Buying a new house is merely half the process. The other part involves figuring out the method of physically moving your possessions and your family in the most cost-effective and effective way. Such expenses can add up fast. Here, we have outlined the most essential moving expenses to factor in before purchasing a new home.
1. Moving Expense Might Involve Certain Home Repairs
When you are selling your present home, there might be necessary repairs involved such as replacing loose doorknobs, malfunctioning appliances, and fixing cracked walls. The reason being prospective buyers will notice small details like these. If you want to sell your home quicker, you must repair the structural issues first. This includes HVAC, plumbing, electrical, and roof problems. The next step involves replacing broken light fixtures, repairing broken appliances, and fixing damaged drywall.
2. You Might Have To Pay For Having The Home Appraised
If you are obtaining finance or seeking a mortgage, you must pay to have the home appraised. This is carried out by a third-party estate agent who will be assessing the value of your property based on comparable sales in the vicinity as well as the condition of the home itself. The appraised value of a house regulates how much the bank will be prepared to lend a buyer. If your home appraises for a smaller amount than the agreed-upon value, the buyer must make up the difference out of pocket. A home appraisal can cost several hundred dollars.
3. A Home Inspection Might Have To Be Paid For
Before researching OKC moving companies to help you move to a new home, you as the home buyer might have to cover the home inspection for the new place. A home inspection is carried out by a home inspector who evaluates the condition of the new house. Home inspections are valuable for detecting potential issues like pest infestation that might cost several hundred dollars to repair.
4. Realtor Fees
When you’re selling your present home, you will be responsible for paying the realtor fees. The commission is paid to the buyer’s agent as well as the listing broker. Both realtors involved in the sale typically receive three percent commission, however, this can vary depending on the agreement. Some realtors may settle on a lesser commission to get the deal.
5. You Might Be Responsible For Paying Mortgage Broker Costs
If you’re using a mortgage broker to get finance, expect to pay between one or two percent of the entire loan sum. Mortgage brokers contact different banks for you to find the best possible rate according to your requirements.
6. DIY Moving Services Or Professional Movers
Hiring full-service movers can cost a substantial amount. For long-distance moves, it will be even more expensive. However, most would agree that the cost is completely worth it considering the convenience and ease of the moving process. Even if you move, there will be fees such as truck rental, shipping costs, packing essential, etc. to factor in.
7. Purchasing Moving Supplies
From packaging tape, cardboard boxes, packing paper, etc. are not inexpensive. You might also have to pay for renting moving equipment like moving straps to help with the heavy lifting.
8. You Might Require A Storage Unit
If your move entails provisional housing, downsizing, or renovations, you might require renting a storage unit, even if it is only temporary. The cost of storage unit rentals is based on the time and quantity of the contents you need to store. Some contracts are given on a month-to-month basis while some facilities require a minimum of a few months.