As exciting as it is, moving home is a huge strain on your finances. Even those of you who budget for most eventualities will find that the costs just keep on adding up. You will be required to pay costs including stamp duty, legal and agency fees, transportation of your things, insurance, and a whole range of other individual costs. So, to help you get on top of these costs, we’ve put together some of our tips on how to make your next move a little easier, at least from a financial perspective.
Although budgets should only really be regarded as estimates, having one in place will ensure you don’t experience any huge financial shocks during your move. According to data from Barclays Bank, the average cost of moving house in the UK is £8,885. This figure accounts for the following costs:
- Stamp duty
- Valuations and surveys
- Legal fees
- Estate agent fees (for sellers)
- Deposit, mortgage costs, and broker fees
- Removal and storage costs
On top of these expenses, you will also have to think about things like new furniture for your home as well as decoration and renovation costs if required. As you can see, there are so many things to think about, so it’s important to do your sums and prepare a budget.
Even if you end up deviating from the figures, you will at least have a reasonable picture before your moving day comes around.
Look for ways to save money
One of the best ways of alleviating the financial burden of moving house is to look for ways to save money throughout the process. There are so many ways to penny-pinch when you’re moving house, and you can try the following:
Forego professional movers
The average cost of professional movers in the UK in 2021 was £555. If you can rent a big enough van for one or two days and call on friends and family to pitch in and help you out, moving house without the help of professionals presents you with an excellent saving right away.
Sell your house independently
If you’re planning to move out in the near future and are planning to put your house on the market, consider doing so independently, without the help of a traditional estate agent. While this does come with some extra work, you can end up saving thousands of pounds by listing your home yourself or selling privately.
Have a clear out before moving
Research shows that the average home contains 300,000 items! Needless to say, you probably don’t need to take them all with you. Spend some time with your partner going through your things and listing as many of them on eBay as you can. Not only will this save you on the cost of moving them, but it will also earn you some additional cash that you can put towards the move. Bonus!
Apply for a personal loan to help cover the cost of moving house
Now that you have your budget and have identified several cost-saving ideas, it’s time to get your funds in order to pay for the move. At Koyo Loans, we specialise in providing personal loans between £1,500 and £12,000, which could help to cover the costs associated with your move. 24.9% APR Representative.
We utilise Open Banking technology and if you’re eligible, you will have the money in your account in 48 hours. 24.9% APR Representative. Spend some time on our website and use our loan calculator to work out how much you can borrow. We’d love nothing more than to make your moving day as stress-free as possible.