Unexpected costs when you move home

August 26, 2016 by Brendan O'Neill

Home owners

You may be aware of the main costs of moving home, like the removal firm, conveyancing costs and the survey, but do you have sufficient funds to cover the costs of some of the extras which you may not have considered.

When you look at the various mortgage products available to you, the interest rate will probably be the most important factor in your decision making. However, the mortgage fees can soon add up and if they are added onto the mortgage, you will pay interest on it for the remainder of the mortgage term. It is far better to seek advice from a mortgage adviser, as they have taken a CeMAP course to ensure they have knowledge of various products and their overall costs.

When you move to your new home, you will possibly have to pay admin fees for basic changes of address. You may have to pay for a new phone line or to change your broadband provider. When you change your address on your car insurance, you may have to pay a fee for the paperwork.

If you are moving to a larger home or to a sought after area, you may have to pay more council tax. Check your household bills prior to buying a home so that you will know whether you are going to be expected to pay more.

Insurance and other services may also be more expensive in your new home, which can add up to hundreds over the year. Check all your household costs before moving so that you know that you can afford them.