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Do You Know The Hidden Fees When Moving Home?

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Thu 08 Oct 2020

Do You Know The Hidden Fees When Moving Home?

Moving home at the best of times is a stressful activity, and this is even more true right now. You’ll also find moving home is expensive, and there are many unexpected costs involved with the moving process.

At Coakley & Theaker, we want people to make an informed decision at all times. If you have any questions regarding the moving process, please get in touch, and we will be happy to assist you.

Prepare yourself for hidden 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.

The same study also found 63% of people were unaware that moving home regularly can have a negative impact on their credit score. This is something which might affect people, so it is vital you familiarise yourself with the challenges of moving home.

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

Stamp duty is inspiring moves across the country

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 Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.