Budget Breakdown: Know Your Moving Costs
When planning a move, most people think about the main costs: hire a moving company; buy a new house. But there are many other costs associated with planning and preparing for your move. As you’re building your moving budget, consider these potential costs.
Buying and Selling Costs:
The main associated cost of any move is the home purchase price. This includes escrow, down payments, mortgage fees, etc. Planning can be done to avoid paying two mortgage payments for a couple of months, but there are still many costs associated with buying and selling a home. These include things like realtor fees, home updates and improvements, and potentially travel to/from your new city while you search for a house and meet with your real estate agent.
Primary Moving Costs:
One of the primary costs of relocating is the cost of hiring a professional moving company. While there are a variety of budget-friendly options available, spending a little more on a moving company will be beneficial as you coordinate the various aspects of your move.
In addition to the cost of transporting your belongings, there are a few other elements that can add to the cost of your relocation these include
- Move protection options
- Relocation of large items or items requiring special transport
- Full-service packing options
Related article: Making Sense of Your Moving Estimate.
If you are packing yourself, you will need to account for purchasing packing supplies. Boxes, bubble wrap, tape, and more can add up quickly.
Additional storage space is sometimes needed when moving. Whether you are downsizing and need time to deal with your extra belongings, or you can’t fit some things in your new home, warehouse or on-site storage solutions are always an option.
Related Moving Costs:
LOST DESPOSITS
If you’re moving out of a rental, plan for the possibility that you might not get your security deposit back. There are a variety of items that are inspected at move out, and sometimes even small holes in your walls can be a reason for landlords to keep your deposit.
PET BOARDING OR VET FEES
Many people recommend boarding your pets overnight, if possible, for a local move to reduce the stress on your animals during the move.
REPLACEMENT ITEMS
Some things are not worth moving to the new space, like an old broom, but are necessary to have around. Don’t forget to account for the cost of replacing these items.
RENOVATIONS AND UPDATES
Renovations and updates, and buying furniture to fill a larger space is also something to consider when moving to a new home. These costs are not incurred by everyone but something to think about while planning your move.
NEW HOME “SETUP”
Some additional costs that are unexpected to many homebuyers is the cost of:
- appliance hook up/disconnect (especially for gas appliances)
- restocking your kitchen
- dining out while you are getting your kitchen set up
- Deposits on rent and utilities
- Changing locks on all the doors
- Updating smoke detectors
- Cleaning costs
- Time off work
For more help during the moving process, click here to find out more about CityPointe to plan your budget, create a moving timeline, and learn packing and moving tips.