Hidden costs of moving house: Brits spend an additional £670 each time
Moving house can be a stressful time, and trying to do so within budget can be tough - especially when there are hidden costs.
Price comparison website MoneySuperMarket has revealed that Brits spend an average of £670 in additional costs each time they move.
This is on top of estate agent fees, deposits and legal fees that many people face when renting or buying a home.
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%)
- Installing new technology, such as Wi-Fi (31%)
Over a fifth (22 per cent) of people moving house have also been stuck with paying for a van to help them move. One in 10 (12 per cent) have paid for professional storage between properties.
Millennials relocating more frequently
Research found that those aged between 25 and 34 have already moved 4.7 times, compared to 5.5 times for those aged over 55, suggesting that millennials relocate more frequently than older generations.
On top of the average £670 in hidden costs, a tenth (12 per cent) have spent a further £600 or more on deposits.
For those living down south, eight per cent of Londoners have spent over £1,000 on deposits in their lifetime.
The study determined that while the average person moves just over five times, 11 per cent of so-called ‘serial movers’ have relocated 10 or more times.
This comes with an average cost of at least £6,700, explains Money Supermarket.
Common reasons for moving house
Common reasons for moving home include:
- Needing more space (29%)
- Moving in with a partner (28%)
- Rent being too high (9%)