Thanks to the pandemic, the cost of moving in 2021 is
much higher than it was last year. Change-of-address
data from the US Postal Service revealed that between
January to April 2020, over 10.2 million Americans moved to new homes,
amplifying the demand for moving services. This increase in price was only
exacerbated by labor shortages and slower manufacturing caused by the pandemic.
Consequently, people aspiring to move need to account for possible price
increases in a number of moving services and essentials, namely professional
packers, moving supplies, transportation, storage, and insurance.
Professional packers and movers
If you want your belongings packed efficiently, you might have to hire professional packers, which can cost you anywhere from $370 to $3,600, based on recent data. The more affordable option is to pack your belongings away yourself, but this also requires time investment, resulting in lost wages if you take a day off from work. Additionally, fragile items might need expert skills in packing.
Moving supplies
You'll also need to take into account the cost of moving supplies, such as boxes and packaging tape. CostHelper's overview on moving supplies notes that a moving kit for a one-bedroom apartment typically ranges from $69 to $90. On the other end of the scale, a moving kit for a four-bedroom house will set you back around $311 to $404. You might also need to purchase or rent special equipment, such as a dolly for heavy objects, and protective packing kits for fragile objects like glassware, dishes, and porcelain.
Moving trucks
Though popular hauling service U-Haul advertises truck rentals at $19.95, AskMoney's breakdown of U-Haul prices notes that this amount is only a starting rate. In reality, this rental rate only applies to certain types of vehicles. U-Haul will also charge you $1.09 for every mile their truck travels and if the truck you use is smaller than 10', the rate is a lower $0.79 per mile. You may also be charged additional hidden costs, such as cleaning fees, toll fees, environmental fees, and convenience or drop-off fees.
Temporary or long-term storage
Not everyone is guaranteed a smooth moving schedule. For example, you might sell your house before you're able to move into a new one. Or you might want to declutter your old home before you move to make it more attractive to buyers. If you have no place to store your belongings, renting a storage unit is an option, but it can be a costly one at that. Depending on the size and location of the storage unit and the length of rental, these usually run from $60 to $225.
Insurance
Belongings in transit are susceptible to damage, so it's best to have them insured. The Insurance Information Institute suggests that movers offer two liability options, which are released value protection and full value protection. Released value protection usually comes with no additional charge, but provides limited protection at a maximum of 60 cents per pound per article. For example, if the movers damage a 20-pound computer, they only have to pay you $12, regardless of the item's actual value.
A better option would be full value protection. Here, the movers are required to repair, replace, or pay a cash settlement for items damaged under their care. The cash settlement should pay for either the item's current market value or the cost of repair. Because of this, full value protection insurance is usually expensive.
Changing locations can be a wise financial decision. For instance, Ted Jenkin claims that moving to a new area can help you save on taxes, mortgage, and even private school tuition. However, you'll also need to account for the cost of moving itself. If you plan on settling into a new home, for example moving to Vivian Apartments Englewood NJ, professional movers, storage, and insurance are some of the expenses you might have to consider.
