Cost Of Moving To Become A Homeowner [Infographic]
From Renting To Owning Moving Costs
It might seem that renting is a great idea for a while, until the day comes when you decide you want to become a homeowner. You cruise the neighborhood, you might search some Internet websites, or you get a real estate agent who is happy to hear what you are looking for and take you to the houses that meet your criteria. Then the day finally comes when you find your dream house and you and yours could not be any happier. It matches your description perfectly. Sure, it needs a few minor adjustments once you move in, but it is good enough for your price range and what you need to start doing your thing, and it just happens to be in the perfect location. Your lease is about to end and you are ready to move. Fortunately for one cost, escrow and whatever was agreed upon in the closing costs has you covered for the house. But the costs of moving from apartment to house are considered the hidden costs and must be covered out of your own pocket.
Whether you are moving out of town or just down the block, it is going to cost you some money to rent a moving van, obtain some moving boxes, and especially cost you in time. These costs are ever-increasing every year, so when you are planning a move, you must take moving costs into consideration. Consider several facts from our infographic:
- The average cost of moving house in 2016 is £10,996 (40% of the UK’s national average salary)
- Surveyors and estate agents have raised their fees by 26% in the last 10 years
- Moving house in London now costs more than £30,000 (an increase of 68% since 2006)
- Following our 4 simple pieces of advice could see you saving more than £3,600.
Read more about the rising costs further in the infographic below.
Infographic from Rhydian Ball, Summary article by Rhydian Ball and Matthew Gates
Click to open / Right-click for save options
Is The Cost of Moving crushing your chances of becoming a homeowner?
Breakdown of Costs
Moving costs have risen dramatically over the last 10 years, with estate agency fees and surveyors seeing the largest increase of 26%.
Many of these costs will have risen in line with increasing house prices, and you also have new costs, such as energy performance certificates (EPCs), which were not a requirement in 2006.
The Cost of Moving Across the UK
With a price increase of 25%, moving home now costs £10,996, which is 40% of the UK’s average salary.
Depending on where you live, moving house can be more, or less, expensive than the UK average.
London champions the top of the list as the most expensive place to move house, with the hefty price tag of £30,000+. This is primarily due to high property prices which drive up the cost of commission based fees, like estate agents and conveyancers.
At the other end of the spectrum is Northern Ireland, which costs just £5,401 all-in. Have a look at the table below to see how much it costs to move house in your area:
How to Cut the Cost of Moving House
Moving house does not have to be so expensive with careful planning. Depending on your location, you can potentially save more than £3,600. Just follow these simple steps:
- Use an online estate agent – Most online estate agents charge a fixed rate for their services, starting at £399. This means the average home can save anything from £2,000 to £4,000.
- Compare conveyancing quotes – Either compare conveyancing companies yourself, or use a comparison website like Money Supermarket. You should also consider using an online conveyancer offering fixed-rate fees which could save you up to £500.
- Compare Removal Companies – Used Comparemymove.com to compare up to six verified removal companies in your area and save up to 70% off your moving day costs.
- Use second hand packing boxes – Take a trip to your local supermarket and ask for any free quality boxes. Doing so could save you more than £100.
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- It might seem that renting is a great idea for a while, until the day comes when you decide you want to own a house.
- You cruise the neighborhood, you might search some Internet websites, or you get a real estate agent who is happy to hear what you are looking for and take you to the houses that meet your criteria.
- Then the day finally comes when you find your dream house and you and yours could not be any happier.
- Whether you are moving out of town or just down the block, it is going to cost you some money to rent a moving van, obtain some moving boxes, and especially cost you in time.
- These costs are ever-increasing every year, so when you are planning a move, you must take moving costs into consideration.