You know to consider costs such as real estate agent fees and your mortgage payments. But when you’re caught up in the excitement of buying a home, it’s easy to overlook the additional costs of relocating. Here are four often forgotten relocation expenses associated with moving into a new home that need to be worked into your budget:
1. Transferring Utilities
Whether you are transferring your utility services or setting up a new account, the change in service comes with expenses. Your phone, internet, cable, and electricity providers may charge a fee depending on the company and the existing installations. If there is an oil furnace you may need to pay for the oil in the tank and buy more oil before winter.
2. Packaging Supplies
It may seem like a minimal cost, but bubble wrap, packing tape, boxes and specialty packaging supplies for fragile items can add up. Just one package of bubble wrap costs about $16.
3. Professional Movers
You may need help packing and transporting your belongings to your new home. Professional movers often charge $100 for each 100 pounds, not including the packing and insurance fees. Consider this: the estimated cost of moving a three bedroom home across the U.S. is more than $8,000.
Storage costs will be highest for those who are downsizing, but remember that you may need a temporary storage facility if you need to move out of your current home before your new home is available. The average cost of a 10×20 foot storage unit is $100 to $155 per month.
Preparing ahead of time for the added relocation expenses is your first defense against unexpected costs during the moving process. However, there are some tricks that can help you save money throughout the process:
- Instead of buying boxes, visit your local supermarket or recycling center and ask for extras.
- Moving companies tend to be busiest at the end of the month. Planning for a mid-month move will help you negotiate a discounted price and receive better service.
- Disassemble items before the movers arrive. Many moving companies charge extra for disassembling play sets, bunk beds and shelving.
Budgeting for the home purchase process is complicated, but knowing the costs behind your move and allocating funds for unforeseen expenses will reduce your financial stress. Being prepared for the moving costs of utility transfers, packaging supplies, professional movers and storage will not only help you avoid debt – you might even have a little money left over for post-move decorating.