If you are considering moving house, there are lots of things to take into account. Aside from the huge excitement, you feel for getting your dream home, overlooking the costs of this special day might soon catch up with you. Planning for every eventuality will help you budget for this life event and prepare you for the stress and complications that may occur. Putting together a checklist is a great way to think about each cost and when it might need to be paid out. Some charges start way before the move while others are incurred once you’ve stepped foot over the threshold.
For those considering moving house or are in the process of buying or renting a property, take a look at these tips to ensure you get off on the right foot.
Research The Costs
Prior to moving, there are several larger costs that need to be considered. These costs will need to be worked into the total cost of buying, selling, and renting property and can include everything from realtor charges, insurance costs, setting up utilities, and legal fees. These costs can also be quite substantial dependent on the size and value of your home so preparing for them won’t leave with you any nasty surprises.
Costs For Moving Day
As you get closer to the move date, you might be surprised how much costs start to mount up for the incidentals. Taking stock of what is actually required will make sure everything runs smoothly on the day and monies are budgeted for prior to moving. Some common costs of moving day include:
- Removal costs: Hiring a trusted local mover will save you time and the hassle of lugging heavy furniture and belongings from one location to another.
- Storage costs: If you are putting furniture or boxes away for safekeeping, storage is an ideal option. Be sure to consider the length of time you require storage, as this will affect cost.
- Cleaning costs: If you have been renting a property, when you move out you will need to ensure they place is clean and tidy. Hiring a professional cleaner will help to take this hefty chore out of your hands, so you can focus on getting into your new home.
- Eating out: This is something that is often forgotten about during the excitement of moving day, but if your new place is waiting for new appliances, you may need to budget for a few days of takeaways and eating out. This cost can mount up especially if the kitchen is out of action for longer than expected.
- Child or pet care: As moving day can be hectic, having children or pets under your feet can make stress levels higher. A great way to get them out of your hair for a few hours is by hiring a child or pet sitter for the day. This, of course, comes at a cost but could make the process run smoother so you can enjoy your new home with the family quicker.
If you are purchasing a property, most lenders make insurance a condition of the loan, so you will be aware of the costs before moving. Insurance is always a good idea as it protects you in the event of home or personal damage and ensures you against injury to anyone on your property. For renters, insurance is just as important, as you should not presume the landlord has insurance that covers your personal belongings. Premiums will depend on a number of things including your gender, age, credit history, property type and property and content value.
When choosing insurance, it is always best to check what type of coverage you may need and as events such as floods and earthquakes are generally not protected against in standard household policies and may require specialist insurance such as policies provided by the National Flood Insurance Program (NFIP).
There is also a range of other insurance policies to consider when moving such as automotive, life, disability, and pet insurance as premiums may differ depending on your new location.
Consider New Bills
The cost of living is a major consideration when moving and getting to grips with these finances will give you a good start in your new home. Setting up utilities in the property should be straightforward and you can decide whether to transfer your previous supplier to the new address or start an account from fresh. Dependent on the size of the property and the location, bills could both higher or lower than in your previous home. Researching and getting an idea of the new cost of living will help to plan and budget future utility bills and monitor usage. It is also worth noting that renters may need to ensure utilities are connected prior to moving in, as sometimes this can be a stipulation of the contract.
After Moving Day
As all the excitement dies down and you get settled in a new property, planning for future is the next step in preparing for life’s little surprises. Creating a budget will help you to look at your finances as part of the bigger picture and give you a chance to evaluate your position. Property costs do not just stop on moving day and having the necessary backup will see you through leaner times.
Budgeting can also help you to save money on incidentals such as grocery shopping, general bills, and living costs, as it will highlight the areas that you spend most, which gives you the opportunity to break down the cost and commit to changing your habits. Budgeting will also help you save for things that crop up such as broken dryers, property repair, and car troubles plus might help to store some extra aside for a family vacation or special treat.
Moving house can be one of the best experiences in your life so be sure to consider all the costs beforehand to make sure it doesn’t turn into one of the most stressful and negative times!