Your friends and family will tell you that moving always costs more than you think it will. This is very true, and experts agree that moving to a cheaper home or apartment does not always save you money in the long run. The costs associated with moving can add up quickly, so if you have your heart set on a new home, keep these commonly under budgeted costs in mind.
Will you have to hire movers?
Some people have friends and family that are willing to help with the relocation, but if you are moving far away from your family, you might not have local help to unpack. Do it yourself moves are also easier when you are younger. Once you have a family, you will have more furniture and personal items to move, making it more difficult to justify the DIY method. With movers, an in-state move can cost around $1,200 and an out of state move nearly $6,000. This is a major cost that can make your life much easier, so it should not be undervalued or underestimated.
Will you need short-term storage?
In many cases, you might not be able to go straight from your old house or apartment into your new home. If your previous home sells quickly, you might need to find temporary storage for your furniture for a few days or weeks while you wait to close on your new home.
Even waiting a week to move into your new home can mean several extra days with a moving truck, adding to your costs. If you choose to unload the truck for the short term, you will need a storage unit and you will need to account for labor to load and unload the truck. Even the best-laid plans do not always work out, so it pays to have extra money saved up in case you need to store your belongings.
Will you need temporary housing?
In the above scenario, you will be storing your possessions in the moving truck or a storage unit, but what about your family? If the closing on your new home is delayed, will you be able to stay with friends or family? Or will you need to spend a few days in a hotel? These costs can add up, so it is important to make sure you have money in the bank.
Account for utility fees.
In comparison with the other fees associated with moving, the fees for your utilities might sound like pocket change. Keep in mind that your gas, internet, TV, electric, and water companies might charge a deposit and/or a start-up fee. While these will not break the bank on their own, all together they can easily be several hundred dollars that you did not include in your budget.
If you are serious about moving and want to learn more tips to keep your budget on track, get in touch with Huntley Realty and email us at homes(at)huntleyrealty(dotted)com or call 847.669.4010.