Brits spending £690 on day of house move!

moving day costs

moving day costsPeople who have moved house in the last three years have spent an average of £690 on moving day costs such as removal, mail redirection, cleaning, storage facility, and insurance.

New research shows nearly 12 million Brits have moved home at least once since 2009, forking out a staggering £8billion on the big day.

A fifth of those surveyed admit these costs were 'unexpected' or 'overlooked'; while almost 40 per cent said the cost of moving was more than they anticipated.

The research by the Money Advice Service shows a quarter of all adults (aged 18+) have moved at least once in the last three years, that figure rises to half of all 18-34 year olds.

However, it's not just the younger generation constantly on the move with a fifth of 35-54 year olds and one in 10 over 55s having moved in this period as well.

With this in mind, is a lack of preparation leaving us unexpectedly out of pocket every time we move?

Costs to consider

Whether it's a big or a small house, you have to be aware of all the potential costs.

First, check how much you can afford to borrow. This should be based on any spare income you have left over at the end of the month, rather than your salary.

Next, go over all the upfront costs involved such as solicitor fees, broker fees and lender fees - not forgetting the removal fees!

Always keep the stamp duty in the back of your mind. This is a percentage of the property value that you have to pay when you complete on the mortgage, but only if your home is worth £125,000 or more.

Planning a move this summer?

If you are, then ask yourself how much money should you be budgeting for and how can you cut costs to be a smarter mover?

To help you prepare, the Money Advice Service is launching its new Smart Move campaign with a new online tool to help you cope with the costs of moving called Smart Mover - a moving day cost calculator.