Savvy Tips For Saving Money When Moving
Are you ready for some incredible tips for saving money when moving between homes? Check out the sage advice below, implement what you have learned, and put more money back in your pockets! It really can be that simple and easy.
Despite the housing impacts from the COVID-19 pandemic, US property sales have continued to soar over the past several months. The strength of the market is really quite remarkable, given how the virus has impacted every facet of American life. From our relationships and jobs to our wallets and shopping habits – the effects have been profound and widespread, sparing no demographic group, changing the lives of people of all ages and creeds, irrespective of wealth.
While the events that began back in March this year are unprecedented – at least in terms of living memory – the fact is, real estate is through the roof right now. By August, the speed at which homes were changing hands wasn’t quite as unheard of – but it was extraordinary in itself, and the market hadn’t been so buoyant since 2006. The next month, however, real estate sales hit an all-time high, rising by another 8.8% on average, but with the most substantial growth of 13.1% in the West.
There are seemingly many drivers behind the surge in sales, and some of them are connected with the pandemic – but that’s not the entire story. Read the rest of the article to find key tips for saving money when moving house!
Low Mortgage Rates Have Made the Real Estate Market Hot
The Federal Reserve’s decision to set a low interest rate and keep it low for the foreseeable future is all about protecting the economy and promoting jobs recovery post-COVID-19. Darren Robertson of Northern Virginia Homes told us that’s also created very favorable conditions for homebuyers and even investors: “A low rate at the reserve means that mortgage rates are incredibly low too, and confidence is booming.”
Back in June, Chairman of the Fed, Jerome Powell, reiterated a firm commitment to helping business and industry bounce back from the pandemic. “We’re not thinking about raising rates. We’re not even thinking about thinking about raising rates. What we’re thinking about is providing support for the economy. We think this is going to take some time.”
It seems the Fed thinks of that recovery period in terms of years, not months because it recently committed to maintaining a low rate until at least 2023. That’s resulted in some pretty attractive fixed mortgage rates around 3%, meaning real estate is more affordable for more people. Yet, the fact buyers can now afford to spend a bit more cash has not just got the market moving at such a rate that demand threatens to outstrip supply over the course of only a few months. The situation also means houses are worth more than they were pre-pandemic. Low interest rates and high returns have also got investors rushing to buy up homes all over the country, and builders in many areas can’t keep up.
Americans Heading Out of the Cities During COVID-19
So, we know that low interest rates, cheap mortgages, and COVID-19 have got people on the move – but where are they moving exactly? Well, many of us are moving away from urban centers. That’s driven by the fact that, for a lot of Americans, 2020 has created an environment that allows it for the first time.
We’ve been shopping online and working online anyway. A large number of companies don’t plan to return to the old normal after the pandemic. More than 40% of the national workforce were working from home during the pandemic. The practice is expected to triple after COVID-19, compared to the way things were before the virus came along. Some companies have gone even further – Twitter, for example, has already said employees can telecommute permanently.
It just isn’t essential to live near a huge supermarket or office building anymore. Add to that the fact you can buy more for less in the country, have a yard or a garden and an office at home for less than the price of a cramped downtown apartment, and it’s easy to see the attraction. However if you are moving out of the city but want to get the best price possible for your pad, try home staging a spare single bedroom as a home office, or include a desk/office area in a larger bedroom. Invest in some garden furniture to make the perfect alfresco dining area or exterior lounge room. Highlight the versatility and attributes of your property and you’ll be halfway to a signed lease or a sale.”
Even before the pandemic, the web was dotted with the stories of people who escaped the rat race and relocated. The difference now is that far more people are doing it – all you need is a good internet connection.
How to Save Money Next Time You Move to a New House
Let’s face it, 2020 has been one of those years that kind of made you just want to take to your bed, curl up into a ball, and stay there until it’s all over. For some, the reality of that has been to look for a safer haven in uncertain times. Many Americans have simply upped sticks and headed for less populous areas during COVID-19. Others have wound up looking for a place with more space due to working and spending more time at home.
Whatever the reason behind your move, however, given the current financial climate, it’s well worth thinking about how you can save costs. Moving is an expensive business in 2020. A full-service relocation will set you back anything up to $12,000, depending on how much stuff you own, how far you’re going, and the month you move. Here are five of the best tips for saving money next time you move to a new house.
Don’t Go Full-service Unless You Have No Choice
When you relocate, saving money is really a question of weighing up how much work you want to do and how much cash you want to save. While moving can be extremely expensive, the fact is, if you’re prepared to roll up your sleeves and break out the elbow grease, you can cut many of the costs involved. Full-service movers do pretty much that – everything. They’ll pack, load, supply the van, drive the van, and then do everything in reverse at the other end too. It sounds excellent, and it is, but the downside is that it’s costly.
