No matter how close your new location is, the moving process is bound to come with many expenses. The total price of your moving costs will depend on a variety of factors. Those including location (intrastate, interstate, or international), whether or not you decide to hire professional movers to assist you: if you need to put some of your belongings in storage, etc.
Though your total moving costs are dependent on all of these, as well as many more, factors, The American Moving and Storage Association says that the average cost of an interstate household move is about $4,300, while the average cost of an intrastate move is about $2,300. In fact, many people put off moving or even stay in the same place for years because the expense of moving is overwhelming.
Cover Your Moving Expenses With a Relocation Loan
You may have a good reason to move, though. You may have a great job opportunity, or you may have an opportunity to move closer to your family. Whatever the reason, you can accomplish your goals if you have a good plan. If you don’t have the resources to move right now, you can search for some other sources of quick cash. Besides those, you can also use a Residency Relocation Loan to help you meet all your moving expenses.
All the Ways You Can Use a Residency Relocation Loan
You might be thinking, “What if I’m not using a professional moving company? How can I use a loan to help make my move?” There are actually many ways you can use a moving loan to help make sure you have a safe, efficient move.
One great way to use a Residency Relocation Loan is to use professional movers. If you think you can’t afford it, you might be able to if you get a loan. Using professional movers is better than trying to move everything yourself for many reasons. There’s a reason those people do that job professionally; they are faster, more efficient, and more likely to get your things to your new home in one piece. Real professional movers are insured, so you don’t have to worry if something does break — their insurance will cover any damages. Unfortunately, if you have a lot to move, professional movers can be very expensive, as they usually charge based on how much time it takes.
Other great news
Another great use for a Residency Relocation Loan involves paying professional packers to get all your possessions organized and into boxes and containers. Professional materials will make sure your fragile materials are carefully packaged, and they will be able to sort and mark all the boxes so you can easily identify what is in each one. Their premium packing materials will keep everything safe for your move, whether you choose to ship or move your possessions on your own.
Those are more expensive methods because they involve professionals. Moving is expensive if you do it on your own, too. One of the biggest expenses if you move your own belongings is a rental truck, which you will probably need to help move large items like furniture. You will need to pay for the extra gas a larger truck takes, and you won’t regret taking the insurance in case anything happens. A Residency Relocation Loan can help you pay for your truck rental, insurance, and gas. It can also help pay for the expense of driving your own vehicle along with the rental truck, with all the expenses that involve.
If you are moving far, you may need to pay extra travel expenses. You might need to stop to sleep. In which case you will have to find a hotel which is safe and close to the highway. You should find something comfortable because the last thing you need during a move is to be too tired from lack of sleep. You might find it easier to eat your meals at restaurants while you are traveling, which is another expense. Cheap fast food will just make you tired and uncomfortable, and healthy food can be more expensive.
Put your things in storage
Whether you use professional services or do everything yourself, it will probably help you to put at least some of your things in storage during your preparation for your move. Many people go ahead and move some items into storage to make it easier to organize the items that are left. If you are like many people, you may even find the benefit of continuing to store some things at least for a while after you move, so you don’t have to do everything at once. You can use your Residency Relocation Loan to help pay for those storage fees.
Other Moving Expenses
Those were just the expenses you would have for the physical move itself. There are many other expenses you will incur when you move to a new location. Sometimes they cost more than the move itself, but you may be able to get much of that money back. The hard part is coming up will all that money in the first place, and that is where a Residency Relocation Loan can help you.
For instance, when you move to a new town you may need to pay a deposit in order to get your utilities turned on. While the expense can be unexpected, you will probably be reimbursed when you prove that you are willing to pay on time, usually at least within the year. Another deposit you might have to pay will be on your new home if you are renting. Some landlords expect you to pay the first month’s rent, the last month’s rent and a deposit when you move in. The deposit will only be returned once you vacate the premises in good condition. When you need help covering a rent payment, moving loans online can help fill that gap.
New Location Expenses
Another reason that moving is so expensive is that you will likely be paying for your home and utilities in both locations at least for weeks or even months. Your home is normally your largest expense anyway, and paying for two places can cause severe financial hardship. It can be stressful, but you need to keep in mind that it’s only a temporary situation and it will be worth it when you are settled into your new home. Taking out a relocation loan can take the stress off, giving you enough money to make the necessary payments and then letting you pay off the loan on a slower, more relaxed schedule.
How to Reduce Relocation Costs and Moving Expenses
High relocation costs can put a big dent in your budget, even if you aren’t living paycheck to paycheck. According to the Report on the Economic Well-being of U.S. Households for 2018 published by the Federal Reserve, many Americans will have difficulty paying for emergency expenses. Even with an emergency expense of only $400, 27% of Americans would have to borrow or sell something to pay for the expense, while 12% would not even be able to cover the expense. The average cost of relocation for just an intrastate move is almost six times higher than this $400 emergency expense that over a third of Americans would have trouble affording to pay. Moving can be a large financial burden, but there are some cost-saving tips you can use to lessen the burden. Below are some ideas to plan your move on a budget:
Plan, Plan, Plan
Plan ahead! Make a checklist, and check it twice. Make sure that you look over your budget to make sure that you can afford the moving expenses for your relocation. (The fact that you’re here is already a good sign!) Make a packing list, so that you can ensure that you don’t forget any of your essential items when packing. Make sure you take care of all of your local business before you leave, such as telling the post office of your change of address, dealing with any banking or cell phone issues, finding someone to take over your lease (if you are currently living in an apartment) or to buy your house (if you are a homeowner), and anything else that could affect your daily life. If you plan in advance, you are more likely to find better deals on rental trucks, flights, etc.
