Reducing the costs of moving expenses as a home buyer

Are you getting ready to move to a new home? This is an exciting chapter, but it can also be a stressful one. Preparing for moving day itself can feel overwhelming, especially the costs associated with it. Are there any ways for buyers to cut down on their moving expenses? Here are a few important points to note if you are hoping to reduce your moving day costs. 

The importance of budgeting for moving

Moving expenses can be hefty, and it’s natural to look for ways to save. This is especially true for first-time buyers who have not yet experienced the moving process. However, it’s important that you budget wisely and look for smart ways to cut down on moving costs. 

There are certain parts of moving where you shouldn’t always go for the most discounted option. For example, if you are hiring a moving company, you will find several options with varying price levels. Don’t automatically assume the cheapest company is the best! Unfortunately, there have been instances of home buyers getting scammed by fake online moving companies who offer a very cheap price, then demand more money. While there are great budget moving companies, be sure to look at online reviews before booking. 

Home buyers often get so caught up in saving for a down payment and mortgage costs that they forget to budget for closing costs. Make sure you have put money aside for these fees! Otherwise, you might have to pull funds from a savings account or from your moving budget to cover these costs. Proper budgeting will help you transition into your new home more smoothly.

Hiring moving companies vs DIY

Is it cheaper to hire a moving company, or to use a do-it-yourself approach? It might seem obvious that the DIY method is cheaper, and this is likely true from a financial standpoint. However, you should also think about how much time and effort it will cost you. Moving companies have the process down to a science, and can make short work of most houses that they need to pack up. This means that opting for using a professional company is likely to save you lots of time and stress.

However, going for a DIY approach will likely save you a good amount of money. Your main expense will be renting a moving truck. The physical labour of moving will fall on you, and potentially a few of your most helpful friends and family members. It’s definitely possible to save on moving expenses with this method, as long as you’re prepared for the amount of work it involves.

Time your moving plans

If you have some flexibility with your moving date, this can be another good way to save on moving costs. There are peak dates and seasons where moving is more expensive due to increased demand. For example, weekends, warm months, and the beginning or end of a month are all popular times to move. This means moving companies, trucks, and supplies will be at their peak prices. If you can time your move for a weekday or mid-month date, this will likely save you some money. Be sure to book ahead as well! Last-minute reservations often come with extra fees. Organization and preparation will go a long way here.

Pack strategically

The way you pack can also impact your overall moving expenses. You may be tempted to pack up your entire house as-is, and deal with re-organizing once you reach your new home. However, the more items you have to move, the more expensive it will be for moving companies to load and transport your possessions. It’s better if you can declutter your home before your move, getting rid of anything you don’t want to take to your new house. This ensures you are only bringing what you need and are not incurring extra moving expenses. 

You can also be somewhat strategic in the way you pack your items. If you have luggage or storage containers, for example, you can pack a good amount of your belongings in here. This can cut down on the amount of packing boxes and materials you need to purchase. 

Buying a new home and moving will always be a pricey process. However, being strategic with your timing and moving plans can help you cut down on unnecessary spending. If you have any questions about your new home and mortgage as you approach closing day, don’t hesitate to reach out to a mortgage broker! We can provide the guidance you need to ensure your transition to your new home goes smoothly.