The hidden cost of moving house

Brits underestimate moving costs by over £800.

A new study by online estate agent PerfectAgent, has shown that one in four households in Britain underestimates the cost of moving house by over £800.00, the equivalent of nearly two weeks wages.*

● Brits underestimate moving costs by over £800.
● Three out of four people said they went over budget when moving house
● 36% spent most money on repairs and redecorating.

As people focus on the purchase of the house itself, and other costs which include all the extra expenses apart from the actual house price – such as solicitors fees, stamp duty, removals and estate agents fees, other small cost go unaccounted for but soon mount up. Expenditure such as getting out of contracts, repairs and redecorating at both properties as well as cleaning bills are taking home-owners by surprise.

Three out of four people said they went over budget when moving house, 36% spent most money on repairs and redecorating, 23% said getting out of contracts with broadband, TV and internet providers had proved most costly while cleaning bills and takeaways during the hectic moving period were also costly with 16% and 11% going over budget respectively.

However despite all the extra expenses that are part and parcel of moving house, only a third of those questioned had money in place to meet these costs.

Other home movers end up themselves further into debt by taking out loans or borrowing on credit cards (21%), whilst some people are still relying on the bank of friends and family for that extra help (15%). Others sold clothes and furniture on sites like Gumtree or eBay or held garage sales to raise funds.

Where people are making sacrifices to cover the cost of moving house, over a quarter give up trips to restaurants (28%), while one in five forgo foreign holidays (20%) or buying new clothes (18%).

Kamet Batra, founder of Perfect Agent, said: “House prices have continued to increase over the last twelve months and are likely to continue to do so. It’s really key that people look at every potential cost when moving so they aren’t hit by unexpected costs. It is important for people to look at the bigger picture in terms of costs, that includes shopping around for the best solicitor and agent fees as well as looking at the potential hidden costs that might be incurred.”

The new figures come as Perfect Agent launches their service offering fixed fee packages for home movers in the UK. With 5 years of experience in the industry, Batra has developed a modern and efficient platform for home-owners to sell their home for as little as £399.00…

Batra added: “As moving house is such a complex process, it pays for buyers and sellers to do their research beforehand and make themselves aware of the various sources and organisations available to help them stick to their home moving budget.”