Hidden Moving Expenses. Get Your Budget In Order
When planning out your moving budget, it is probably safe to assume that you have already accounted for the largest expenses. These may include professional movers, moving truck rentals, gas and tolls for the trip, and time off work if applicable.
Moving is a necessary process for many individuals and families, but also an expensive one. Time and again, families can get caught with unexpected moving expenses. In an effort to keep you as prepared as possible, let’s take a look at five hidden expenses that you should be prepared for.
Depending on where you are moving, you may be able to transfer your existing utility services over to your new home. These may include electricity, water, sewer, natural gas, oil, internet, and phone lines. However, even moving existing services can come with hidden costs. Most utilities charge a fee for transferring your service, and a fee for initiating your new service. Combine enough of the small fees together, and it is not at all unusual for your first month’s utility bills to be several hundred dollars more expensive than you anticipated.
Of course, there is also the possibility that you will need to start up completely new utility services with different companies, in which case startup and contract fees may apply. Your best bet is to call each utility company and keep a list of the extra fees you can expect as you make your transition to your new home.
If you are moving to a smaller home, or perhaps if you are moving out of your parents home and into your first apartment, chances are good that you may have more belongings than you have room for. A quick and easy solution to this is to use off-site storage, however it is in your best interest to research fees and look for the best deals around.
Storage fees are often charged on a monthly basis. Do not forget to take into account how long you intend to keep your items in storage, and whether the cost of storing the items will eclipse the value of those items. For instance, paying $360 a year to store a $150 set of patio furniture does not make financial sense. You may be better off having a yard sale, and re-buying those items at a later date.
Changes in Insurance Premiums
Moving to a new town usually means that there will be an adjustment in your insurance premiums, and depending on where you move, those changes can sometimes be drastic.
As an example, if you have been parking a your car in a quiet suburban driveway for three years, but suddenly have to look for street parking available in the center of the city, your insurance company is probably going to increase the premiums you are paying to match the increased likelihood of damage or theft. If you are purchasing a larger home, you can also expect increased homeowners insurance.
Replacing Old Items
Moving is a perfect opportunity to look through all of your belongings, and sort out the “keepers.” You may feel less than inspired to pack up and move a 15-year-old mattress, and instead it may opt to simply have a new one delivered to your new home. Keep a running tally of the items you need to replace, and always search for the best deals.
Early Cancellation Fees on Memberships
One last note: If you belong to any gyms, health clubs, or community centers, let them know about your move as soon as possible. Many of these places charge early termination fees, some of which can be pretty substantial.
Moving always comes along with expenses, but by knowing about these expenses in advance, you can adjust your budget appropriately so that they will be less impactful.