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How to Budget for a New Home Move

Moving to a New Home

Buying a house is already a huge financial commitment. Most people devote their attention to the monthly mortgage payment they need to make and rarely think about their moving costs. Unfortunately, small things (like new shower curtains and furniture) can drive up costs rather quickly, even if you are doing all the moving yourself. To be better prepared for the all the financial obligations you’ll have when you buy a new house, here are some quick tips for budgeting a move:

1. If Possible, Prepare in Advance

Like I mentioned before, a lot of homebuyers spend their time budgeting for the mortgage payments they’ll face. However, you should factor in all the costs involved with buying a new home – which includes moving. In the months leading up to your move, start putting money aside for relocation. Start with doing a little homework and gather up expected costs, like the prices of furniture you want to replace or new items you need. Talk to the utility companies about transfer and reactivation fees, etc.

If you know a rough estimate of how much it’s going to cost to move, you can better prepare your finances to pay for it. That way, you don’t buy a house that you can’t move into without breaking the pocketbook.

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2. Know What Expenses Await You

It’s easy to anticipate simple moving costs, like replacing certain furniture and acquiring new items for the house. But occasionally, there are some surprising costs people don’t take into account. Things like signing up for new services or moving them can generate some fees. If you’re moving out of an apartment, a lot of tenets are surprised at cleaning fees they get charged with before moving out. Others might not expect to spend a night in a hotel during their relocation, but it does happen from time to time.

To make sure you’re prepared, make a simple list of things to do and things to buy. The more you map out your move, the easier and less surprising it will be. For a simple list, you can visit this helpful resource.

3. How to Save Money While Moving

Little things don’t seem like a lot by themselves, but put them together and they add up to some serious change. If you want to save a few bucks while relocating, you can try these various tips:

  • Check with apartment communities to see if you can collect boxes after someone moves in.
  • Get multiple quotes from different movers to compare prices.
  • Recruit friends to help.

Moving into Your New Home

If there’s any lesson to be learned about buying a house, it’s to budget everything properly. The costs may be high, but the experience should be a rewarding it. By budgeting yourself, you’ll keep the home buying experience a positive one. For more advice on buying a home, contact us.

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