No one moves home thinking that it is going to be cheap. However, it turns out that many people are moving without being aware of all the costs involved in the process.
There are actually a lot of hidden extra costs that people are not budgeting for, making the moving process even more stressful than it already is.
Brits Are Failing to Budget Properly
New research has come out from Admiral Home Insurance suggesting that people moving home in the UK are budgeting £2,000 below what they actually need because of the potential hidden costs involved. This applies to people who are moving into either rented or owned property.
The Hidden Costs of Moving
It looked at all of the major expenses that people have to pay when they move home, along with their average cost in the UK. It found that along with the costs surrounding deposits and legal fees, there were other hidden costs that could add as much as £2,000 to the moving bill.
First, there is the removal service, which has an average UK cost of £353. On top of this, many people need to use storage facilities when they move homes. In fact, a whole third of movers claimed that they had to use storage facilities during their move, and this has an average cost £532.
Then there is:
- The cleaning service, which has an average cost in the UK of £147
- Painting and decorating (£873)
- Redirecting post from the old address (£34)
All in all, the average costs add up to a staggering £1,939 (not great if you have not budgeted for this!)
Even More Hidden Costs
But it doesn’t end there. These may be the main hidden costs when moving home, but there are other costs too.
For example, if you have young children, you may need to arrange additional childcare during the move. And if you have pets, you might have to pay extra for pet care.
Time off work is also a factor, with 46% of people saying they had to take time off when moving home. The amount of time they took off ranged from three to six days. If this is unpaid, it adds to the overall costs.
Most Expensive Location
The total cost may also be affected by where you live. The research found that after London, Brighton tops the list of most expensive places to move home. The next most expensive place for movers is Southampton, followed by Oxford.
At the other end of the scale, Birmingham is the cheapest place to move home, and it is followed by Newcastle and Plymouth.
Are You Prepared?
The research found that many people simply are not prepared for the costs of moving. In fact, a whole third of British people claimed they were not prepared and said that they should have carried out more research to better prepare their budgets.
So if you’re planning on moving home soon, make sure you budget for all the potential costs to avoid going over budget when moving day arrives.