The Hidden Costs Of Moving Home
Brits fork out £10 billion a year on moving home
Experts seem unable to make up their minds about whether the future spells boom or bust for the UK's housing market. While some financiers claim the country's rocketing house prices are heading for a crash others still believe the market is strong despite prices being completely out of line with average earnings. They say buying a new home and moving house has almost always been one of the most expensive and stressful changes we ever make in our lives.
The average Brit will spend £7000 a year on the hidden costs of moving home, such as solicitor's fees and removal vans. Four in ten of us find the high expense the most stressful part of changing address. Almost half of us will sacrifice holidays abroad or eating out and others will even switch jobs to be able to afford their dream home but 6% of people still end up in debt after moving
John Barker, Head of Mortgages at The Co-operative Bank, comments "As house prices have continued to increase it is important for people to look at the bigger picture in terms of costs. Hidden costs that are not budgeted for can soon mount up and by having a contingency fund in place it will enable people to be fully prepared for any eventuality. "
Coming up with the cash to buy the perfect home is just the first of countless panics and worries we go through before settling in at our new address. Nearly half of movers suffer sleepless nights worrying about moving their furniture and whether it will even fit in the new house while others stress the move will upset their pets. Some become so distracted by all the different things they have to remember when moving they forget to take their pets with them when they quit their old home. A few even admit to leaving the tap on and flooding their old house by mistake, giving the new owners a nasty surprise when they walk through their new front door.
House-buyers want all the help they can get from estate agents, banks, friends and family but 63% have never tried going online despite the huge number of different websites available offering advice.
John Barker adds, " 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 for advice. Becoming more informed about the options available should lead to healthier finances in the longer term."
You can visit www.co-operativebank.co.uk/movinghome for advice on how to make your house move a little easier.
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