Moving house is a stressful experience, and it can be even more expensive than you expect.
According to new research from Compare The Market, almost seven in 10 households (equating to 69%) have been shocked by surprise fees when moving home. And, on average, these hidden fees could cost almost £6,000 at £5,837.
The most common surprise costs when moving house include legal fees, which are often larger than expected (41%). Meanwhile, one in four movers (26%) noted the cost of paying for the move itself, including hiring a removal van or paying for short-term storage during the process.
Likewise, more than one in five reported being surprised by the high cost of mortgage arrangement fees (23%) and the homebuyer survey (22%). And, on average, legal fees per average household reached £1,521, with moving costs levelling out at £349.
Surprisingly, the most expensive area home buyers had to fork out for was unplanned building work, which 15% of households had to contribute towards after purchasing a home. This set buyers back a whopping £6,825 on average.
In itself, buying the bricks and mortar of a home is expensive, but with so many unforeseeable costs, many home buyers are reliant on credit to fund this price tag. According to the data, two in three households (67%) were worried when they uncovered these hidden moving costs: 65% were able to cover the money with their personal savings, but almost one in five (18%) were reliant on their friends and family for help and 15% turned to a credit card or 9% a personal loan.
“We all know that buying your own home is one of the most expensive purchases you’re ever going to make,” Andy Hancock, chief growth officer at Compare the Market, said. “But you might not be clued up on all the additional costs involved in buying a new home, which can be more than £5,000 on top of the house price.”
“Credit cards and personal loans are popular ways to cover these hidden costs if you don’t have enough savings. If you decide to take out a credit card or personal loan it is worthwhile shopping around online and comparing deals to find one that suits your needs and circumstances.”
