Moving to a new house can be both exciting and daunting. You are sure to be elated after entering your new dream home, which you might have acquired with years of savings. But it’s certainly daunting because you have so many things to take care of- from packing and moving to budgeting the process. Yes, it’s a lot of work. But you can’t really help it.
More often than not, people forget to consider various financial aspects related to moving their house. You may have invested half of your lifetime’s savings in your new house. But that’s okay as long as you are can stick to a budget for the next few months. But the whole process of moving your house can prove a little expensive. Spending hundreds or even thousands of dollars while relocating can hurt you, both personally and financially.
So the first thing you should do (even before packing your items) is to create a moving budget, so that you save some money on your move. Since the amount required for the move isn’t always certain, you need to keep a budget in place so that you don’t land up spending more than you can actually. Although you can use a Moving Company to help you with the move, there are some unavoidable expenses that require due consideration before you make your move.
What to consider while budgeting your home relocation?
Before you move into your new house, you need to consider a few expenses that you may incur during the process. Although these expenses vary from individual to individual, including them in your relocation budget will leave you with some money to pay for unexpected expenditures.
Here’s what you should include in your home relocation budget:
Moving Company charges: If you are hiring professional movers and packers to help you relocate to your new house, you have to be prepared to pay considerable amount of money for such services. Moving Company charges vary according to the kind of items you are moving and also have to pay for gas of the truck.
You should calculate the cost of fuel from your current location to your new house before you hop on the truck. Moreover, some Moving Companies don’t provide insurance coverage. So, you might have to keep some money aside to insure your belongings before the move. Also consider incidentals and extra equipment because they might be needed in case of a contingency.
The cost of travel to your new home: It’s obvious that you won’t find a house that is ready for you and your family. You might need some time to settle in your new house. But how do you survive till then? While budgeting your move, you should consider transportation charges. For example, if you are moving your car, you might have to keep some money aside for maintenance and fuel charges.
You will also have to consider your meals and lodging. You might have to look for a temporary housing for yourself and your family if you are changing your city. Moreover, you children and pet care is an avoidable aspect, which may call for additional fee-based services.
Packing and storage expenses: It is difficult to ascertain the amount of packing supplies you will need, but they should certain be a part of your budget. Packing household items while moving requires a number of supplies such as boxes, tapes, labels, markers, wrappers and padding. Although the number of each item is difficult to determine, you should be prepared to pay for them. There are a few storage companies that store packed household items before moving. If you need such services, you will have to keep some money aside for their service charges.
Buying or renting a new house: If you are changing your city because of employment reasons, you may find it feasible to rent a new house. But that will require money too. You might have to pay mortgage fees, legal fees, survey fees, title search fees and other fees related to residential real estate. Similar charges may apply if you are buying a new house.
Moreover, a new house might need decorations and renovations, which may prove expensive some times. Since deposits and taxes will take up a large chunk of your savings, you will have to set it aside before you move. Include all legal and miscellaneous charges in your budget so that you have some financial security after you move into your new house.
Selling your house: Selling your house will give you its value, but there are certain sale-related expenses that you cannot avoid. If your selling your home or moving from a rented house, you have to pay selling agents, lawyers, inspectors, advertisers and cleaners. These may sound simple, but they can burn a hole in your pocket. While budgeting your home relocation, consider all the sale-related expenses so that you don’t experience financial constraints during the process.