Creating A Relocation Budget: 3 Unexpected Moving Expenses To Keep In Mind

According to Home Advisor, the average American can expect to spend around $726 on moving expenses. If you're planning a move, formulating a budget is likely one of your top priorities. Whether you're planning on hiring a moving company or are doing much of the work yourself, there will still be hidden expenses you should factor into your final budget. Here are three unexpected expenses you should keep in mind while determining how much it will cost you to move:

The Cost of Utilities

Did you know that if you live in an apartment building, the cost of your utilities is often based upon the size of your unit or number of bedrooms? For example, if you're living in a one-bedroom apartment and are upgrading to a two or three-bedroom apartment, the cost of your gas, electric and water will often increase, as well.

This is because many utility providers base your monthly bills on usage and the size of your apartment or home. Additionally, it's not uncommon for your monthly utility bills will rise while you are in the process of packing and moving. This is because you're often spending more time at home during a move, which means you're using more water and electricity.

Additionally, depending on the city or state where you're moving, you might also have to pay to have your utilities switched. In some cases, you will also need to pay a deposit to have your utilities turned on at all.

Before you move, contact your utility providers and ask them about the potential cost of having your services transferred, turned off, or turned on. Once you have these rough numbers, add them to your overall relocation budget.

Temporary Storage

If you've ever relocated before, you know that there are several things that can go wrong. For example, if you're moving to a new apartment, you might suddenly learn that the old renters aren't moving out when you thought. This could leave you temporarily without a place to house your stuff.

Whatever the case, it is important to factor in the cost of temporary storage into your moving budget. Even if you don't wind up utilizing the money, or if you don't use self-storage for as long as you anticipated, you will have a few extra dollars to cover other expenses, such as renting additional moving vans or purchasing new furniture for your home.

Extra Insurance Coverage

Your moving company will have the knowledge and manpower to safely get your belongings to your new home. However, there could still be times when your belongings could suffer some damage. Even if you have homeowner's insurance, there is no guarantee you will receive a fair settlement for any items that are lost, damaged, or stolen.

Your moving company or a third-party insurance provider are two great ways to purchase additional coverage for your belongings. In the event of an accident, the insurance will kick in, and the full cost of your items will be paid out. It is especially important to purchase extra insurance to cover the cost of any valuable items, such as jewelry, artwork, expensive furniture, and appliances.

Ask your moving professionals about any insurance they offer and the cost. Depending on the type of policy provided, you may need to pay a small upfront fee for the insurance. However, whatever the cost, it is worth a few extra dollars in your budget to have the peace of mind that comes with knowing your belongings are safe.

Moving can be a stressful and expensive venture. While formulating your relocation budget, don't forget to factor in these commonly overlooked expenses. For more information on how to best manage your move, contact a moving company such as Wheaton World Wide Moving.