Paying for Your Moving Expenses
If you’re moving to a new home, it can be both an invigorating and challenging time. There is the thrill that comes with embracing the start of something new, but there may also be expenses involved in a move that can quickly accumulate.
If you know what you’ll likely be paying for in a move — some of which may be tax-deductible, how much it will cost you, and payment options, it may make the move less stressful.
Consider compiling a list of costs you will be paying for during a move. You’ll be better prepared for the upcoming expenses, have an estimate of what you’ll have to pay, and it may even give you a clearer timeline of your move.
Common moving costs you may want to budget for in the event of a move include:
- Hiring movers: Especially if you have a good deal of heavy furniture, you’ll likely look into hiring movers. It’s important to hire professionals who know how to move items in and out of tight spaces without doing any damage. Hiring movers will cost you from $732 to $1,975 depending on where you live, how far they will have to travel, the size of your home, and the weight of your items.
- Traveling: Unless you’re moving across the street, by driving back and forth between your old home and the new one, you might burn a considerable amount of gas. If you are moving especially far away, you may even fly and/or pay for lodging while you are visiting your new place. These expenses can amass and become quite costly. The exact cost will depend on how far you’re traveling, whether you have to fly and pay for hotels, and other travel accommodations you may have to make, but even incorporating a rough estimate for these costs is sufficent.
- Packing supplies: Boxes, bubble wrap, packaging tape, packing paper and foam, moving equipment, and various other packing supplies will be needed to keep your items safe and to neatly and efficiently move them out of the house. The cost of packaging supplies will hinge on how many items you’ll need to pack and the delicacy of your items.
- Storage: Sometimes your house closing is delayed. Other times, you may be downsizing and find that you can’t place all the items in your existing residence into the new one. For these times, you’ll need storage to hold on to your belongings. Depending on the size of the unit you’ll need and whether it needs to be climate controlled, the cost for a storage unit can range from $40 to $225 a month.
- Replacement items: Items can easily get broken, cracked, smashed, or otherwise damaged during a move. Sometimes, you’ll have to replace them if they’re beyond repair. As a precaution, set aside some money for replacement items for your new house.
- Deposits and fees: Security deposits, broken leases, and termination fees for utilities are all expenses you might have to pay. Additionally, you’ll probably have to pay a deposit for your new place. These fees should be accounted for before you start your moving process.
- Size of your move: If you are hiring movers, the number of items they have to move may affect how much you will pay. It’s important to take inventory of your furnishings and determine what you may have to pay according to the amount and weight of them.
- Date of move: Some movers may require more compensation for their services over the weekend or during the holidays. Speak to your professional movers to see whether your moving date will take place during a time when they will charge a higher rate.
- Liability and valuation coverage: Most moving companies will have you purchase liability coverage to protect your items. If you have valuable and/or fragile items, you may want to consider purchasing this coverage in the event of an accident.
- Cleaning supplies: It is possible that you’ll need to give your old home a good cleaning before you move out. This will require a lot of supplies such as mops, bleach, and rags. It may also be the case that you need to patch holes and paint the walls. These provisions will cost you, and depending on the magnitude of your cleaning needs, it may cost more.
These expenses can easily add up to thousands of dollars. If you haven’t budgeted for any of these expenses, your move will become much more difficult.
Payment Options for Moving Expenses
You may have already spent a significant amount of money purchasing a home or putting down a deposit for a rental. If you need to finance the above expenses, you may want to consider getting a personal loan from a bank or using a credit card to pay.
Even with bad credit, you can get a personal loan. If you need the money fast, there are also ways you can get a quick, same-day loan. Although the expenses listed above won’t be the largest of your moving checklist, knowing how you will pay for them can save you time and give you peace of mind for a smooth transition.
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Desmond Rhodes is a writer out of the Northwest. A philosopher, gamer, and enjoys his Hunter S. Thompson.