Are you about to make a long-distance move? Congratulations! Whether you’re moving for a new job or starting to live life on your own, you need to know how to financially prepare for a long-distance move.
Moving to a new place is a big deal. It’s stressful and exciting all at the same time. However, it might cost more than you expected, with hidden fees or things you just haven’t thought about before making a move. Luckily, this article will provide you with tips and guide you through the financial process of moving far away.
1. Research the Market
Before packing up your belongings and driving 20 hours to a new city, you need to have a place to live first. While a move can be exciting, don’t just jump into a contract with the first apartment or house you see on the market.
Take time to research the town you’ll be moving to so you can make a more informed decision. If you’re not relocating for work, then try to contact locals about the job market. Additionally, you can contact locals about school systems and average rental or housing prices.
An excellent way to get valuable insight is through a real estate agent. You can ask questions about everyday expenses like groceries, fuel, public transportation and a commute distance if you’re moving for work. With the information you’ll get from research, you can begin to see how your monthly expenses might change.
2. Create a Budget
With all of the costs associated with moving, you’ll want to create a budget to know exactly what you’re spending your money on and how much you want to pay. Creating a budget will give you more peace of mind before you move.
A few things to consider as part of your budget include actual moving costs, rent or a mortgage payment for your housing, and taxes. If you’re moving for a job, you might be able to receive some financial support for relocating, but it’s not mandatory that companies offer a relocation package. However, you’ll be able to stretch your budget a bit more if they do cover those costs.
Your housing situation before the relocation can change your budget. If you’re moving from a house you own, consider the money you may get back from selling it. If you’re currently renting, will it cost money to break the leasing agreement or are you just going to pay the rent on it for a few more months until the lease is up?
Keeping these financial costs in line and creating a budget will make your move more manageable and less stressful. Budgets won’t work unless you follow them, so be detailed in this step.
3. Pack Light
Some items are better left behind when you’re moving. Cheap desks or bookshelves can probably stay at your current place, or you can sell them to make more money for the move and purchase new furniture at your new home.
When you haul extra items that you don’t really need, you’ll be adding to your moving costs. Sort all of your items before you move so you know what you have and what things are essential to bring to your next place. If you can replace items down the road, then don’t bother bringing them.
If there are larger items that you don’t want to move at the moment, ask friends or family to store them for you. You can always come back to pick them up, or a friend can bring the item if they come to visit you.
Another thing to consider while packing is if you want to do it yourself or have a moving company pack and unpack for you. While that is an option, it can tack on more money.
4. Consider Your Moving Choices
There are so many ways you can go about moving. Whether you hire professional movers or haul everything on your own, you’ll be paying varying costs. Here are some traditional moving options for you to consider:
- Hire a professional moving company: For long-distance moves, you won’t pay by the hour with a moving company. Instead, a flat-rate fee will be estimated based on how far you’re traveling and how many items you’re moving. Moving an entire house full of items will cost more than moving a studio apartment. If you decide to hire professional movers, check the contract, insurance and estimated arrival time of your belongings.
- Rent moving containers: Another option is to have a big container delivered to your home that you load up. The company will come to pick it up when you’re finished packing and move it to your new destination. These can be pricey as well, so consider their cost relative to your budget.
- Move on your own: The most cost-effective method involves a lot of work and planning on your end. You can rent a big truck that you’ll have to drive, or if your friends and family are willing, ask them to help haul your items using their vehicles. If you rent a truck, you’ll need to know how big of one to rent, and you’ll need someone to either drive the rental or your car. Additional costs of renting a truck include gas and lodging.
All in all, most recommend outsourcing your moving needs to professionals to ensure everything arrives safely and on time. However, your own financial preparations will help you determine the best choice for your situation.
Are You Financially Prepared for a Long Distance Move?
Now that you’re equipped with all of the financial resources you need, you can make the move with less stress and less hassle. Create a budget and stick to it, and don’t leave out the details that come with a move.
We hope you found this blog post: How to Financially Prepare for a Long-Distance Move useful. For additional tips and advice, check out also: Long Distance Moving Made Simple blog post article. Additionally, we put together this newsletter to share with your friends and family.
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