If you are planning to move any time soon, you need to be financially ready. Regardless of your reason for moving, one thing’s for sure – moving is a costly milestone.
The average cost to move is around $1,337, which covers hiring professional movers and renting a truck. But aside from these basic expenses, there are many other related costs and incidental expenses that you’ll inevitably encounter.
Failure to plan and not setting a moving budget will surely empty your pocket. This makes it vital to calculate your moving budget long before the big day. This allows you to prepare for both the expected and the unexpected costs, and keep your costs to the minimum.
How to calculate a realistic moving budget?
Start planning a month before your scheduled move to give you ample amount of time to prepare and save. Mentally visualize the moving process, from packing your stuff down to settling into your new place. Identify the items you’ll bring, the supplies and services you’ll need, and the potential concerns you might encounter throughout the move. Then, look for professional movers in your area and get multiple quotes to find the best service and deals.
Create a spreadsheet where you can tabulate all expenses. Below are some of the foreseeable costs to include in your moving estimate.
Professional movers
If you hare hiring professional movers, the biggest portion of your moving budget would go to them. Typically, the cost depends on the distance, weight, and number of items for transfer. Movers also base their rates on the work hours. To cut on your expense, you can strategize your move. For example, you can disassemble furniture and bring them near the garage so movers can easily load them.
Get multiple estimates from different providers. Some of the basic fees you’ll find in their quote include packing services, rate of move, and insurance. Specialists at Torex Moving Company remind movers to check for any hidden costs that might have been included.
Self-moving costs
If you plan to save money, you can consider self-moving. You can rent a portable storage container and a storage truck. This will protect your valuables from unnecessary damage. Basic expenses for self-moving include equipment rental, supplies, food and drink, dolly, and ramp. You also need to purchase insurance to protect your belongings. Contact your credit card company if they offer this coverage to save.
Packing supplies
Next in your list are the packing supplies. You’ll need packing tapes, boxes, labels, cling wraps, furniture covers, and mattresses. Invest in quality packing supplies to ensure full protection of your belongings. Old cardboard boxes might easily fall apart. You should also consider investing in a reliable dishware box to protect fragile stuff.
Transportation
Your moving budget should also include provisions for transport, especially for relocations that are further than 50 miles. Some common expenses include fuel and car maintenance, car shipping, and lodging. For inter-state or long distance moves, you might encounter road tolls. Make sure to research and include this in your moving budget.
Storage Fees
If you need to move your belongings ahead of your scheduled relocation, you need to include storage fees in your moving budget. You can rent either a portable storage or the conventional storage unit. This comes with related fees like cost of moving to and from the self storage facility, movers, and insurance. As much as possible, you need a definite date for the move to avoid renting another storage facility.
Other costs
In your spreadsheet, create columns for incidental expenses that include:
Cleaning costs: Most likely, you’ll have to tidy up the home or space you’re vacating. As such, you’ll need to prepare for cleaning supplies and hiring professional cleaners.
Real estate costs: This covers the expenses you’ll incur to buy or rent a new home. Ideally, you should have a separate spreadsheet for real estate costs as it can entail a long list. Things included are rental or mortgage, lawyer and realtor fees, home appraisal fees, repair and renovation, cleaning fees, etc.
Pet care or child care: It can be very difficult to manage your kids or pets during the moving day. Perhaps, it is best to arrange for pet/child care to ensure that they are in a safe place while you are busy.
Moving-in costs: Once you’ve moved into your new home, there are many potential expenses that you may incur. These include utility set up such as for electricity, water, gas, etc.; and new household items such as curtains, doormats, window treatments, cleaning supplies, etc. Limit your list to items that you’ll need right away and skip those that can be bought later such as furniture, chandeliers, home accessories, etc.
Contingency funds: As mentioned above, unforeseeable costs might be incurred, especially if things don’t go as planned, such as personal injury, car mishaps, delays, and bad weather. Typically, you need to allocate an additional 5-10% of the total moving budget. This is to cover unexpected expenses.
When calculating your moving budget, it can be difficult to estimate an exact amount. Rates can change without notice and your circumstances may also change. However, budgeting for your move can enable you to prepare.
