- 28
- Jun
A new study shows that the average cost of moving home throughout a person’s lifetime averages around £23,800. The study reveals that homebuyers often underestimate hidden costs such as solicitors’ fees, stamp duty, removal costs and estate agent fees.
Experts advise homebuyers that as the price of houses continue to increase that it is important for people to look at the bigger picture in terms of costs and budget for these additional fees that most home buyers rarely consider when purchasing a home.
The majority of homebuyers in Britain are not prepared for these hidden costs and do not have a contingency fund in place to cover these unexpected fees. It is estimated that only half of Britons have a contingency fund in place when they purchase a home to cover the hidden costs involved with the purchase. Buyers are frequently relying on personal loans to when it comes to down payments and other moving expenses.
Fifteen percent of home movers resort to additional loans and credit cards to cover the costs of moving and five percent rely on relatives for extra help. Around fifty-seven percent of homebuyers are not prepared to make the sacrifices needed to afford the property they want. However for those who do make the sacrifices it is found that one person in four skips holidays abroad and one in five give up eating out and buying new clothes. There are those who make larges sacrifices such as a change in career or they put off starting a family in able to afford the home of their dreams.
With the price of homes increasing it is important for buyers and sellers to do their research beforehand and make themselves aware of these fees and to be more informed about the option available to them to help with their finances.
