Moving Expenses Are Not What They Used To Be: How COVID-19 Made Your Move More Expensive (And Yet Cheaper!)
You may well have been tempted to strike when the iron is hot in this pandemic, spurred by the Chancellor’s announcement last year of a temporary stamp duty holiday, and to buy new property.
We don’t blame you for loving these apples. Despite the timely measure of the Chancellor, who it is extended until June 30, 2021 and that reduced the overall cost of the move by 39%, you’re still going to pay more than before.
So what is going on here?
We put on our best Sherlock Holmes caps, polished our magnifying glasses, and took a closer look. We then followed it up with some tips on how to avoid unexpected moving expenses.
And it’s nothing complicated; in fact, it is elementary, our dear Watson!
The consumer organization Which one? released statistics from our industry counterparts at Reallymoving which revealed the cost of the move had climbed.
A surge in house prices after the introduction of the stamp duty reduction appears to be the culprit, and rising house prices have led to some of the additional costs associated with the move rising.
This means that you will have to pull out your spreadsheet again and create enough wiggle room in your budget to cover the following approximate costs:
- £ 3,936 estate agent fees
- £ 1,682 in legal fees
- £ 450 for a home survey
- £ 546 for removals (although this can vary between £ 300 and £ 600)
- £ 55 for an energy performance certificate
Real estate agent fees and legal fees are the biggest moving expenses and also saw the biggest increases (14% and 15%) respectively. Home surveys are around 10% more expensive and moves (sorry!) Have increased by 3%. The good news: your energy certificate remains at the same price for the time being.
Location, location, location
Thanks to the stamp duty holiday, the average cost of a move drops from £ 10,9111 to around £ 6,669, putting around £ 4,000 back in your pocket.
But your location will have a big impact on your savings. If you’re in London, vacations reduce moving costs by 52%. If you are in the South East, East or South West of England, you will save 53%, 47% and 40% respectively on your move.
Falling house prices in Northern Ireland, North East England and Wales meant stamp duty was already lower in those areas. This means savings of around 20%, 17% or 22% on your moving costs, depending on where you are. Better than a kick in the butt, we say. Or maybe you like a good kick in the butt… we’re not here to judge!
Avoid unforeseen moving costs
Christmas can make it feel like it’s early if you move (we’d be happy enough with a space hopper!), But you need to be on your guard, which is why we’ve covered how to avoid unexpected moving expenses with the tips below.
Check your insurance policy
Insurance companies are cunning little devils, so check your insurance policy first to see exactly what it covers and under what circumstances when it comes to your move. Don’t assume that your insurance provider will foot the bill for any breakage or other damage that occurs during your move.
Use a professional moving service
Insurance companies prefer professional moving services. When the company packs your items and transports them for you, the insurer can be more compassionate if your precious 50 inch LCD TV or other property ends up with a global crack along the way.
If, however, you chose to do it yourself or hire a non-professional with a van, your insurance company is likely to shrug, refuse to spit, and run away before berating them. . You are alone, in other words.
That is why we suggest you find a professional moving company to take care of your move. On our site you will find many reliable and professional moving service providers who can carry out your moves responsibly.
So if you are making hay and moving while the sun is shining, know that your move could cost you more than you thought. In addition to countering the potential unanticipated costs of moving, you should also make sure that you leave rental units clean and with the facilities in working order and pay unpaid bills so that they don’t come back and bite you.
Now, Watson, where did we put this violin?
This was posted in the Member News section of Bdaily by Left Brain Digital.