That’s where we come in. This blog will help you:
- Assess your moving costs by category
- Understand your options for financing a move
- Review the advantages of Wheaton’s Financing through Enhancify
So don’t stress. You won’t have to take a wild guess at what you’ll need to spend. You’ve got everything you need to plan your moving finances right here.
Calculating The Cost of Moving
First, let’s break down your move into its respective cost categories. This will help you assess the total cost of your move as accurately as possible. While every move may have unique considerations, the categories below are common moving costs that apply to almost everyone. With each of these categories accounted for, you can create a realistic moving budget:
Truck Rental
Your truck cost may be folded into your moving company costs or a standalone fee if you rent the truck yourself. If you’re trying to decide between these two options, ensure you’re factoring in all associated costs to get accurate numbers. Bear in mind that once gas, lodging and supplemental truck rental insurance are factored in, renting a truck on your own isn’t always more cost-effective. Fill out our estimate form to get a complete estimate of your moving costs.
Packing Services and Supplies
If you want to reduce your stress, consider having your stuff packed by a professional. This may be an additional fee or included as part of a full-service moving package. If it’s the latter, you can ask for an itemized moving quote to get a clear picture of what portion of your costs will go toward packing.
On the other hand, if you’re packing everything yourself, you’ll need to account for the cost of all your packing materials. A typical two to three-bedroom home may require 100+ moving cartons, plus packing tape, protective wrap and moving blankets. If you need to take time off work to complete everything, you’ll also want to factor in any lost income.
New Mortgage or Rent Deposit
One expense that’s often overlooked when calculating the cost of moving is your initial mortgage payment or rent deposit. Since this cost makes your move into the new space possible, it’s worth factoring into your budget, especially if you’re seeking financing for all or part of your moving costs.
Renovation Costs
Renovations can also be considered moving costs. Use this cost category to account for any repairs, stabilization and quality-of-life improvements your new home requires.
Travel Costs
The last major cost category for a move is travel costs. These costs can vary depending on your mode of transportation, the number of people traveling and the distance you need to go.
Common travel costs include:
- Plane or train tickets
- Baggage fees
- Gas and tolls
- Lodging
- Meals
How to Finance a Move
Once you have your moving cost estimate, you can explore your financing options. For some, it’s possible to rely entirely on personal resources like savings or assistance from friends and family. Paying the whole lump sum, upfront and out of pocket, is attractive because it doesn’t require any applications, credit checks or waiting periods. However, it can also leave you cash-strapped upon arrival in your new home and unprepared to handle unexpected expenses. Borrowing from friends and family can also place undue strain on your relationships.
If you don’t have the out-of-pocket resources or don’t want to drain your savings to pay for your move, it’s time to pursue financing from accredited lenders. With this method, you get:
- Predictable monthly payments for easy cost management.
- Preservation of your available funds for any unexpected new home costs.
- Professional servicing and clear repayment terms.
Many banks offer moving loans or personal loans that can be applied to moving costs. The easiest way to access these kinds of loans is to look for moving companies that offer financing to their customers.
For example, Wheaton World Wide partners with Enhancify to connect our clients with more than 200 lenders. We’ve leveraged our professional reputation to secure an easy, streamlined loan process. In just a few minutes, you can apply and receive immediate pre-approval for multiple offers without risk to your credit score.
Realize Your Move with Wheaton
Wherever you’re headed, Wheaton World Wide goes above and beyond to make your move happen. That includes working with you to find quality financing options. To see what you’re pre-approved for, check out our partnership with Enhancify today! And if you have any questions, contact a helpful local moving agent.