Discard Unnecessary Items
While you are planning your move, you may notice that you have some items around your home that you do not need to take with you. That shirt you haven’t worn in five years? Donate it. That shampoo and dish soap that you can buy at any convenience store? Leave it, and buy these common household items when you reach your new destination. Anything broken or redundant in your current home does not need to be brought to your new home. There is no point in wasting your time, money, and effort on transporting unnecessary items with you to your new home.
Only Use Professionals in Cases of Necessity
If you are a single person with no truck, then you may not be able to handle the work of moving all on your own. On the other hand, if you have friends and/or family nearby, you can get a lot done without having to hire professionals to help. Have a packing party! Not only will the work be done much faster than if you had to do it all yourself, but it can be a great way to get your friends and family together for a last get-together before you move away. If you’re only moving intrastate or to a nearby state, you might be able to borrow a truck from a friend to move your belongings. Social media can be a great place to ask many of your friends for help at once.
Pack Smart and Cheap
When packing your belongings, it is important to make sure you pack your fragile items with care. Packing material, though essential, does not have to be expensive. You have options, as packing material has a variety of substitutes. For instance, you can use balloons from a dollar store instead of traditional packing material and shredded newspapers instead of packing peanuts. If you have breakable items, use your other belongings to protect them; you can put your socks into glasses to protect them from shattering, and you can line your packing-boxes with empty egg cartons for extra protection. You can also use your clothing, towels, and blankets as an extra bit of cushion for breakable items.
When to Consider Getting a Residency Relocation Loan
Once you have done everything you can to reduce the price of your moving expenses, you have to find a way to pay for those remaining moving expenses. If you still do not have the cash readily available for these moving expenses, you are not alone. There are many options you can consider to finance your relocation. If you fit any of the following situations, then a residency relocation loan might be right for you:
A New Job That Pays More Money But Requires Relocation
If you are offered a job that pays you more than your current job does, then you may be tempted to take the job. The only problem: you can’t afford to relocate with the amount of savings you have and the current salary you make. A solution: borrow the money. Though borrowing money has many pros and cons, a new job with higher pay could be seen as an investment. The money you put towards your move could lead to an overall higher standard of living than what you currently have.
A Tight Budget
If you are already on a tight budget, a personal moving loan could give you the flexibility you need to get everything done without breaking the bank. You shouldn’t have to give up your regular standard of living in order to make a necessary move. A residency relocation loan should have payments that are low and can fit into any budget. This loan can help you, even with your tight budget, pay for these unplanned moving expenses.
If you are already paying down your debts, then it might be hard to add additional expenses to your budget. You may not want to add even more debt to your current debt, but it might be necessary to afford your move. Pay off as much of your current debt off as possible before applying for a personal loan to move.
You Have a Payment Plan
If you do not have a payment plan, then it may not be able to get a moving loan. Only apply for a loan if you have a payment plan and know how you will pay this debt back. You might have to forego an additional meal out every week, but it is important to have your priorities in check and know how you will afford the loan repayment. In the end, it will be worth it.
When a Residency Relocation Loan Might Not Be Right For You
If you are still not sure if a residency relocation loan is right for you, then you may need to reconsider your other options. Below are some reasons that a moving loan could possibly not be the right option for you:
1. High Interest Rates
Interest rates are just getting larger, and if you have bad credit, you are more likely to get a higher than average interest rate. The fast money from a moving loan could help you in the present, but if you can’t afford the future repayment, then this might not be a good option for you. You don’t want to make your credit worse because you got a loan you could not pay back.
2. Loan Fees
Be aware of the loan fees from your lender. Not all lenders have loan fees, but some loan fees can be high. If you decide to get a personal loan, make sure that the loan is large enough to cover your moving expenses, as well as the associated loan fees.
3. Your Credit Score
When lenders look into your credit report to decide whether or not to give you a loan, they do what is called a “soft check.” After they decide to give you a loan, they may do a “hard hit” in order to finalize the terms of the loan. Hard inquiries have the ability to affect your credit score. In addition to this, if you, for some reason, have trouble paying back your loan, the resulting debt can affect your credit score as well.
How to Get a Residency Relocation Loan
Getting a moving loan can be easy. In order to get an idea of your eligibility, check out your credit score online. Then, loan shop online to see what your options are. Different lenders have different interest rates, loan fees, and terms and conditions. Find a loan that is right for you and your personal situation.
Moving can be extremely stressful, in part because of how expensive it can be. If you don’t have much time to prepare, then you may not have saved up enough money to complete your relocation without getting a residency relocation loan. But you don’t have to succumb to the stress. Finding the right loan for you can be done in as little as three simple loan steps. Getting a moving loan could help make your relocation both more affordable and less stressful.
Grace Douglas is a master candidate in international security management by day and a personal finance writer by night! With powers in finance, writing, and languages that she received by being exposed to high dosages of university courses and being bitten by booklice while working in a rare books library, Grace loves to use her powers for good rather than evil. If you need help with budgets or personal loan questions, then just call Grace, your friendly neighborhood FinanceWoman!