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Moving out is one of the most exciting times you can have. Not only are you opening yourself up to new environments and new perspectives, but you’re also making a conscious decision to embrace freedom.
However, as exciting as it might seem, it can also be a nasty experience. If you properly plan for it, the transition from a bird’s nest to your own pad will work out just fine.
These tips should help you figure out your moving expenses:
One of the biggest mistakes you can make is to move out without a gig already lined up at the new location. If you already have one, it will cushion you against the harshness of finding a job just to keep up with the rent.
With a source of income, you can start planning on how much you ought to save before venturing out on your own.
When you’re planning on moving out, you already have a couple of possible locations in mind. It is important that you settle in one location well before the actual move, as it helps you negotiate rates, such as transport costs if you already have stuff. Knowing your location is also beneficial since you get to know various prices such as the utility expenses and costs of food in that area.
Assuming that this is your first move, you need to work with wide margins since you are not entirely sure of all the variables.
Rent, in most cities, is a bit expensive. Since you don’t want to be caught flat-footed in a new city, plan for about three months. This grace period is enough for you to get settled as you look for other arrangements just in case you can’t keep up with what you find in your new city.
Assuming the rent for a studio apartment is between £620 and £800, you will need about $1,935-$2,321 for rent alone. However, that is not enough if you factor in the deposit. Almost every location you check will ask for a month’s deposit. At a starter level, you will need at least £1,600 for the first month, bringing your total to about £3,100.
Note that these costs apply to most in-demand areas.
If you have furniture, you will need a moving company. A decent moving company will ask for a minimum of £387. Costs can go up to $1000 depending on distance. To make it easier, find a friend with a spacious car and make it a road trip.
If you don’t plan on bringing your old furniture along, and you choose to purchase a few essentials, you will need stuff such as a seat, sleeping equipment, washing equipment and fixtures. Since you are starting out and you want to keep the expenditures low, you can get second-hand equipment. This can help you save up to about $1000.
Essential costs are those costs that you will incur each month. Utilities, food, and drink and transport all counts as moving out expenses. If your daily food and drink expenditures are £28, you’ll need about $1,161 set aside to cover you for the month.
Utilities such as electricity, gas, and water could cost about £117 for a month. £350 should be enough to cover you for three months. If you have a car, set aside some gas money in the region of £465 for the month.
You also need to factor in other bills such as telephone expenses and insurance.
One of the biggest surprises you will encounter during moving out is the more delicate details in tenant-landlord agreements. For instance, some landlords will charge a background check fee- about £39. Telephone companies will cost you a connection fee of up to £117.
If you have a pet, your rent goes by another £117. You can also incur a cleanup charge where the owner of the premises makes you pay for cleaning up the place before settling. These charges may not apply, but it is vital to find out beforehand if they do.
To ensure you have a smooth transition, you can set aside about £2,708. An extra £2,321 to cover another month and other costs should suffice. If you find the costs to be too overwhelming during pre-planning, you can arrange to cost-share.