Tips for first-time movers and ways to keep costs low
Buyers and tenants are urged to avoid taking on debt to cover the costs.
Purchasing a new home comes with so many expenses that it is not uncommon for buyers to search for ways to cut back on costs.
While hiring a professional moving company can be helpful, it is also often one of the first expenses buyers tend to work around.
According to the regional director and CEO of RE/MAX of Southern Africa Adrian Goslett, there are many up front costs when moving into a new property that many forget to budget for.
“Tenants will need to pay a sizeable deposit and buyers will need to cover transfer fees and bond registration costs. This often leaves very little money for things such as the moving day and purchasing furniture for the new home,” he noted.
He provided tips for a cost-effective moving day:
1. Shop around for quotes: For those who choose to use professional movers, take the time to shop around. Get quotes from at least three different companies to determine the fairest quote. Doing this in advance will also help you budget more accurately and allow time to save the appropriate amount.
2. Hire a trailer: For those with a tow bar and an appropriate vehicle, it can be more cost-effective to hire a trailer for a day to do the move. Better still, if one of your friends or family could lend you a trailer or vehicle for the day, this could help you save some much-needed cash.
3. Declutter before the move: The less you have to move to the new home, the cheaper the moving process will become. Before the move, get rid of the items you no longer need and donate or sell the items still in a good condition. Resist the urge to purchase new items until after you have moved into the new home.
Whether you choose to move on your own or hire professional movers, Goslett encouraged buyers and tenants to avoid taking on debt to cover the costs.
“To protect your credit score and minimise the impact of the interest rate hikes, keep credit card debt as minimal as possible. As difficult as it may be, it is better to be patient and build up savings to cover the associated costs of moving in cash rather than on credit,” he advised.
To do this, be aware of all the costs you can expect to cover when moving.
“Before committing to a purchase or a lease agreement, speak to a trusted real estate advisor to get a better idea of the associated costs. As experienced professionals, they could offer some advice about the most common expenses that have tripped clients up in the past. Being better informed will help to avoid surprise expenses and make the moving process much more enjoyable,” said Goslett.
Home-Dzine shared these tricks when moving out for the first time:
1. Bring changes to your lifestyle: Living in your parent’s house is different, as there’s no burden of responsibilities. When you decide to live alone in your own home, a bunch of duties pop up. If you keep your lifestyle on track, there will be no milestone you can’t achieve.
2. Take a look at your finances: One of the most critical parts about leaving your house for the first time is dealing with the everyday increasing expenses. Draw up a budget to figure out your expenses. Buying everything ranging from your utility needs to furniture should be within your budget. The best way is to note all your expenses for the month on a notepad and spend your money accordingly. Plus, keep water, petrol and electricity in control as it also influences the budget.
3. Choose the best location: The choice of location for your future house will influence your troubles and you have to buy reliable real estate where all your needs are on your doorstep.
4. Find yourself a permanent job: Taking a brave decision to move out of the house for the first time isn’t appropriate unless you have a steady job, pushing you up financially. As you’re going to face millions of problems economically and emotionally, only a permanent job resolves all your matters.
5. Always have a plan B: Not everyone who’s moving out of the house is the one who gives a potential setback to the upcoming problems. There are chances that you may fail in building yourself up. But don’t bother about it much; as having a plan B when moving out of college is the only thing you can do to save your living.
6. Go for renter’s insurance: The unfortunate time comes without informing. The best way to push yourself up in such circumstances is to have renter’s insurance. Choose the policies which have low monthly payments or those that offer full replacement coverage.(Information: privateproperty.co.za).
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