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‘True cost’ of moving home more than £22,000

Many find costs break their budgets

The ‘true cost’ of moving home comes to more than £22,000 once fees and first year costs are factored in, it was claimed today.

Research from Abbey Mortgages found that new homeowners spend an average of £6,289 in the first 12 months on DIY and other enhancements around the house.

When added to the estimated £16,000 cost of legal, estate agent, financial adviser and removal firm fees and stamp duty, it bumps the first year cost of moving home to a total of £22,289.

A survey of more than 1,000 homeowners found that the largest expense to a homeowner after moving is construction, with an average £1,522 spent on building extensions and conversions in the first 12 months.

First year expenses

Next came furniture with an outlay of £1,000.

Research found that almost half of movers discovered that these first-year expenses were more than they had budgeted for.

Nici Audhlam-Gardiner, head of mortgages at Abbey, said: ‘The true cost of moving is clearly a lot higher than many people budget for.

‘The additional expenses incurred during the first year after moving can really catch people out and it is important to budget effectively.’

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