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Brits underestimate the cost of moving

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
27/08/2015

People moving home underestimate the costs of moving by around £630, a financial services firm has suggested.

Data compiled by Ocean found that a third of movers underestimate the cost of moving between properties, and spend more than they originally expected.

Almost one-in-four people spent £1,000 over their budget and the typical homemover spent an extra £630 on their switch.

Almost 13 million adults have moved properties in the last two years, including those moving between rented properties, homeowners and first-time buyers.

The biggest cost was generally the cost of hiring a removal company and more than a quarter of people miscalculated that spend, Ocean said.

Almost a quarter (24%) also had to pay for a skip or cleaner, despite not budgeting for it. Other costs included getting post redirected and 19% were so exhausted by the move they relied on takeaway dinners.

A fifth of respondents had to pay for storage while organising their new property, particularly those who had chosen to downsize.

Gareth Shilton, spokesman for Ocean Finance, said people needed to sit down and calculate their outgoings more thoroughly.

“When you are thinking about moving house, it’s very important to consider the real cost of moving,” he said.

“The best way to cope with the extra cost of moving house is to plan ahead so you know exactly what you’ll have to pay for. Make a detailed list of your expenses and save some extra cash so you can enjoy your first-night takeaway guilt-free.”

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