The majority of people who moved home in the UK recently found it a stressful experience and two fifth paid out £5,000 more than they expected, new research has found.
Some 86% were stressed and 46% felt they were not in control while 39% said the cost was more than anticipated, according to the study by finance comparison website MoneySuperMarket.
It also found that 19% said that moving home has forced led them to compromise their career and 20% found it had caused arguments with their partner.
Those who bought their home paid over £6,000 more than expected, while renters overpaid more than £3,000 each. To foot the extra cost, 63% dipped into savings, a further 16% put it on credit Cards and 11% had to rely on their parents.
Some 71% said that packing up belongings in their old home was the most stressful part of moving, 62% said it was finding a listing within the right price range while 57% said it was getting the location right.
The research also found that 56% found dealing with estate agents was the most stressful part of the process while 57% said it was setting up new utilities contracts and 56% said it was unpacking in their new home.
Some 20% said that they unable to concentrate on their job and 19% had to take annual leave just to get things sorted. In addition, 17% had to use work time to complete their paperwork.
‘Whether for the first time, or stepping up the ladder, moving home is a momentous life choice for people to make. There is so much to consider, both before, and after keys are handed over, and as it takes an average of six months just to find a listing, it’s understandably stressful and has a knock on effect in all aspects of people’s lives,’ said Dan Plant, consumer expert at MoneySuperMarket.
‘It should be a really exciting time, but unfortunately the most common words people associate with moving are tiring, draining and frustrating. But moving house doesn’t have to be a completely arduous process. Being as prepared as possible will help ease the angst,’ he explained.
‘It’s important to consider all costs involved so you aren’t hit with an unexpected bill at any point from the mortgage, surveys and stamp duty, to removal hire and any other necessary additions to the new house. Simple steps such as creating a checklist and timeline will also alleviate the extra pressure on your relationships, job and health,’ he added.
Although moving house is an upheaval, recent movers did feel supported by others during the process. Some 69% said partners offered support, 67% got support from friends and 57% from family.
Furthermore, despite the introduction of more stringent lending rules last year, only 34% found dealing with mortgage lenders stressful. Ultimately, almost all, 92% of those who have moved house in the last two years said it was worth the hassle and just 8% said it wasn’t.
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Source: Property News Spain