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Beware these extra costs of moving

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08/08/2019
Buyers need to budget for ALL the costs of moving home, and they aren't always obvious
Beware these extra costs of moving

Brits spend an average £670 in additional costs every time they move, according to Moneysupermarket.

And that’s on top of any estate agent fees, deposits and legal fees they face, said the price comparison site.

While you may know about the major costs of moving house, what else do you need to budget for?

Hidden costs

The priciest ‘extra’ outgoings include buying household items, such as utensils and bedding (50%), paying for a postal redirection service (39%), changing service providers (32%) and installing new technology, such as Wi-Fi (31%).

Over a fifth (22%) have also been stuck with paying for a ‘man with a van’ to help them move, while one in 10 (12%) have paid for professional storage between properties.

Moving on up

On top of the average £670 in hidden costs, a tenth (12%) have spent a further £600 or more on deposits, while 8% of Londoners have spent over £1,000 on deposits over their lifetime.

While the average person moves just over five times, 11% of ‘serial movers’ have relocated 10 or more times, at an average cost of at least £6,700. Despite this, nearly a third (32%) of renters have never insured their contents, putting them at risk should items get damaged when moving.

Rachel Wait, consumer affairs spokesperson at Moneysupermarket, said: “Our data shows that the average person moves five times and although this can be stressful, one way to ease the worry is to make sure your belongings are protected at all times.

“If you already have existing cover, you can contact your insurer to transfer it to your new address. Most contents policies will also protect your belongings against damage or loss while they’re in transit from one property to the next, but you’ll need to use a professional removals firm – many of which have their own insurance – to benefit from this protection. If you’re ever in doubt, contact your insurer directly before you move to check the terms of your policy.”

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