When you are budgeting to buy a home, you probably are thinking mostly about your long term living expenses. That is where your focus should be. But it is important to account for short term moving costs, particularly if you are moving a large amount of stuff over a long distance. This becomes especially pertinent in scenarios where you may be on a tight budget with your home purchase.
Moving Costs to Factor In
Here are some of the costs you need to consider when you are planning a move:
- Professional moving services
- Truck rentals
- Transportation
- Packing supplies
- Insurance
- Cleaning fees
- Utility setup fees
- Hotel or short term rental costs
- Furniture replacement costs (in some scenarios)
- Time out of work
Moving will be most expensive in situations where you are self-employed, and/or have no paid time off for whatever reason. In those scenarios, just the time to move costs you money, because you have no replacement for your income on those days. The more distance you have to cross and the more roomsâ worth of stuff you have to relocate, the more you will pay.
Average Cost to Move Across the Country
So, roughly how much do the costs of moving across the country add up to?
- The average cost for a move across the country is around $4,600.
- A typical lower end is around $2,400.
- A typical upper end is around $7,000.
- Costs can exceed $10,000.
If you just have a studio or single bedroom to move, you might get away with $3,000 or less, sometimes even under $1,000.
For a two bedroom home, youâll spend at least $1,000, maybe up to $7,000.
The costs keep rising as you add more bedrooms. In some situations, if you have a six bedroom home, you could even end up paying around $15,000 at the upper end.
Remember, these are estimates for the cost to move across the country. If you only need to cross a few states, or you are moving within the same state, it may not be as expensive.
The more time you have to plan your move in advance, the more likely it is you will be able to minimize costs.
- You will be able to shop around for truck rentals or moving services.
- You can plan your move in such a way that it minimizes time spent out of work or staying in hotels.
- If you have no paid time off, you can work overtime leading up to the move. This can help to offset the cost of spending time out of work.
The smoother the move goes, the more likely you can keep your costs contained. So try to plan for all contingencies.
How Moving Costs Can Impact Your Home Purchase Budget
If your costs are at the lower end, and/or you have a lot of flexibility in your budget, your moving costs may not be a big deal with respect to home purchase budgeting.
But in some situations, moving costs could have a significant impact:
- If you already are having a hard time affording to buy a home.
- If you have to move a large amount of stuff, and/or are struggling to find affordable moving options.
Realizing you may have to spend $10,000 moving might make it difficult to make your full down payment, or as large a down payment as you hoped for.
That is why it is important to shop around for competitive mortgage rates and features. If moving will strain your finances, being able to make a low down payment or zero down payment could be a big help. You might also want to look for a mortgage where the closing costs are not too high.
Apply for a Competitive Mortgage in Florida
We are based in Cooper City, and can help you buy your first or next home anywhere in Florida. We can connect you with a mortgage that fits your budget and which features competitive rates and terms. To get started, please give us a call at 954-840-8811 to schedule your consultation.
