Top 5 relocation costs you need to consider

Published on November 24th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Relocating can be a fresh start, but it also comes with many things that need to be done. In such cases, budgeting and probably a week of takeaways will become your best friend. You can cushion the cost of relocating by setting up a savings account or taking out a personal loan to make the transition a smooth one. These are five costs that you can prepare for to better manage your expenses.

1. Know the costs for the area you plan to move in

Moving costs can vary depending on the distance you will be travelling, the volume of items that need to be moved and transportation that is required to move these items. This could cost you anything from $500 to $5000. Since the cost will vary on an individual basis it will be best to set a budget and compare removalists in the area to make moving easier and affordable.

2. Packing

You will be surprised at how many things you have accumulated over the years. It is also reasonable to say that you won’t be able to move all your things in one go, let alone in one day. Which is why a budget can help you factor in the costs for storage and packing your items.

You can also consider storage unit companies that give you the best of both worlds in terms of offering storage space and moving trucks. The average cost for renting a storage unit can cost between $250 – $500 a month.

3. Consider the time frame

The adage of ‘time is money’ is ever so true when it comes to moving house. Knowing the time frame can help you adequately budget for the cost of the move. If you plan on winging it on your own, then it will take a considerable amount of time and money. However, if you are looking for speed and efficiency you will have to call in the professionals. But you don’t have to break your budget doing this. Always remember to compare your options.

4. Getting connected

Some other considerations you can factor in when creating your budget is getting your utilities, cable, and internet services up and running. Setting up your systems can take time depending on who you choose to hire to help you set it up. Having an emergency savings account can be useful, but you could also consider taking out a relocation personal loan to shoulder these additional costs. Just make sure that your loan option comes with flexible repayment plans and features that are suitable for you.

5. The cost of property

This is something that you should consider before you even move. Putting inadequate research into the median house value in the area you wish to move into is essential. Being aware of the property cycle can also help you get a good deal for when the property market is more affordable. If you have a property that you want to purchase but still waiting for your own property to sell you could get the wheels in motion by taking out a relocation personal loan.

Speaking to a financial advisor and a property evaluator can help you know the true value of your house so that you don’t take on more than you can afford with your new property.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for personal loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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