Being Laterally Mobile
Posted on June 5, 2008 in the Buying Property category
Housing prices that boomed at the height of the subprime lending may have influenced the desire for some people to leave overinflated areas for more affordable markets. People in California moved into the Northwest and took advantage of lower prices, financing more affordable mortgage loans, until those started to climb up too. Now, people being laid off from sectors that are sensitive to the mortgage collapse like construction workers and mortgage loan officers may also be looking for greener pastures. This is one of the characteristics of modern American society: their mobility in pursuit of jobs or better opportunities. But, moving comes with a set of inherent costs too. Whether you are moving from a home to an apartment, and waiting, hoping to buy in again as the home market bottoms, or whether you are simply shifting one geographical location for another, you will need money to make that move. If you are employed and moving within the same area, you can get payday loans to float some of the moving expenses. If you are moving completely away for a new job, you may want to find avenues for moving monies before you’ve left your job or old home.
Here are some expenses that you may need to cover during a move:
- Packing supplies
- Moving helpers
- Moving vans
- Moving professionals
- Apartment security deposits
- First month’s rent
- Last month’s rent
- Pet fees
- Application Fee
- Storage
- Meals while moving
- Temporary lodging while moving
- Any lost wages
While some of these expenses you can overcome by doing your own packing and moving, the majority of people will need some help moving an entire household. Obviously, the smaller your household, the smaller the bill to move the contents. However, it’s estimated that moving a household can cost several thousands of dollars. Selling a home will typically also cost 6% of the total market sale value. However, unlike the commission a realtor gets, the moving costs usually have to be fronted before the entire deal closes. So, plan ahead to make sure you have the necessary money to be able to move the contents of your home the day the papers are signed. Being caught short when you are between homes and between jobs can be a very stressful experience, and can be alleviated by setting up some short-term financing options like cash advances or personal loans that can be repaid after the closing.
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15 Responses to “Being Laterally Mobile”
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Interesting article but now that the real estate slowdown enters it’s third year this summer, maybe you should write about great deals to be had in formerly overpriced markets like Southern California! Not all areas are suffering depreciation, and those who live in a non-glamorous location will find their equity they’ve built is a bigger share than their counterparts in places with falling prices like Las Vegas. Wouldn’t it make sense to look into deals in these collapsed markets? Just a thought.
Great advice, a lot of people forgo the cost of moving when they sell their house.
OF course, when the market is booming and price of your assets shoot through the roof, such expenses are negligible.
But now some assets are already in negative equity, so every penny counts.
As Realtor I notice that many people under estimate the cost of moving. Once a person is settled in a home for a few years, they collect a lot of stuff, all of it needs to be moved. Gone are the days in college when you could pack your car and be on your way. Trucks, boxes, packing paper, packing tape, and time all add to the expense. Great post!
Just want to add another cost of moving:
You leave Your social network behind and have to build up a new one. This may take quite some time that You could have used otherwise.
The cost of moving is always more than you think! It is not just the money, it is the lost time too.
and the lost sleep.
great info! many home buyers forget to anticipate the small fees that can add up prior to closing on a home, moving costs, appraisal fees, inspections fees, and much more. Always good to plan ahead and have cushion available for those unexpected expenses. One thing that might help, call up your friends, specifically ones with large suvs or trucks, by them some beer and pizza…this will help save on the moving expenses!
Great tips here!Thanks for posting.Moving costs are always neglected by homeowners moving out.Kudos to you!
Thanks for providing me with the expense list. Well, I was thinking of moving recently due to a promotion, which is quite a rare opportunity for anyone under such difficult economic situation.
The list definitely helped me to plan my budget and I will bookmark it until I reach my destination.
Thanks again.
Nice article about moving. Beside money, moving needs more time too.
Great advice. Thank you. It pays to be ready.
Some good advice. Unfortunately in the current real estate crisis, moving now is more difficult than ever.
During my single years, I moved houses, so many times, and some of those moves were undertaken when I was completely broke, yet some how I manged to scrap through.
Must admit the idea of payday loans, never went through my mind. Here we are now 2008, and am solid. Wow the single years were such a lifetime away.
It is wise to get at least 3 estimates from movers since they usually have different charges. Getting all of the furniture and boxes to the main level of a home helps movers get the job done much faster as well.
Great post. For the lucky ones there are still a few markets where homes are selling well and for decent prices. If you live in one of these markets you can sell now and use your money to find an incredible somewhere else. This is a great idea if you plan on retiring soon or are looking for a state with lower taxes.