4 Ways You Can Prepare Financially Before a Move

4 Ways You Can Prepare Financially Before a Move
  • Opening Intro -

    Moving can be exciting, but it's also a lot of work and can be very expensive.

    It's a major life change and can put a serious dent in your wallet, so it's best to budget your moving expenses a few months before the actual move.

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So, if you prepare financially, you won’t be caught off-guard by any of the unforeseen costs. And you will have them.

To make the process easier, here are four things to consider and act on before you move to a new city.

Research

You need to have a budget in mind. Know the cost of living in the new city compared to that of where you now live. Housing is your biggest monthly expense, so you should figure out what a new home will cost whether you want to rent or buy.

Make sure you also factor in costs that occur as a result of the move. For example, if you’re moving to a rural area, you will need to drive more frequently, and your transportation costs will go up.

Sell Your Home

If your move is a permanent one, you should consider selling your home. You’ll need to list it six months to a year before you make the move.

In some cases, you might want to sell your home as-is so you don’t have to worry about coming back and dealing with a new buyer while you’re trying to start a new life.

Selling your home in its current state will allow you to minimize renovation costs and can speed up the moving process.

Budget Your Move and Initial Expenses

Create a budget for your move and for the expenses you incur for the first month or two. You should include the cost of getting your belongings and yourself to the final destination.

But you also want to consider the expenses of settling into your new home. Shorter moves usually cost less, while longer moves may bring costs of more than $1,000.

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Renting or buying a new home or apartment will also come into play here. Consider deposits, rents, down payments, and even installing new utility services.

You probably won’t be able to make an accurate budget, but you can put together a nice nest egg to cover some of these monthly expenses.

Add More Money to Your Savings

You need to have savings or an emergency fund when you’re moving somewhere new. A new move can bring a host of different expenses, some you hadn’t thought about. Think about putting away at least three to six months’ worth of living expenses for any unforeseen costs.

other related articles of interest:

Your New Life

When you make a major move, there are two things you can do: you can either wing it or do the financial prep work to make a move more comfortable. The second option works much faster and easier. It certainly gives you fewer headaches and financial worries to consider.

Image Credit: prepare financially before a move by twenty20.com

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Categories: Relocation

About Author

BrookeChaplan

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening.

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