I’m in the process of moving to a new apartment, and I couldn’t be more excited about it! I am moving from a tiny place to a more spacious townhouse with a yard for our dog and a great location for both work and play.
But, how much is all of this going to cost?
That’s a huge concern when it comes to moving because lot of costs creep in without you ever realizing it, or taking time to plan for it. You’ll need to plan for all the bills still due in your old place, while having to save and budget for the initial costs in the new place plus the move.
If you know you’re planning to move soon, consider the following costs and start saving your money to make sure your exciting move doesn’t hurt you financially:
- Application fee: $25-150 cash per person
- Rental applications often check credit history, as well. Make sure to keep paying credit cards and loans off to be considered for the new place.
- Holding deposit: variable — for our 2BR townhouse, it is $800 cash
- Security deposit: variable
- Oftentimes, the holding deposit is converted to a security deposit when you move in. If you leave your apartment (after the lease is up) better than you found it, you can get this money back.
- Pet deposit: variable, ~$200
- First month’s rent: variable
- First month’s utilities
- First month’s HOA fees if applicable
- Must give 60-day notice (or face other charges)
- Partial rent for your last month: $150
- This covers rent for the part of the last month that you’ll be there. For instance, if you move out on the 7th, you’ll pay 1/4 of the usual rent cost.
- Last month’s utilities
- Cleaning & Damage fees: variable
- Your apartment complex should have a list of cleaning costs to provide you. This money should be taken out of your security deposit and the rest will be returned. If your apartment is in bad shape, there may be additional cleaning costs.
All of those costs are pretty non-negotiable. Save money now for a security deposit, and take care of your apartment to ensure you don’t get hit with cleaning fees & lose your security deposit. These next costs depend on your preference:
- Moving costs
- Boxes, tape, bubble wrap, rental truck, moving company, travel (gas, food)
- New furniture & decor (especially if you’re upsizing)
- Security system for your new place