Budgeting for a move
Canada Life - Jul 15, 2022
Common moving expenses to budget for
How much does it cost to move on average? There are lots of things to consider and it depends on several factors, including if you currently own a home and are buying a new one, and if you’re moving locally or to a new city or province.
Here are some common moving expenses you may want to budget for:
How large your current home is will help you determine what size of moving truck you’ll need. The cost to rent a vehicle will depend on the size you need, how long you rent it for, how much gas you use, and if you add any additional insurance.
Try cutting costs by asking loved ones with trucks or vans to assist with moving some of your belongings.
If there’s an overlap between when you move out and when you move into your new home, you may need to store some of your belongings. Some people will also store personal items when they are staging their home to sell. Storage units come in different sizes and can be temperature controlled. Like a rental truck, how long you need the unit for will affect the cost, as well any insurance needed.
Consider donating or selling items before you move to help you save on costs.
Get sturdy boxes and totes to pack up for your big move. You’ll also want to consider bubble or cloth wrap to keep your fragile items safe, and smaller items like tape and labels to keep everything organized. You can hire someone to pack your house up and the cost will depend on the square footage and number of rooms that need packing in your home.
See if your neighbours or local retail stores have some moving boxes laying around you can use for your move. You can also ask your friends and family for help with packing.
You can often do this yourself but depending on your situation, you may prefer to pay the pros to do this part. You may also need to hire professional to help with larger items that require special care, such as a piano or pool table. Movers will base their cost on the square footage of your current home, labour – which may include the number of hours needed and loading/unloading, gas for the moving truck and moving insurance.
Consider asking loved ones for help with loading up and unloading. Try thanking them with a meal or small token of appreciation. As you can see, your loved ones can play a big role in your move!
Have you sold your current home and purchased a new one? You may need a bridge loan for your mortgage. There are also several closing costs, such as legal fees, land transfer tax, title insurance, property insurance, and utility payouts. Talk to your mortgage broker and real estate agent about any potential closing costs you may need to be prepared for.
Other potential expenses
- Cleaners – for your current and new home
- Taking time off work for the move
- Lodging if you must wait to move into your new home
- Child or pet care during the move
- Mortgage or renter’s insurance for your new place
- New home costs such as utility set up or firsts/lasts month’s rent
- New furniture
- Emergency fund to cover at least three months of expenses in case
Creating an accurate moving budget takes time. I’m here to help calculate your moving costs and ensure you’re setting yourself up for success in your new home. Let’s chat about your move.