Moving Expenses

Amid the excitement and expense of buying a home, moving costs are sometimes an afterthought, even though they can add up to a meaningful amount. Planning for these costs separately from your down payment and closing costs can help you start life in your new home on stronger financial footing.

What Moving Expenses Typically Include

Moving expenses can include hiring professional movers or renting a truck, purchasing packing supplies, temporary storage if there is a gap between move-out and move-in dates, and travel costs if the move covers a long distance. Additional costs might include cleaning services for the old or new home and setting up new utility accounts.

Factors That Affect the Cost

The overall cost of moving depends heavily on the distance involved, the volume of belongings, whether you hire full-service movers or handle the move yourself, and the time of year, since moving costs can be higher during popular moving seasons.

Getting Quotes

For longer or larger moves, it is generally worth getting quotes from multiple moving companies, comparing not just price but reviews, insurance coverage, and what services are included. Be cautious of quotes that seem unusually low, since some may not include all costs upfront.

DIY Moving Options

For local moves with fewer belongings, some buyers choose a do-it-yourself approach, renting a truck or trailer and enlisting help from friends or family, which can significantly reduce costs compared to hiring full-service movers. This approach requires more personal time and effort but can be a reasonable way to save money.

Other Costs to Anticipate

Beyond the physical move, new homeowners often face costs like setting up or transferring utilities, purchasing items not needed in a previous rental, such as lawn equipment or additional furniture, and possibly minor repairs or cleaning before move-in. These costs can add up quickly if not anticipated.

Building a Moving Budget

Consider creating a specific line item in your overall home buying budget for moving expenses, separate from your down payment and closing costs. Research typical costs for your specific move, whether local or long-distance, and build in a buffer for unexpected expenses.

Timing Considerations

Coordinating the timing of your move with your closing date requires some planning, especially if there is a gap between when you need to leave your current home and when you can access your new one. Temporary housing or storage costs may be necessary in these situations, and should be factored into your budget if applicable.

Bringing It Together

Moving expenses, while separate from the cost of the home itself, are a real and sometimes significant part of the overall financial picture of buying a home. Planning and budgeting for these costs ahead of time, rather than treating them as an afterthought, can help ensure a smoother transition into your new home.