How to Budget Relocation Costs: Guide for Tenants

Picture this: after a long day of packing up boxes followed by several hours of unloading, you get to your new home and realize you haven’t paid the electric bill. Now you have to get on the phone with your power provider and discuss a new setup. It’s too late to unpack, and even though you took care of pet transport, you now need pet-friendly accommodations at a short notice, which is an unexpected expense. Here’s a guide on how to budget relocation costs to ensure you’re well-prepared and save money since relocating comes with costs.

Identifying Relocation Costs

Moving Costs

Think about what costs you might have to cover during the physical move so you can budget for relocation costs. Planning to hire professional movers requires a certain amount of budget, especially if you want to save time in loading and unloading your home materials.

Moving also comes with associated costs like labor, gas for the truck, and renting moving equipment like dollies and furniture pads. These costs are usually inclusive when you hire movers, but you’ll need to pay for them individually if you’re taking the DIY approach.

Security Deposit and First Month’s Rent

Work with a proactive property manager in Baltimore during the moving process to clarify the details of your rent and security deposit. Before packing up your life and relocating, ensure the place you’re going to is ready to receive you.

Most landlords would require you to pay the first month’s rent and a refundable security deposit of around the same amount upfront before signing the lease and getting your keys. With the details worked out, you can move your belongings confidently after paying these fees.

Utility Connection Fees

Set up the utilities you need before your move by talking with your service providers. It’s not always possible to wait for your rent, cable, and other services to run out at the same time before moving out of your old apartment.

Luckily, many service providers offer transfer options, allowing you to get electricity, water, gas and internet in your new home before arriving. However, service providers may also need an extra installation fee upon transfer of their systems. Doing this will be a less expensive option for renters than paying two separate utility connection fees.

Difference between DIY Moving vs Hiring Movers

Money

Consider your budget when debating between doing the heavy lifting yourself and hiring a professional moving company. It’s a no-brainer that a DIY move is often cheaper than outsourcing the job to an expert, especially if you’re embarking on a small move across town.

However, as the distance increases, so do your gas and mileage costs, making full-service movers the more attractive option for longer distances. Aside from that, calling professional movers can be a more efficient option when handling items that require special care and factor in handling over long distances.

Logistics

You can dictate your moving hours when taking the DIY approach to relocation. When you’re in charge of the moving hours, you’ll have more flexibility than if you outsourced the job. That’s because you’d potentially have to work on someone else’s timeline. If something comes up at work on moving days, you have to reschedule everything which may add another cost to your initial quotation.

In addition to moving at your pace, you also have more control over how you box your items and can make sure pets are comfortable during the moving period if you have one. Take note of the weather during your moving day as sometimes it’s more convenient to let professionals handle your move. Their experience is more likely to come in handy during unexpected challenges like road closure or heavy traffic.

Stress

Moving demands a lot of physical activity like repetitive bending and heavy lifting, as a result, DIY moves may increase your chances of getting physically injured. Skip the physical demands of packing up your entire house and moving it to another place.

Don’t risk pulling a muscle or straining your back — it’s best to call a full-service company when you have a lot of furniture and boxes. Professional movers often have special equipment like dollies, slides, and heavy-duty straps, which can make it easier to lift your belongings with care.

Cost-Saving Strategies for Relocation

Negotiate Moving Costs

Stay on budget by discussing your relocation needs in detail. During the initial inquiry, most companies give a rough quote as tenant needs vary from one person to another. Discussing with the movers can help you find a place to cut costs and save money, either because you’re traveling a short distance, providing some of the equipment or moving fewer and lighter items.

Don’t immediately accept the offer of the first moving company you talk to. Conduct your research, check reviews and compare prices between several professional movers to find the cheapest option on the block.

Finding Affordable Temporary Accommodations

Being between places can be chaotic, especially when your move takes up long hours or even days to complete the packing and unpacking process. Avoid spending too much on an expensive Airbnb during the moving process and look for affordable temporary accommodations in your new city, or along your route in case you need to make stops during inter-state travel.

Research on Relocation Assistance Programs

Draw the line between DIY and hiring professional movers by looking for middle-ground solutions. Research other moving options that offer affordability and fit your needs by providing the convenience of professional help.

Some experienced tenants prefer to hire a moving truck and drive it themselves. That way, you save money by loading and unloading yourself, but you still get a big enough vehicle to move all your belongings at once. Some companies also offer discounts for special groups or occasions like college students going to school, or veterans changing their base.

Conclusion

Moving to a new house can be an exciting process if you know what to expect and can stay within your budget. That’s why it’s vital to budget for relocation costs and identify the potential expenses you could incur during the move, including your first month’s rent and security deposit or by setting up utilities in your new home.

Another crucial cost you should consider is the moving process itself, depending on whether you prefer DIY or professional movers. Both options have pros and cons when you weigh the amount, logistics, and stress involved, so choose what works for you. Save extra cash by negotiating these costs or looking for a suitable relocation assistance program.