Moving isn’t cheap. There are fees and costs that most people aren’t even aware of that can really add up in the long run. Before embarking on a move, take into account the costs of moving.
The Costs of Moving Everyone Should Know:
If you are moving somewhere local you might not have to worry about hiring someone to move your belongings. However, if you are moving more than an hour or so away it can be really difficult to move all of your belongings on your own. Several trips can cost time and tons in gas for moving trucks and rentals. Hiring a moving company can be quite expensive, shopping around can get you the best deal but it can be anywhere from $499 on up into the thousands.
Before you can worry about the costs of moving your belongings you will have to pack them up in boxes, totes, storage bags, etc. All of these things cost money. Sure you can get free boxes at your local stores but that will only take you so far. If you are being moved by a company you’ll need to label everything, wrap it very well to avoid breaks along the way, and it will need to be packed and taped in sturdy boxes. It may seem like you’ll only need a few boxes but at a few dollars a piece for packing tape, boxes, and labels you can be well into $300+ just in packing supplies. Don’t forget you might need heavy moving blankets to protect any large pieces of furniture!!
Breaking Your Lease
Did you know that if you break your lease you are typically charged a fee or forced to buy out your lease? When you sign a year or two year lease you are required to stay for that long. If you want to or need to leave before that time is up you are charged a set fee or you must honor your rental payments until the lease period is up. This can be a huge cost associated with moving. The costs of moving are often hidden so they can be overlooked. Breaking your lease can be costly so make sure that you think long and hard about singing one beforehand.
Closing Costs / New Leases
Leaving one home and moving to another is costly, but one of the other costs of moving that everyone should know is the closing costs and new lease costs associated with your new home. Unless you are moving in with someone or living for free in some situation, you will be leaving behind one payment but picking up a new one as well. There can be closing costs associated with a new lease or mortgage. They can be quite pricey so before you settle on any home or apartment make sure to inquire about these types of costs so they do not catch you off guard.
New City / Inflation / Cost of Living
One of the biggest costs of moving is the cost of living in the area where you will be living. Make sure you check out these types of costs before you move to a new city. Not only will you be forced to pick up some things along the way, you’ll be living here long term. Things like groceries, events, and even housing and utilities can be inflated depending on where you are living. If you are moving from an area with a low cost of living to an area with a higher cost of living this can be a real shocker during the first few months!
No matter how much you plan there will always be surprise costs of moving so you should always budget for a little bit extra when calculating in advance. Also, don’t forget those last months or partial months of utility payments from your current home. They can sneak up on you if they get forgotten and end up with late payments!
If you are looking for more info on renting versus buying this post can help. Maybe homeownership is right for you? Learn how to save money each month here.