried out by MoneySuperMarket suggests the average household spends close to £700 in hidden fees when they move home. With the same source finding 19% of British people move a minimum of nine times in their life; the potential lifetime expenditure on hidden fees is over £6,000.

The same study also found 63% of people were unaware that moving home regularly can have a negative impact on their credit score. -impact-

According to the study, the most expensive city for hidden costs when moving was Coventry, with fees of £841. The most affordable city for hidden fees when moving home was Gloucester, with unexpected fees of £360.

Are you ready for these additional fees?

The top six most common additional fees for British home movers are:

• Bedding and kitchen utensils, cited by 53% of respondents

• New furniture, also cited by 53% of respondents

• The cost of having mail re-directed, listed by 39% of respondents

• The cost of having Wi-Fi installed, said by 36% of respondents

• Having to change bill providers, named by 34% of respondents

• 24% of respondents listed the cost of removal services

The study also uncovered the three most common reasons for moving:

1. 31% of respondents saying they want to own their own place

2. 29% cited moving in with a partner

3. 28% saying moving to a larger home

Kate Devine is the Home Insurance spokesperson at MoneySuperMarket, and she said; “With the housing market boosted by the Chancellor’s stamp duty holiday, many of us are considering moving home. Whether you’re buying or renting, make sure you’ve factored in all the potential costs you expect to incur.”

Kate continued by saying; “If you’re buying a home, our research shows that it’s not just stamp duty, legal and estate agency fees that should be on your checklist, but also things like cleaning, new household products, temporary storage space and professional movers to make sure your treasured possessions get from A to B safely.”

Kate Devine concluded by saying; “To protect you in case things go wrong when you move, we would recommend 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.”

We know this is a challenging time, and for many households, the thought of buying or selling property is far from their mind. However, we also know many people are keen to keep themselves entertained, and some people may have property market issues. If we can be of any use to you, please contact Harpers Estates, and we will be more than happy to assist you.