Moving your family to a new home can be a stressful time since there are so many moving pieces. Regardless of why you are moving, there are always many details that need to be accounted for.
Many times, those details of the move come with financial implications that can really add up. By the time you have settled into your new home, you may find that you have a sizeable bill for different costs.
Here are a few ways that you can prepare for your move and minimize the financial costs associated with it.
1. Inflated Moving Costs Due to Timing
Granted, you may not be able to pick when exactly you move, but there are certain times that are less expensive. The summer tends to be a very busy time for moving companies and they may increase their prices due to the demand. If you are willing to move in the cooler winter months, you may be able to save some money on your movers.
That said, there are other timing factors to take into consideration when moving. If you have kids that are in school, moving during the school will certainly complicate things. You may even face extra financial costs associated with daycare, transferring schools, or getting them set up with new extracurricular activities. In this case, it may actually be better to move in the summer.
2. Moving Truck Quote
Especially after COVID, moving companies will often quote you a price to move without actually seeing your belongings. They may do a virtual walkthrough of your home or ask you to list out everything that you own. Some might even just create an estimate based on how many rooms you have in your house.
Based on that information, the moving companies will then generate a quote for your move. If you are moving across multiple states long distance, this quote can be several thousands of dollars.
Be warned that there are some less scrupulous moving companies that purposefully quote you low originally to get you to sign up with them. Then, once they have your stuff loaded on their truck, they will say that it is overweight and that you will have to pay more for the move.
To avoid this, do your research to make sure that you are using a reputable moving company with good reviews. Have them do a full walkthrough of your home to see everything that you own, and make sure to point out things they might miss. If possible, look to lock in the quote so that there are no surprises later on.
3. Pet Sitting During the Move
If you have a pet, you may need to get them out of the house while you are physically moving in and out. The doors will be open and there will likely be multiple people in your house helping to move your furniture and belongings.
Unless your dog or cat is well behaved and can be contained, it may be easier to have them go somewhere else completely. This can be an additional expense to have a pet sitter watch your animals or to take them away to a kennel for the day.
Also, take into consideration timing of the move and your real estate closings. In some situations, you might have a period of time between your homes that you might need to have you pet watched.
4. The Transition Period
If you are selling your current home and buying a new one, you will have two closings to contend with. Even if you are only buying or selling, you will still have one closing to work with.
Since real estate closings are dependent on multiple factors, they can be shifted last minute. The bank, mortgage company, real estate agent, or attorney may all find a problem that could delay the closing.
Plus, it can often be difficult to time your move perfectly so that you move out of one home and into the next. This all leads to you potentially having a period of time between homes that you will essentially be homeless.
Take this into account and be ready for short-term rental expenses. Unless you have a friend or family member to crash at, you may need to pay for a hotel room or Airbnb.
5. Overlapping Housing Expenses
On the other hand, you might find yourself in a situation where you own your new home before selling or getting out of your current rental. This means that you will have a period of time where you are paying for expenses on two properties.
In this case, be ready to cover multiple mortgage or rent payments, along with utilities. This might be a necessary evil if there are no other choices with making the transition to your new home.
Whenever possible, try to time your move so that you do not have to pay expenses on both homes, especially for multiple months. This will help you reduce that added expense and save for your new home.
6. New Home Finishing Touches
When you move into a new home, you might tell yourself that you already have furnishings and there’s no need to buy anything new. If you can stick to that, you’ll be better off financially.
However, most new homes will have some sort of unexpected costs that you’ll need to plan for. It could be as simple as your spouse wanting to redecorate differently and buying new furnishings.
Or, it could be a small repair that costs a few hundred dollars. It might not be until a few weeks in that you realize the sink is leaking or that something is cracked.
When you are planning to move, include a small budget of a couple hundred dollars for these types of costs. Even if you don’t think anything will come up, it is better to be prepared with a budget beforehand.
7. Different Utility Providers
When you move to a new home, you will need to set up new accounts for heating, electricity, water, internet, TV, and phone. In some cases, you may be able to transfer service from your current home to your new home. This could help make it easier instead of needing to create new accounts with a new provider.
During that switch, there could be some unexpected costs associated with the new service. Often times, new hardware is needed to be purchased, especially for TV and internet. You might also find that there are limited service provider options in the area and that you need to go with a more expensive provider.
One benefit of changing providers is that you might actually be able to negotiate a better deal as a new account. TV and internet companies often give introductory deals for new signups. You may find that you will save some money for the first year just by switching.
Of course, just watch for the price increase after that and plan for it in your budget.
