There’s no question about it: moving can be a costly endeavor. Luckily, the proper budget can reduce the financial stress involved in the process so that you can focus on the positive aspects of moving: a brand new place, and a brand life to go along with it.
Moving to a new place can be a pretty expensive proposition. When it comes to the actual cost of a move, most people find themselves financially unprepared despite their best efforts to budget accordingly. If you’re planning to move and know that you can’t do it alone, then read on to learn about the many costs of moving.
Cost of hiring a moving company
A good moving company can charge upwards of one hundred dollars per hour of labor. Fortunately, most moving companies will provide you with a written estimate so that you know what to expect. Keep in mind that your move might require multiple trucks, which will add to the overall cost. Some moving companies might hit you with a fuel surcharge depending on market conditions. If the cost of fuel has recently gone down in your area, then don’t be afraid to negotiate this aspect.
In order to be able to most accurately budget for your move, ask the company representative to include a “do not exceed” clause in your estimate. This clause essentially caps the cost of your move to a certain dollar amount based on the maximum amount of time the estimator thinks your move should take. For example, you might receive an estimate stating that the move should take anywhere from five to seven hours, along with the total price per hour. If you can get the estimator to sign off on a binding clause that reads “do not exceed eight hours,” then the most you’ll have to pay at the end of the day is eight times the quoted hourly rate. A good moving company in this case will honor the “do not exceed” clause by either ensuring that the move is completed within the allocated eight hours, or capping the charges at eight times the hourly rate even if the move ends up taking longer.
Cost of tips
Most movers will probably expect a tip in exchange for multiple hours of hard labor. When you receive your estimate, take note as to how many people will be transporting your belongings. For a half-day job, a ten-dollar tip per mover is usually acceptable. For any job that takes six hours or longer, a twenty-dollar tip per mover is probably in order. Also, if you own significantly heavy items such as large screen televisions, pianos, or oversized tables, then a larger tip is usually appropriate for the additional effort.
Cost of insurance
Most moving companies do have insurance built into the cost of the move, but their coverage will only get you so far. If you own expensive furniture items and electronics, then you might want to consider purchasing additional insurance to protect the items that are most valuable. If you’re a homeowner, then your homeowner’s insurance might cover property damages sustained during a move; check with your provider to get a better idea of your coverage. Renter’s insurance rarely covers an actual move.
Cost of storage
If your move involves upgrading to a larger place, then storage is probably not necessary. However, if you don’t think that you can fit all of your belongings into your new place, and your parents’ basement is maxed out, then you’ll need to rent a storage unit until you can figure out what to do with all of your stuff. If you require a larger unit to store furniture items, then plan on spending at least one hundred dollars per month. To minimize storage costs, try to sell or donate as many items as possible prior to your move.
