How much does it actually cost to move?

Moving house is an exciting adventure, but it's essential to be aware of the associated costs. While the initial deposit and rent are obvious expenses, several other factors can contribute to the overall cost of your move.

It's important to remember that a lot of these costs are subject to the value of your new rental, as well as optional extras, such as storage and moving hire.

Initial costs

Holding deposit (Equiv. 1 weeks rent): Payable when you submit your application, paying your holding deposit ensures your application referencing will begin. This comes off of your deposit amount should your application be accepted. Alternatively, if your application is unsuccessful it will be refunded.
Deposit (Equiv. 5 weeks rent): Your deposit is secured with the Deposit Protection Service. This is refunded to you in full at the end of the tenancy assuming there are no rent arrears and the property has been left in a reasonable condition.
Total move-in cost: This will include your first month's rent and your deposit (minus the holding deposit already paid)

It may be helpful to see it in real terms:

You apply for 1 Ultra Street, Hull, HU1 1UL
The rent is £795 per month with a deposit of £915 (5 weeks rent).
When you apply, you pay a holding deposit of £183.
You application is referenced and accepted (Wooo!!)
You will now be asked to pay the remainder of your deposit which is £732 (£915 minus the £183 you've already paid on applying) in addition to your first month of rent (£795)
Your total move-in cost will be £1,710.

That is it for obligatory costs that we will process for you. There are some additional costs to factor into your budget, such as:

Contents/income protection insurance: Some landlords' insurance policies require their tenants to have an appropriate level of contents/income protection insurance in place. If in doubt, you can speak with our in-house Insurance Advisor, Jack, for more information. You can get in touch via email.
Home improvements: Given landlord permission, you may wish to install blinds/curtains, TV wall brackets, or put up additional shelving. Luckily, our in-house maintenance team are on hand to offer high-quality, competitively-priced services to meet your needs. You can take a look here.
Council tax: A local tax based on the property's value. Unless stated otherwise, you will be responsible for arranging payment of your council tax bill.
TV license: You will be required to pay for a TV license if you watch live TV, and some streaming services. Always check whether or not you need a license before you watch to avoid fines.
Moving assistance: This one is quite situational, but if you're moving from a long distance it may be advisable to hire a moving van, or a moving company to assist you in transporting your belongings between your old and your new home.
Utilities: You must remember to set up your utilities at your new address. You may find that you need to make an initial payment for your first month. (P.s. Don't forget to cancel your old utilities otherwise, you may be liable for payments until you do cancel).

There's quite a lot to consider when preparing to make your next move, but you can rest assured that our expert team are on hand to ensure you can make an informed decision, and trust that you're making the right move.

If you have any questions you can jump on our Live Chat to connect with a member of our team today!

Posted By

Sophie Ombler