So you're ready to move out and into a new home. But what are the moving expenses to think about? and how do you budget for the move? In this episode, we discuss the cost of moving, such as the physical move (packing boxes) and the associated costs (setting up utility). We also explore costs of moving companies, insurance, moving into your new home and more...
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Hi, everyone. I'm Karl Yeh and welcome to another Homebuyer's School video, a channel where you get the latest strategies, tactics, and tips from home buying experts.
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Today I'm joined by Nate Edwards, Co-founder or Virtuo, a company that helps transitioning and moving to a new home simple and stress free.
So the question we're gonna answer today is:
How much does it cost to move?
Good question. You know, there's so many more costs than just the physical move itself.
So when you are moving into a new home, if you purchase a new home, you know there are some closing costs associated with that.
So you know, you've got your legal fees, [00:01:00] all of those disbursements, there's also activation fees that you're going to be paying once you start setting up your utility providers.
So when you set up your water, your electricity, your gas, so you're going to have some heart costs associated with that.
You know, legal fees, generally speaking would be around, you know, budget $1,500, you know, activation fees for utilities. That's probably gonna be, you know, another $200, $300 when you're working with the Shaw or the Telus of the world.
Um, they might have some incentives where they would waive those fees, [00:01:30] but, you know, generally speaking, you're looking at another couple hundred dollars there.
Packing materials and boxes and supplies, you can easily spend $250 to ensure you're adequately prepared for move day.
And then, you know, whether you're hiring a moving company or you're renting a truck, a truck rental can be, you know, a couple hundred dollars as well.
And a moving company, it's time and materials. But, you know, I would say a full day move could cost you $1,200 to $1,500 [00:02:00] as well for movers.
So it really is all those added little costs that add up.
Cost of moving companies
And remember if you are trying to move out on a budget, watch our video on moving out on the cheap.
So when we talk about moving companies, because probably that'd be the easiest way to make sure all this, but it's obviously probably the most expensive?
Definitely. Definitely easiest as far as kind of stress.
And really kind of valuing your time, a moving company will help [00:02:30] you ... They can help you pack everything the day before you need to be out.
They'll help you move out, they'll help you unpack everything.
So you know, it's cost/benefit, so you know, what's your time worth versus how much money are you willing to spend?
Moving insurance costs
And is there any other costs? So, let's say you do hire a moving company. Are there additional costs that you, that you think you might still need?
Yeah, you know, I think for the most part, one thing that you need to look for when you are hiring a moving company is they might [00:03:00] have some ancillary surcharges, might be a fuel surcharge, it might be wrapped into their hourly rate, but one thing you should definitely consider is actual moving insurance.
So, you know ,what happens if something goes wrong?
You purchase your vehicle insurance, you know, I've never been in an accident before, but I've contributed tens of thousands of dollars to the insurance industry.
Karl Yeh: Of course. So have I.
If something does happen, I know I'm adequately protected.
The exact same thing holds true when you're working with a moving company.
If you purchase the insurance, you know, if something happens [00:03:30] to your big screen TV or if something more catastrophic happened, where that moving truck ended up driving off a bridge and everything was decimated, then you'd be fully protected.
Moving insurance could be a couple to a few hundred dollars.
Do you take out moving insurance just if you're hiring a moving company or can you take it out if you're planning to move yourself?
So you know, a moving company will offer added value protection. If you are moving yourself, [00:04:00] check with your insurance underwriter, your home insurance underwriter.
They do have programs, but for the most part, a lot of those home policies or renter policies, they really protect your assets inside your home, not really during that transition process.
But we have been surprised.
We have seen a few insurance companies that will actually provide that protection during the actual move itself. So check it out.
So we've talked about, I think legal fees that you have to cover for your move, your closing costs, right? We talked [00:04:30] about potentially hiring moving companies and maybe even if you're going to do it yourself, probably a truck.
Nate Edwards: Yeah.
Cost related to moving into your new home
Karl Yeh: Is there anything in terms of actually moving into your new home?
Yeah, so there is going to be new things. When you purchase a new home, generally speaking, you're going to be having to set yourself up in that new home.
Whether it's a wall bracket for your flat screen TV that you're going to be mounting, you know, you might not have a shed.
You have to think about, okay, well now that I have [00:05:00] a backyard, I have to start caring for my lawn, so I'm going to need a lawnmower.
I'm going to need a weed whacker. I'm going to start needing gardening tools.
So, once you actually transition into that new home, it isn't just the moving costs, it's now really lifestyle costs that you have to consider.
Yeah. Because I never really thought about that. When you know, when you think of moving, it's just moving from one place to the next. But what happens next?
Are there moving companies that actually will help you, not just ... Like for me, I remember when I hired a moving company [00:05:30] from one location to the next, they just dropped off the boxes.
Are there moving companies that actually help you unpack?
Yeah, absolutely. So, you know, it really depends on, again, time and budget. So, you know, there's moving companies that will go in and pack everything up for you.
They'll come. They'll unpack everything, they'll fold your linens, they can put your dishes away, but you pay for it.
But there's also moving companies that will come, drop a big box in front of your old house.
You would pack it up, they'll come back, pick it up, deliver it to your new destination, then you're ultimately responsible [00:06:00] for unpacking it all.
Really it really comes down to time and budget.
Lifestyle costs related to moving
Karl Yeh: Awesome. Can you think of any other costs that we didn't mention?
Yeah. Your lifestyle costs.
You will be going to Home Depot.
You will be going to IKEA at least five times in that first week. So have a few hundred dollars reserved for that.
And yeah, you're going to also want to top up your fridge.
You're going to need new cleaning supplies.
So there's going to be a lot of stuff, especially if you're moving out of your parents' house for your very first time, just getting your pantry set up [00:06:30] and getting your fridge set up and you know, those little things really, really start to add up.
Karl Yeh: Perfect. Anything else?
Nate Edwards: I think we're good.
Awesome. Well, thank you very much everyone for joining us.
Make sure to watch our other moving videos in description below and we'll catch you next time.
Let us know if you have moving or home buying questions that we can answer by submitting them in the comments section below.
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About Nate Edwards and Virtuo:
The founders of Virtuo have spent the last 15 years helping some of Alberta’s largest companies relocate their employee’s all around the world. Virtuo was founded in with the belief that transitioning into a new home should be simple and stress-free for everyone. This session Virtuo will be covering helpful tips, insights and strategies to support your move into your Brookfield Home so you can stay excited about your new home without the fear and anxiety of a monster to- do list.