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Common Moving Budgeting Mistakes

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The moving process can be expensive. You shouldn't go into it blind, so making a moving budget is the smart thing to do. But first you should know what to include in that budget. Here are the most common mistakes people make when budgeting for their move.

Forgetting the costs associated with leaving your old home

Moving is all about going to a new place, so why worry about your old home? Well, if you think that way you may forget to include the costs of leaving your old home in your moving budget.
What should you account for when leaving a home?
  • Repairs for your home to make it more marketable to potential buyers
  • Cleaning for your old home for sale
  • Final utility bills
  • Termination fees with any location-specific contracts that you have

Assuming one moving estimate will apply to other moving companies

Here on, we always tell customers to get at least three quotes from three different moving companies before settling on one. Moving costs vary greatly depending on timing, location, and the services required. The best way to know what a moving company will charge you is to fill out a quote form and compare multiple estimates from multiple companies.

Being unaware of hidden moving fees

Even if a good moving company gives you a relatively accurate estimate, there still may be some hidden moving fees that will be charged to you by the end of the move. If the moving company you hired is underhanded, you almost certainly will encounter hidden moving fees. Always ask about charges for the following things to avoid being surprised when you get the bill:
  • Extra large items
  • Transportation, including tolls and gas
  • Additional charges if the move takes longer than expected
  • Specialty items like pianos that may require specialists
  • Fees could be applied if your home is difficult to access with a moving truck
  • You will get charged if the movers have to go up more than one flight of stairs
  • Using the moving company's packing materials
  • Insurance
  • Extra expensive prices for moving during a prime time like summer

Forgetting that good moving insurance costs money

You may know that Canadian law requires movers to provide insurance on your items. But that free insurance only pays 60 cents per pound, which is not good enough should your items actually get damaged. If you want to properly protect your items, you're going to have to buy additional insurance. Remember to add that to your moving budget.

Forgetting transportation costs

Even if you are moving yourself, you will still have to pay for your own transportation costs on moving day. If you rented a moving truck, you need to return it with the same amount of gas that it had when you picked it up. That means you will have to spend money on refueling at least once. Driving your own car means you have to pay for gas and tolls, too.

If the trip is especially long, don't forget the cost for food and hotels since your family will not be able to withstand a 10 hour drive without resting. If you are travelling by plane, the cost of tickets, taxis, and luggage must all be considered.

Thinking that tipping movers and drivers won't add up

It is customary to tip movers if they do a good job. Usually five percent of the move cost will do. This may not sound like too much, but it can easily become hundreds of dollars. If you have a lot of movers and drivers to tip, omitting tipping expenses from your budget is a big mistake.

Forgetting the costs of moving into a new home

You may have moved into your new home, but that doesn't mean that you are done paying for the move. Settling into a new home takes more money than the standard living costs. Common costs of settling are:
  • renovations
  • setting up and paying for new utility contracts
  • take out food while your kitchen is unavailable
  • security deposits

Not having any wiggle room

Moving costs are always subject to change, and the complex moving process can lead to unforeseen circumstances that cost you more than your budget predicted. Don't calculate your exact budget and have no room for error. You should add an additional 10 percent to your budget to account for moving unpredictability. If things go well, you don't have to spend that money. It is better to be safe than sorry.

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on September 4, 2014 - Moving Expert
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