How to Cover the Costs of Moving House
Moving into a new home or apartment is incredibly exciting. But whether you're buying or renting, the cost of moving can add up quickly. How can you make sure you have enough to cover the deposit and van rental and still afford that beautiful new rug?

The circumstances of each move will be different, but generally, you'll need to prepare for some of the following expenses:

  • Rental deposit and upfront rent (if renting)
  • Stamp duty (if buying)
  • A moving company or a rental van
  • Furniture
  • Kitchen supplies
  • Storage options
  • Postal redirection
  • Estate or lettings agency fees
The Average Cost of Moving House
According to Barclays, if you're buying a property, the average house move in the UK costs an astonishing £8,885. However, this can vary greatly depending on where you live.

For tenants moving into a rental property, the cost of moving is around £1,175 (or £2,043 in London).
What Will I Need to Save Money For?
Whether you're buying or renting, there are some general costs you can expect to pay when moving home.

Firstly, you'll need removal services to transport your belongings to your new place. Again, these costs can vary depending on where you live, how far away you're moving and how much stuff you have.

Secondly, you may need to factor in the costs of buying new furniture and kitchen supplies — particularly if it's your first place. Before moving, it's a good idea to make a list of things you know you'll need to purchase so you can budget accordingly.

Depending on what items you already have and whether you're moving directly from one property to another or will have time between, you might have to find temporary storage options. If you're lucky, friends or family members may be able to help you out. Otherwise, you can find storage units for a monthly fee.
Renting
For tenants, you'll also need to save for a rental deposit and upfront rent. Landlords will usually ask for a deposit equal to four or five weeks rent and one or two months rent in advance. You'll get the deposit back at the end of your tenancy, providing you leave the property in good condition. If you're a recent graduate, covering these costs before you receive your first month's pay can be difficult. If that's the case, please check out the Fintern Graduate Loan and see if you can spread these costs.

If you found your new home through a letting agency, you'll also need to pay agency fees to cover aspects such as referencing.
Buying
Those buying a property will also have separate fees to budget for.

Stamp duty tax is the biggest cost of moving house (aside from the property deposit). Stamp duty varies depending on the value of the property and is based on different price brackets. For example, for a £300,000 property, you're likely to pay £5,000 (or 1.76%) in stamp duty. You can use a stamp duty calculator to work yours out.

If you're selling a property and moving into a new one, you also need to factor in estate agency fees. This fee will usually be between 1 and 3% of the sale price.
Ways to Save Money When Moving House
Although the cost of moving house can seem daunting at first, there are ways to save money.
Choose your move day carefully
Many people like to move on a Friday, so they can have the weekend to unpack and settle in. While this is logical, it means the demand for removal services is higher. If you can be flexible and move mid-week, you're more likely to get your choice of affordable removals vans. You can also try websites like Gumtree to find a "Man with a van" which is often cheaper than big companies but be warned this often doesn't include insurance so if you're moving anything fragile or valuable, be careful.
Compare removals prices
And when it comes to finding a professional removals company, it's a good idea to shop around. Get quotes from a few local firms and compare their prices. You might also like to check reviews and ask around for recommendations.

It's also helpful to check what insurance comes with the firm's services. If there are any incidents on the journey, this may save you money on repairs or replacements.
Do it yourself
Another option for moving your furniture and belongings is to do it yourself. This is most suitable if you don't have too much stuff and have some willing friends to help out. Hiring a van to drive yourself can be cheaper than seeking the services of professional movers. However, make sure you check insurance prices, too.
Have a clear-out
A declutter can help you cut down on moving costs two-fold. Firstly, you can sell anything you won't need in the new place and free up some cash in the process. You'll also have less stuff to move, meaning you may be able to book a smaller moving van.
Book ahead
Being prepared can make a big difference to your moving expenses. By finding removals services in advance, you'll have more choice and can find a better deal. Leaving it to the last minute may mean you have a limited selection and have to go with more expensive options.
Source free packing materials
Although you can buy boxes to move your belongings in, you can save money by keeping any delivery boxes and sourcing freebies. Local businesses may be willing to give you some of their boxes, rather than putting them in the recycling.

Alternatively, you can buy second-hand moving boxes on eBay, Gumtree and Facebook Marketplace.
Clean your old place
If you're moving out of a rental property, it's worth giving your old home a spring clean before leaving. Some landlords will deduct some of your deposit or refuse to return it at all if you don't leave the property in good condition.

Cleaning can ensure you get your full deposit back. Plus, it's a courteous gesture for the person moving in after you!
Affordable Personal Loans
If you've totted up your predicted moving costs and are worried about covering them, you might want to consider a low-interest personal loan to help spread these costs over a longer time period. Because the cost of moving comes all at once, a loan can help get you over the hurdle.

At Fintern, we offer affordable personal loans of between £1,000 and £7,500 to help make the cost of moving manageable. With flexible repayment plans and a low interest rate (Representative 18.8% APR (variable)), you can feel confident knowing you can move into your new home without racking up extortionate amounts of debt.

And because we use Open Banking to assess your affordability, rather than going solely by your credit score, so we can still lend to you even if you have a thin credit file. Please see this article when explains how to improve your chances of being accepted for a loan.

If you'd like to learn more, feel free to contact the team or download the Fintern app to apply.
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