Brits need to budget an extra £2,000 when it comes to buying or renting a new house, according to Admiral Home Insurance.

If you don’t have the extra cash handy, you could be caught out by some unexpected and unwelcome expenses.

The cost of deposits and associated legal fees for both buyers and renters are well known, but the insurance firm found that the expense of moving doesn’t end there. However, over a third of Brits say they weren’t fully prepared for the cost of moving house and admit they could have done more research to help plan their budget.

Admiral found the following extra hidden costs, which total an average £2,000.

Have you budgeted for these costs?

Sponsored

Home Removal service – £353
Storage space – £532
Professional cleaning – £147
Painting and decorating – £873
Post redirection – £34

TOTAL COST – £1,939

On top of these moving costs, some people have to factor in additional costs such as childcare or pet care, as well as time out of the workplace – 46% of Brits took time off work last time they relocated and most took between three and six days off.

Most expensive place to move

Brighton is the most expensive city for house movers outside of London, followed by Southampton and then Oxford.

Aside from deposits and legal paperwork, people moving in Birmingham face the lowest costs for actually moving home, followed by Newcastle and Plymouth.

Noel Summerfield, head of household Insurance at Admiral said: “Regardless of whether you’re buying or renting a house, there are lots of different costs you need to factor in, so it’s important to do your research beforehand to make sure you budget enough to cover everything you need.

“It’s very easy for insurance to slip off the list of things to think about, but this could leave your belongings and your home at risk when moving. It’s vital to have your contents insurance sorted out before the day of the move because accidents can happen and the last thing you want is for your belongings to be broken or damaged during an already stressful time.

“When it comes to home insurance for your new address it’s always best to get it sorted out as early as possible, so you’re covered from the get-go. If you’re buying your new home, make sure you have buildings cover in place when you exchange contracts. Your insurer may be able to transfer your existing policy to a new home, but there may be differences depending on the situation so it’s important to do your research.”