If you are set on using a moving service, ask yourself if you’d prefer to do your own packing. It’s daunting when you own a lot of stuff, but you can spread much of it over several weekends and just pack the possessions you can’t do without as the moving day approaches. Professional packers cost between $30 and $60 per hour, and that full-service convenience can hit $12,000, so figure out if you really need it. Move.org says if you’re making a local move, dropping full-service brings costs down between just $550 and $2,000. That’s quite some saving.
Consider Renting a Truck Yourself
One of the highest costs when you’re employing professional movers is transport. Those guys don’t just let you use their truck for nothing, and it represents a considerable chunk of their fee. If you’ve braved the packing and saved a whole bunch of dollars already, why not just go the whole hog and drive the truck yourself too? Move.org estimates self-drive costs to be as low as $35 (if you’re just moving a small number of possessions a short way) – and you can even move interstate with a rental truck for under a few thousand bucks.
You can also keep some extra cash in your wallet by timing your move carefully. That applies no matter how far you’re traveling, but if it’s a long-distance relocation, you can shave a lot of money on a rental truck bill. Put simply; all rental vehicles cost more at weekends – it makes sense because that’s when most nine-to-fivers have to get stuff done. However, if you’re planning something like a house move, it’s well worth sacrificing a few days’ vacation leave. A 26-foot truck can hold enough to move a three-bedroom house or six to eight rooms’ worth of possessions. Budget Truck Rental charges $150 per day, plus 99 cents per mile for a 26-foot vehicle on a Saturday. If you rent that same truck on a Wednesday, for example, it’s $130 to rent the vehicle, plus just 79 cents per mile.
Try Using a Container
If you’re extremely short on time approaching your big move – maybe you need to work right up until the day before, for example – and the task of loading up every single one of your possessions on the day is beyond you, all is not lost. You can still make a DIY move by using a container. Specialist companies now offer a service where they’ll drop off a purpose-built or shipping container at your home in advance of your relocation. That frees you up to load at your leisure, and it means your house or apartment won’t fill with boxes as you pack.
Once the big day arrives, the company will turn up with a flat-bed truck and load the container up. When it’s reached your destination, the company will leave the container for a period to allow you unloading time. Containers – also known as pods – are a great choice if you need to spread out the packing and loading process. Move.org says prices for containers range between $500 and $1,500 for a local move and $1,500 and $5,000 for a long-distance relocation.
Don’t Buy Moving Boxes and Packing Material
Especially if you’re moving a big household, boxes and packing materials can add up to a lot of cash. The fact is, however, boxes are made for recycling and using more than once. You can save a lot of money if you use your initiative when it comes to packing up your stuff.
One of the first things people usually do when they move to a new area is sign up for local Facebook groups. That means they’re typically full of recent movers who are trying to get rid of packing boxes. You can also ask friends if they’ve got any left over from their own relocation.
As well as reusing purpose-made packing boxes, you can also start saving and repurposing other boxes as your move approaches. Hardware stores also sometimes have a section for used boxes. Anything that saves you buying boxes is also going to save you some cash.
The last thing to consider when it comes to packing materials is that you don’t necessarily need to go buy bags of plastic packing peanuts or reams of expensive paper to keep your breakable possessions safe during the move. Save old newspapers as the big date draws near, and you can use towels and clothing to line boxes instead of paper too.
Get Rid of Some Stuff
If you’re looking to move a long way from your current home, this tip can save you a lot of money. Basically, the volume of possessions you have will dictate the cost of your move – there’s just no getting away from that fact. Sometimes it pays to spend a bit of cash slightly earlier than you’d planned if your budget can take that.
Bulky furniture and things like washers and refrigerators take up a lot of cubic feet in a truck – plus, they’re heavier, more fragile, and harder to move. If you were thinking maybe your TV, dining table, or even your drier was getting old and due for replacement soon, perhaps consider doing that as soon as you get to your new place instead. Every dollar counts – and those dollars equate to space in the truck. For instance, in the case of a large family refrigerator, you could save maybe 60 cubic feet by deciding to replace it straight after your move. If you leave a few items behind, you’ll likely get away with renting a smaller truck or container. If you’re using a professional moving service, you’ll get a lower price for the job.
Make Sure to Have Fun While You Move Home
You might be breaking out in a cold sweat just reading this, but it’s easy to make moving less stressful with a bit of careful planning – and there’s no reason why it should break the bank. Sure, upping sticks comes with some logistical issues, but once you’re done, it’s usually well worth the effort – and it’s a great excuse to throw a house-warming party!
Stay in front of what needs doing, and you’ll likely enjoy the experience a lot more. Using our five money-saving tips should also help make the process more exciting than painful – so start drawing up a list right now.
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