Wondering what the costs are of moving out? In this video we look at all the
costs related to moving and moving into your new place, that's coming right up.
Welcome to Homebuyer's School brought
to you by Brookfield Residential.
Hi everyone I'm Karl Yeh, and welcome to another Homebuyer's School video, a
channel where you get the latest strategies, tactics, and tips from home
buying experts.
Now remember, if this is your first time on this channel and you want
to get these latest strategies and hear from the experts, make sure to hit the
subscribe button below, hit the little notification bell so you don't miss
anything. Today I'm joined by Nate Edwards,
co-founder of Virtuo, a company that helps transitioning and moving to a new
home simple and stress-free. So the question we're gonna answer today is,
how much does it cost to move?
Good question. You know there's so many more cost than
just a physical move itself so when you are moving into a new home, if you
purchase a new home you know there are some closing costs associated with that.
So you know, you've got your legal fees, all those disbursements,
there's also activation fees that you're gonna be paying once you start setting
up your utility provider, so we need to set up your your water, your electricity
your gas, so you're gonna have some hard cost associated with that you know. Legal
fees generally speaking would be around you know fourteen or budget fifteen
hundred dollars you know, activation fees for utilities, that's probably gonna be
you know another two-three hundred dollars when you're working with the
Shaw's, the Telus of the world, they might have some incentives where they
would waive those fees but you know generally speaking you know, you're
looking at another couple hundred dollars there. You know, packing
materials, and boxes, and supplies you know, you can easily spend two hundred
and fifty dollars to ensure you're adequately prepared for move day and
then you know, whether you're hiring a moving company or you're renting a truck,
a truck rental can be you know, a couple hundred dollars as well, and a moving
company, it's time and materials but you know, I would say a full-day move
could cost you you know, twelve to fifteen hundred dollars as well for
movers so it really is all those added little costs that add up.
And remember, if you're trying to
move out on a budget, watch our video on moving out on cheap.
So when we talk about moving companies because probably that'd be the
easiest way to you know, make sure all this, but it's obviously probably the
most expensive?
Definitely, definitely. Easiest as far as kind of--stress and you
know really kind of valuing your time. A moving company will help you, they can
help you pack everything the day before you need to be out, they'll help you move
out, they'll help you unpack everything, so you know--it's it's cost-benefit so
you know--what's your time worth versus know how much money are you willing
to spend.
And is there any other cost--so let's say you do hire a moving company,
are there additional costs that you that you think you might--you might still need?
Yeah you know, I think for the most part one thing that you need to look for when
you are hiring a moving company is you know, they might have some ancillary
surcharges, might be a fuel surcharge, it might be wrapped into their their hourly
rate but one thing you should definitely consider is actually moving insurance so
you know, what happens if something goes wrong? You purchase your vehicle
insurance you know, I've never been in an accident before but I've contributed
tens of thousands of dollars to the insurance industry, but if
something does happen, I know I'm adequately protected. The exact same
thing as it holds true when you're working with a moving company. If you
purchase the insurance you know if something happens to your big-screen TV
or you know, if something more catastrophic happened where you know,
that moving truck ended up driving off a bridge and everything was decimated,
then you'd be fully protected so you know, moving insurance could be you know
a couple to a few hundred dollars.
Do you take out moving insurance just if
you're hiring a moving company? Or can you take it out if you're planning to
move yourself?
Good question. So you know, a moving company will offer you know,
added value protection if you are moving yourself, check with your insurance
underwriter or your home insurance underwriter, they do have programs but
you know, for the most part a lot of those home policies or renter
policies, they really protect your assets inside your home, not really during that
transition process but we have been surprised, we have seen a few insurance
companies that will actually provide that protection during the actual move
itself so check it out.
So we've talked about--
I think, legal fees that you have to cover for your move, your closing
costs, we talked about potentially hiring moving companies and
maybe even if you're gonna do it yourself probably a truck?
Yep.
Is there anything in terms of actually moving in to your new home?
Yeah so, there is going
to be new things when you purchase a new home, generally speaking you're going to
be you know, having to set yourself up in that new home so you know, whether it's
a wall bracket for your flat-screen TV that you're gonna be mounting you know,
you might not have a shed you have to think about, "Okay well now that I have a
backyard I have to start caring for my lawn so I'm going to need a lawn mower,
I'm going to need a weed whacker, I'm gonna start needing gardening tools." So
once you actually transition in that new home it isn't just the moving cost, it's
now really lifestyle cost that you have to consider.
Yeah, because I never really
thought about that when you know, when you think about moving, it's just moving
from one place to the next but what happens next?
Are there moving companies that actually will help you, not just like for me--
I remember when I hired a moving company from one location to the next,
they just dropped off the boxes. Are there
moving companies that actually help you unpack?
Yeah absolutely. So you know it really
depends on again time and budget so you know, there's moving companies that will
go in, pack everything up for you, they'll come, they'll unpack everything, they'll
fold your linens, they can put your dishes away, but you pay for it. There's
also moving companies that will come drop a big box in front of your old
house, you would pack it up, they'll come back, pick it up, deliver it to your
destination, then you're ultimately responsible for unpacking it all so
really, it really comes down to time and budget.
Awesome. Can you think of any
other costs that we didn't mention?
Yeah, your lifestyle costs you know, you will
be going to Home Depot, you will be going to Ikea at least five times in that
first week, so you know, have a few hundred dollars reserved for that and
yeah--you're gonna also want to top up your fridge, you're gonna need new
cleaning supplies, so there's gonna be a lot of stuff especially if you're moving
out of your parents house for your very first time. You know just getting
your pantry set up and getting your fridge set up and you know, those little
things really--really start to add up.
Perfect. Anything else?
We're good!
Awesome well thank you very much everyone for joining us. Make sure
to watch our other moving videos in the description below, and we'll catch you
next time.
That's another edition of
Homebuyer's School. Tune in next time
for more expert tips and tricks, and visit
homebuyersschool.ca to bring you one
step closer to finding your dream home.
As with everything, it would be great if
you like and share our videos, also please
let us know if you have any home
buying questions you want us to answer.