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Failing to budget for the cost of moving home is costing British people £1.3 billion a year, according to new research. Almost 13 million have moved house, either to a new rented property or to home they are buying, in the past two years but a third underestimated the cost of moving home and spent significantly more than they originally budgeted. The research from mortgage provider Ocean Finance also found that almost a quarter of those who under estimated costs spent more than £1,000 over their planned budget. On average, home movers spent an extra £630 each. The top reason for over spending was miscalculating the cost of a removal company, with over a quarter falling prey to this. A further 24% had to unexpectedly pay for a skip, a cleaner or to get their post redirected. And 19% were so exhausted from moving that they opted for takeaway dinners. Some 20% of those moving home downsized and had to pay for storage while organising their new home. A further 14% of movers gave up on DIY projects and called tradesmen to install washing machines or repair toilets. ‘When you are thinking about moving house, it’s very important to consider the real cost of moving,’ said Gareth Shilton, a spokesman for Ocean Finance. ‘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,’ he added. Continue reading →

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