There are two kinds of people: those who view moving as an exciting, fresh start and those who would rather get a root canal or sit and wait at the RMV all day. Once you’ve decided to call a new location home, you might be wondering about moving costs.
Moving expenses depend on a number of factors and below are some considerations to ponder before you start packing up your silverware:
Are You Renting or Buying?
It’s important to remember that both options have up-front costs. If you’re renting, you will want to save up enough to cover first and last month's rent, as well as a security deposit. You also may need to pay a broker fee, but the total amount will vary from apartment to apartment.
Buying a home has its own costs, including a down payment, home inspection and closing costs. Depending on the type of mortgage, the amount of your down payment will vary. You also will likely need two to five percent of the purchase price of your new home in cash to cover closing costs, such as attorney or appraisal fees. Our mortgage loan officers have helped many people buy homes and are happy to discuss your options with you.
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The Move Itself
Unfortunately, the spending isn’t over once you pick your new address.
You may consider hiring professional movers. Costs vary depending on the size of your house or apartment. If you’re looking to move a one-bedroom apartment, your moving costs could be as low as $200, whereas a three-bedroom house may incur $1,000 in moving costs. It also depends on where you’re moving, and if you require other services such as packing or storage.
Friends and family can also be a great option if you want to save on professional movers, but you’ll likely want to buy them some pizza for their assistance. And if you’re using your personal connections to help with the moving muscle, don’t forget about the truck rental and accounting for gas and mileage. Be prepared for additional fees for things like boxes, blankets and bubble wrap. Storage costs may also be in your future if you’re moving to a smaller place or if your move-out and move-in dates don’t align.
If you’re moving to or from the City of Boston, you may consider getting a permit for your moving truck to ensure you have parking and can easily load or unload your boxes. This type of permit varies in cost depending on the type of parking space that will be occupied and for how long. The City of Boston prepared a helpful step-by-step guide for the process. If you’re using a moving company, ask if they will take care of this for you.
PRO TIP: Think you may need to relocate for your next job? Negotiate with your future employer to cover relocation expenses. When you’re negotiating, factor in expenses like movers, moving supplies and the cost of transportation.
Take Our Quiz to Find Out Which Type of Savings Account is Best for You!
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