Moving Costs Rise and Buyers Are Unprepared

Moving Costs Rise and Buyers Are Unprepared

New research has found a significant rise in the costs involved in moving house over the past decade. This data also shows that the vast majority of buyers underestimate these costs and don't prepare themselves fully.

The research carried out for Post Office Money showed that costs have risen by over 50% since 2004. The average cost to move house is now £11,844. When potential buyers were asked how much they expected to spend, they severely underestimated the amount, quoting an average of just £6,895. In total, 84% of the buyers who were asked undervalued the true costs involved in buying a property.

The information was taken from data released by the Centre for Economics and Business Research. It showed that the cost of moving was only £7,475 a decade ago, and that it has risen by 20% over just the past 12 months. In addition, there has been a rise in estate agent fees of 61%, and overall property prices have gone up by 39% in 10 years.

Plan Ahead

If you're currently looking to move, or thinking about it in the near future, then it's essential to plan ahead and be prepared for all the costs that are involved. You shouldn't just concentrate on the deposit required by your mortgage provider, as this could leave you in a dire financial situation if you haven't allocated enough for all the other areas. These costs can quickly build up if you're not prepared.

Look at Improving

With the cost of moving house now at such a high level, it might be too expensive for you to even consider. If this is the case, or you want to use your available budget more efficiently, you might want to think about improving your current property instead. There are a number of ways that you can add to the overall floor space you have, and it means that you don't have the added expense or hassle of moving property.

This could include adding an extension or converting the loft or garage to provide further living space. If you have the outdoor space available, there's also the option of attaching a balcony on to your property. These can be designed in a variety of styles and could include the use of a wrought iron balcony railing.

Whether you end up moving house or adding to your existing home, there will still be costs involved. However, it's important to spend your available budget wisely and make the best choices for you and your family.