Moving Expenses | What You Should Consider While Preparing Your Moving Budget

Buying a new home is one of the biggest investments you can make in life. It is also one of the most expensive milestones you can achieve. Of course, when you are deciding on the budget for your new home, you might consider the cost of the house. However, many people who are moving for the first time fail to set aside enough money for the move.

It is exciting to put pen on paper for your new home, but moving your life from one house to the other is also a major undertaking. Moving can be an expensive process, and we recommend creating a moving budget to ensure that you can comfortably finance the move.

Failing to prepare yourself financially for the move can add an unexpected shock when all the moving expenses pile up. Wrapping your head around what you can expect to spend on for the move before you get started can help you prepare accordingly.

Don’t know where to begin? We’ve got you covered. This post will be the departure point to help you create a moving budget that can let you get an idea of how much you can expect to pay for the move.

Not all of the costs we discuss might apply to you, but pick the ones that do and write them down on a spreadsheet so you can begin creating your moving budget.

Costs of Hiring Professional Movers

Most homeowners decide to hire professional moving companies to assist them with the move. Here are some of the things you might want to factor in for the moving budget while working with a moving company.

Base Moving Fee

The movers you hire will give you a quote that includes the cost of labor and fuel. The final price can vary based on how long the move takes, the distance, and how much stuff you have. We recommend getting quotes from at least three different moving companies and doing your homework on each of them to get the best rate and value for money.

Moving Insurance

Moving companies provide valuation coverage. It is the amount of liability that the company is willing to cover in case any of your belongings get lost or damaged during the move. Valuation cover is not exactly insurance. We recommend that you purchase moving insurance for additional protection.

Any Additional Charges

You might need to add additional expenses to your moving budget if you require your moving company to provide you with additional services besides their base service. It can include having the company pack and prepare your appliances for the move for you.

Costs of a DIY Move

Some homeowners decide to handle the move themselves because it can be cheaper than hiring a professional company. While a do-it-yourself approach can often cost less than hiring professional movers, there are some costs you need to consider.

Truck Rental Fees

Unless you are planning to sell all your heavy furniture and packing really lightly, you will need to rent a moving truck for the move. The cost of a moving rental truck can vary dramatically depending on the truck size, how long you need it for, and how far you plan to take it.

Fuel Costs

You will need to assign funds for the fuel costs for the duration of the move in your moving budget. Additionally, truck rental companies also have terms and conditions regarding how much gas you need to return the truck with to the company.

Additional Insurance

Truck rental companies provide you with insurance. However, the liability coverage might be inadequate in case something bad happens. We recommend purchasing additional insurance coverage for the move for added protection.

Equipment Rental

Depending on how much stuff you are moving, you might require renting moving equipment like moving blankets and dollies. Truck rental companies typically provide equipment rental. However, we recommend checking with local hardware stores to see if you can get the same equipment at more affordable rates for the move.

Additional Moving Day Costs

There may be a host of other costs that you might have to cover when you are moving. Consider these potential costs while creating your moving budget as well.

Vehicle Shipping

If you are planning to move across state lines, it may be more practical for you to ship your vehicle instead of driving it the entire distance. Auto mover companies can ship your car for you, making it more affordable to ship your vehicle than driving it.

Your Transportation

This might not apply to you if you are driving the truck rental with your belongings. You might need to arrange transportation for the moving day if you are not going to be in the truck or if you have family members.

Multiple-Day Moving Costs

If your move takes several days, you should also consider the costs that you might incur. Include the cost of meals and overnight accommodations in your moving budget.

Packing and Supplies

Packing and supply costs are often the most unpredictable. It is almost impossible to know exactly how much you will be spending on everything. However, we would still recommend at least considering what items you will need when you are creating your moving budget. Packing supplies you might need can include:

  • Markers
  • Plastic tape
  • Plastic wrap
  • Packing wrap
  • Moving boxes
  • Packing paper

The best thing to do to reduce packing and supply costs is to get free boxes wherever you can. Using things like towels, old clothing, and linen can also help you reduce costs by providing padding in boxes instead of bubble wrap and packing paper.

We hope that this guide can help you get a start on creating the moving budget. Remember that the final cost of the move will likely be higher than your estimates, but it can give you a decent ballpark figure of what to expect.

Looking for a Home in Redding, CA?

If you are still shopping for a home and need expert help from a local real estate agent in Redding, CA, we can help.

The Richard Nance Real Estate Team will help you realize your real estate dreams by finding you the perfect home to buy in California’s northernmost region. Our local real estate agents in Redding, CA, can pair you with the perfect place for you to call home here in California.