Hidden costs of moving

Category: Housing

ThinkstockPhotos-491446572

There’s no denying that moving can be expensive, especially if you’re relocating hundreds (or thousands) of miles away. But many people are surprised at all of the other expenses that tend to pop up during the process. By knowing about some of these expenses ahead of time, you can budget accordingly and won’t be taken off guard if your move ends up costing a bit more. If you’re planning on a move in the near future, you may want to prepare for some common hidden costs of moving:

Transportation costs

If you’re moving to a home nearby, you probably won’t spend much on gas and transportation costs usually won’t be issue. But if you’re moving far away—for example, across the country—it can be easy to underestimate just how much it’ll cost you to get there. If you’re flying, you’ll need to factor in airfare for your entire family, plus the shipping cost of your vehicles. If you’re driving, this is how those transportation expenses can really sneak up on you, because it can be difficult to anticipate how much you’ll spend on gas. Rather than filling up at any gas station you come across, download a free app like GasBuddy, which can help you find gas stations nearest you with the best prices.

Undisclosed moving company expenses

You received a quote from a moving company and that’s that, but there could be a lot of other things that are not included in the quote you received. For example, aside from actually moving your belongings, you may have to factor in the cost of packing materials. Others might charge extra for out-of-state moves, and you might not be aware of this until after the fact. When you receive your quote, be sure to ask about what is and isn’t included.

Loss of income

Many people relocate because of a job offer, but this isn’t always the case. And even if you are relocating for a new job, there might be someone else in your household (such as your spouse) who will need to find a new job. If you have to find work once you move, you have to be prepared for the worst. It could be weeks, or even months, before you find a new job and you’ll have to budget for that loss of income in the meantime, which can be another hidden expense of moving.

Taxes

From income taxes to property taxes (if you’re purchasing a home when you move), these can change if you’re moving to a new state, city, or even a different county. For some people, their move could save them money because they will end up paying less in taxes. But for others, their taxes will be much higher, and can often be a hidden cost of relocating.

Utilities

Connecting utilities in your new home is often another overlooked expense of moving. Unless you are using the same provider and transferring your current account from one home to another, you’ll usually have to pay connection fees and may also be required to make a deposit. In some cases, you might still be required to pay a reconnection fee, even if you are transferring service from your current provider to your new home.

 
Are you receiving long-term payments from an annuity or structured settlement, but need cash now? Contact Peachtree Financial Solutions today to learn more about selling future payments for a lump sum of cash.

 

Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.

Tags: income, moving, property tax, Taxes, transportation, utilities

Comments are closed.