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4 Surprising Costs of Moving That You Must Remember to Budget For

Administration Costs

The Post Office offers a redirection service, but it isn’t cheap. They are likely to charge you up to £60 per surname per year. An alternative is to simply go online and change your address with each company individually. This will cost you nothing other than a few hours of your time. The most important ones to contact are your bank(s), any investment companies and your mobile phone provider.

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Other government agencies may also need to know that you have changed address. One particularly important one is the DVLA, as you will need to ensure that your new address appears on your driving licence (or face a fine). This can be done online here:  https://www.gov.uk/dvla-change-address. Other agencies to keep in mind are the Child Benefit agency, the local council and the electoral register.

Mortgage Fees

Whilst some mortgage providers don’t charge an arrangement fee, many do. You will find that the better the interest rate, the more likely there is to be a high mortgage fee. You will need to decide which suits your finances best, but try not to forget the fee as it will eat into your moving budget if you do.

Estate Agent Fees

Another cost is the estate agent fee when you come to sell your property. Whilst they vary considerably (some, such as a local Gloucester estate agent like http://www.tgres.co.uk/, charge as little as 1%, but you can be charged as much as 3.5% of your sale price), they are unavoidable. It may be worthwhile when you first engage an estate agent to confirm with them whether there will be any additional charges – such as for creating floor plans. These should all be included in the fee .

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The Cost of Changing Address

For some companies or agencies it is absolutely essential that you inform them of your change of address, and unfortunately for these companies it is likely to cost you money for them to make the changes. For example, changing your car insurance address will require an update to your policy, which costs money. Changing your broadband and or TV subscription will also cost you money. However, it may be worth attempting to negotiate the cost of the change downwards, particularly with the broadband and TV providers.

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