Career prospects and professional shifts involve relocation. Some individuals change places to live closer to loved ones. Whatever the reasons, relocation requires pre-planning. One must understand the costs involved in carrying out a successful move. It may include saving for hiring the movers, packaging, storage place, and insurance covers.
The easiest way to calculate the costs is by adding- distance, labour and volume. However, it is just the basic cost of the move. The costs may differ for other reasons, too. For example, moving involves extras like stuff packaging that requires expertise. It is most possible with delicate items. Individuals having one must pay extra. The blog discusses the relocation costs before moving. It will help you decide the best for your moving venture.
What do relocation costs imply?
Relocation costs are the expenses associated with moving. The very company transfers the items to the respective address. Some employers provide relocation packages to employees. It helps cover essential costs and ease the transition. Relocation packaging covers services like- packing, moving, temporary housing, house sale, etc. Identify the services you need and choose the right package accordingly. Check whether your employer offers one. If yes, analyse the services they provide.
What do relocation costs include in the UK?
Consider the time to calculate the things involved while relocating. It may help calculate the costs. Here are some aspects that relocation costs include:
1) Packing services and materials
Packaging costs involve boxes and wrapping required to pack the household items. Removal companies provide a professional packing service that includes houseware. It includes domestic furniture and appliances. The movers unpack the items at the new location. According to Barron’s removal stats, “Packing costs anywhere from £200- £600 on average in the UK.”
2) Moving services or hiring a transport
Moving items from one place to another requires transport. Consider the costs of hiring a van or transport. Your employer may arrange the service on your behalf. Usually, you may get the facility with the moving company.
Alternatively, you can hire a private transport and transport the items. It may cost more. Moreover, the moving company provides insurance. You don’t pay the insurance costs here. The transport or vehicle costs depend on the items and distance covered. For example, it costs 300-350 for a Berlingo-type van. The costs may differ according to the volume you carry.
3) Storage costs
Protect your belongings while emptying the place. While estimating storage expenses, consider how long it may take. For example- the more days you use a place, the more it costs. Sometimes, your employer may cover these expenses. Alternatively, you will have to save for it. According to Checkatrade stats, “ The average costs for 200 square feet are- £88/week, £380 per month and £4620 for a year.”
However, discuss the storage needs. If you want to keep it for a year, decide accordingly. You may need to do that for a foreign business trip. You cannot take everything with you to the other country. Thus, seize the deal the same day. Determine the savings you have while planning the move. If you lack sufficient cash flexibility, don’t worry. Financial options like personal loans with no guarantor requirement may help. It is the unsecured way to finance the requirement quickly. You may get one without a third-person requirement. Prove the loan affordability by providing bank statements and recent income proof.
4) Selling the home
It is one of the critical parts of moving as a homeowner. Sell the existing home to move successfully. However, you can also consider renting it out. Again, it requires one to repair and improve it a little. Thus, one avoids the hassle of renting it out. Contact the leading property broker company. He may help you sell the home at the best price. Set the home for sale at least a year before moving.
5) Travel costs for searching for the house
Finding and viewing properties in the new location can be costly. It involves multiple visits to confirm the deal. Moreover, you cannot ignore the childcare costs. Identify each trip’s costs and save accordingly. Identify the most affordable ways to reach the new home. It will help you save more money on moving.
Strategies to calculate the relocation costs
Thus, the above-listed costs are common while moving. Undertake these while calculating the total costs. Aspects like- distance, size, and items decide the costs. You can also use a moving costs calculator for a better idea. It may not provide the exact estimation. However, you may get an idea as to how much you must save. Here are some strategies to calculate the relocation costs:
1. Identify the distance to cover
Distance is the primary aspect to consider while calculating moving costs. Usually, local companies within a 50-mile radius charge hourly for their services. Alternatively, some companies consider the total item weight while calculating moving costs. It also helps them analyse the total mileage covered. Similarly, moving across the country can be costly. Moreover, identify the additional expense that the company charges.
2. Additional services needed
Additional services include packing, unpacking, storage, and special care for fragile items. Some companies offer additional services like- guards that look after the transported material. It also includes furniture dissembler and assembly, as well as loading and unloading services. Moreover, they can charge more for transporting delicate items. Thus, the expenses are evaluated, and the estimated budget is drafted.
Most landlords send eviction notices to renters. It is when they fail to pay the rent for 6 months straight. Under this condition, the landlord may evict you. Thus, you may need to switch or pay the dues. If you cannot pay, switch the rental. Check the affordable option by downsizing. You should have some savings and other part-time income for support.
It may help you get additional cash for your needs. For example- you may get payday loans that accept benefits as income. It is a short-term income-based facility that accepts government unemployment benefits. However, it is challenging to find such a lender. Thus, having a side income may ease up the approval process. You may get a small amount to bridge the rent and settle dues. It helps prevent the eviction. You can also use it to finance moving-related needs.
3. Size of the belongings and items
The bulk and weight of your possessions directly influence moving costs. The more item coverage costs more. Identify the discount covers that may help reduce the price. Most companies provide one to first-time relocators. Thus, check out for such aspects before finalising the movers. You can also negotiate the costs a little. Check whether you can carry some belongings with your transport. It will help you reduce the costs.
Bottom line
You can estimate the moving costs by identifying the distance to cover, professional services and item size. It helps decide the amount you must save for the move. Moreover, you must save for critical and emergency expenses. It could be about needing an additional vehicle. It may mean expanding the budget a little. Check the best insurance covers. If the professional movers don’t provide one, seek it.
