The Real Cost of Moving Out: 5 Unexpected Expenses to Plan For
It’s often stated that moving house is one of life’s major stresses – and with good reason.
While there’s nothing like finally getting into your new home and putting your stamp on it, the journey can be hard. There are finances to arrange, mail to redirect and moving services to arrange.
But apart from this, there are several hidden expenses that can send the cost of moving out skyrocketing.
For exmaple, your boiler may go and you need a replacement, which would be quite an added expense.
Forewarned is forearmed, so read on for our guide to 5 unexpected moving expenses you should be planning for.
1. Moving Valuables
You’ve probably already budgeted for the cost of a removal service, and likely had a few quotes.
If you’ve got a few family heirlooms or prized antiques lying around though, you may end up paying more than you’d bargained for.
Removers are naturally cautious about moving such items because of the extra care they need to take in handling them. Add to that additional insurance that removers may have to pay, and the costs start adding up.
It can be tempting when faced with rising costs to go the DIY route. But be warned, this could easily be a false economy.
Removal firms are experts in safely transporting valuable items. They do it day in, day out. Chances are you don’t have that same background.
While it will cost you more upfront, you will have the peace of mind that comes from knowing they’ll be transported safely and that any issues will be covered by comprehensive insurance.
To avoid any nasty surprises, do an inventory of all the valuable items you own, and make your removers aware of this ahead of time. That will ensure you get accurate quotes and will keep the cost of moving out in hand.
2. Storage Costs
Whether you’re moving up the property ladder, or downsizing, storage can be a big consideration.
It might not be the best idea to cram all of your stuff into your new home. Storing certain items and introducing them into your home bit by bit may make the transition easier. However, this is one of the costs of moving out that many people forget to factor into the equation.
Sometimes, removal companies work with storage companies or have their own short-term storage arrangements that you can take advantage of.
When you get to your new home, you may find that it doesn’t quite meet your storage needs. Rather than hiring a unit, it may be more practical to look to increase storage at home. One way to do this by adding a carport.
Check out carport storage ideas to see whether this could be an option for your new home. It helps you to keep all your stuff at hand in a secure location, without breaking the bank.
3. Connection and Termination Fees
If you’re moving across town, this might not be a biggie. Chances are you can stick with the same utility companies, and they may even waive these fees if you stay with them.
But when thinking about how much money it costs to move out of state, many people forget that termination and connection fees can be a big deal. It’s unlikely that you’ll be able to stay with the same supplier, meaning you’ll probably get hit with fees at both ends.
As well as utility fees, there are also cancellation costs to cable companies and gyms to take into consideration.
Other costs of moving out of state that people often forget include different state tax laws and vehicle registration requirements. You’ll also need to take the time to get a new driving license. Some states have additional vehicle taxes you may have to pay.
It’s easy to overlook insurance when we’re moving. But when insurance companies sell you the policy, they base the price on a number of factors, including where you live.
When that changes, you’ll need to update your policy. If you don’t, it can invalidate your insurance. Unfortunately, that often means additional costs.
Think about all the insurance policies you have – health, auto, life, pet etc. Systematically contact them all to get an idea of costs. If you’re moving out of state, you may need to find new insurers.
Make sure you do this well in advance so that you’re not left without coverage at any point.
If you’re moving into a bigger place then you’ve got lots of new space to fill!
That means unless you’re looking for an unplanned warehouse feel, you’re going to need new furniture and fast. Many of us also take the opportunity to update our furniture when we leave.
Whether you snag a few deals or splash out on the decor of your dreams, it’s going to add up fast. Plus, let’s face it – something will always get broken or damaged in the move. And that’s going to need replacing.
As well as furniture, there are also soft furnishings to consider. Most of us don’t buy our next home because we love their decor. We can’t wait to put our stamp on it, and usually, homeowners take their soft furnishings with them when they leave anyway.
Don’t forget to plan to buy new window coverings, cushions, rugs and other flooring for your new home.
Cost of Moving Out: Uncovering Hidden Expenses
Moving homes should be a time for exciting new beginnings! Don’t let hidden expenses turn it into a total drag.
Once you’ve gone through all the obvious, big expenses like the realtor and the movers, then get started on our list.
You can reduce the stress by more accurately judging the cost of moving out by going through our list and ticking them off.
If you’re keen to move, but finances are holding you back, we’ve got the perfect guide for you.
Click here to read our blog on buying a house with bad credit.