"Hidden cost" of moving home £860
09 July 2003
Homebuyers are advised to save for the "hidden costs" of moving house.
The Abbey National explains that, on average, most homebuyers will need up to an extra £860 to cover the hidden costs of moving, in addition to the major buying expenses such as deposit, solicitor's fees, estate agent's fees, removal and stamp duty.
Removal can cost anything from £300 in Sheffield to £600 in London for a three-bedroom semi.
Immediately after the move, there are initial costs to get the house up and running, such as getting new keys cut, replacing light bulbs, phone connection and Post Office mail redirection services.
Other "hidden costs" include changing address on documentation, parking permit applications, stocking up on household basics and cleaners' costs.
Alexia Kilby, Abbey National's Head of Savings Marketing, advised, "When budgeting to pay for a house move, it is important to include enough for the cost of the actual move and the unexpected expenses incurred in the following weeks.
"Paying regularly into a savings account will ensure you can cover all these post-move costs and also help you prepare for paying monthly mortgage repayments."