Moving to London? What it ACTUALLY Costs in 2024 (& my one mistake)

Summary

In this video, Jess, a New Zealander living in London, breaks down the costs of moving from New Zealand to London, sharing her personal experience and expenses. She details the pre-move expenses, including visa fees and flights, and discusses the costs of settling in, such as temporary accommodation and rental deposits. Jess offers practical tips for reducing these costs, like shipping luggage and budgeting for initial living expenses. She also shares valuable advice on financial planning, emphasizing the importance of savings and having an emergency fund. Jess aims to provide a transparent and informative guide for anyone planning a similar move.

Takeaways

• 💸 Moving to London, especially from another country, can be very expensive, with costs quickly adding up.
• ✈️ The visa process is costly, especially for a 5-year ancestry visa. Jess paid £546 for the visa and £3,303 for the NHS surcharge.
• 📝 Visa assistance can add to the costs, with Jess paying an additional £195 for help with paperwork.
• 📦 Shipping luggage instead of bringing it on the flight can save money. Jess spent £205 on extra luggage and postage.
• 🏠 Temporary accommodation costs around £2,000 for the first two months while finding a permanent place.
• 🔌 It's advisable to save up for at least three months of utility bills, amounting to roughly £600.
• 💼 Rental deposits can vary but are typically 5-6 weeks' worth of rent. Jess recommends budgeting £1,400 for this.
• 💰 Expats often need to pay 6 months' rent upfront due to lack of local credit or rental history, which can be around £6,000.
• 🛋️ Furnishing a new home can cost around £1,500, but using platforms like Facebook Marketplace and Ikea helps save money.
• 💡 To reduce costs, consider living outside central zones, eating at home, and buying essentials only when settling in.

Q & A

What is one of the most expensive things to do in your 20s according to the speaker?

Moving to London, especially from another country, is considered one of the most expensive things to do in your 20s.

How much did the speaker spend on the ancestry visa application fee?

The speaker spent £546 on the ancestry visa application fee.

What is the NHS surcharge, and how much did the speaker pay for it?

The NHS surcharge is a healthcare surcharge required for each year of the visa. The speaker paid £3,303 for the five-year ancestry visa.

Why did the speaker choose to use visa assistance, and how much did it cost?

The speaker chose to use visa assistance to avoid dealing with the complex paperwork. It cost £195.

What was the total cost of the speaker’s move to the UK before landing?

The total cost before landing in the UK was £4,759.

How long should one budget for temporary accommodation when moving to London, and how much does it typically cost?

One should budget for one to two months of temporary accommodation, costing around £2,000 for the first two months.

What are the estimated costs for three months' worth of bills when moving to London?

For three months of bills, including water, electricity, gas, and council tax, the speaker suggests budgeting around £600.

How much is typically required for a rental deposit in London for an expat?

Rental deposits usually total about five to six weeks of rent, which would be approximately £1,400 if the rent is £1,000 per month.

Why might expats in London need to pay rent in advance, and how much could this cost?

Expats often need to pay six months' rent in advance due to a lack of local credit or rental history. This could cost around £6,000 for a place with £1,000 rent per month.

What are some cost-saving tips the speaker provides for people moving to London?

The speaker suggests shipping luggage instead of bringing it on the plane, reducing rent by living further from central London, eating at home rather than dining out, and buying essentials first while waiting for sales to buy non-essential items.