Budget For Additional Costs When Moving Home
With the stamp duty holiday in place, it is easy to see why so many people are busy in the housing market right now. Some buyers are saving as much as £15,000 on the total cost of buying a home.
At Prestige & Village, we are pleased to say we have spoken with many buyers and vendors in recent months. We know the stamp duty holiday has invigorated the market. While it is pleasing to see so many people save money, it is vital you are aware of the additional costs associated with moving home.
If you fail to budget accordingly for these fees, you might not save as much as you think when it comes to moving home. As you know, we stay in touch with the latest market news, and a recent study indicates some movers spend more than they initially planned for.
Have you budgeted for additional costs when moving home?
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.
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 likely to face any of these additional charges?
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:
- 31% of respondents saying they want to own their own place
- 29% cited moving in with a partner
- 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.”
At Prestige & Village, we care about our community, and supporting others. We aim to provide you with as much help and assistance as we can. If you have any property or housing questions, please feel free to contact us today.Back to inspiration