Let's face it: Moving is expensive. "Depending on the city, and how much you're moving, a local move can run anywhere from $350 to $1,800," says Priya Malani, founder and CEO of Stash Wealth. "For long distance moves, you can expect to pay at least $2,000."
Fortunately, with a little planning and maneuvering, you can finance a move even if you're tight on funds. Don't believe us? We asked a few financial experts to share advice about how to finance and plan for a move, and this is what they had to say.
1. Anticipate the major expenses associated with moving.
The first step to ensuring a financially smooth move is to prepare for any major expenses ahead of time. "Most expenses are related to moving logistics, including things like professional moving services or truck rental, packing supplies, or gas for your car and any other cars that will help you move," explains Jill Gonzalez, an analyst at WalletHub. "If you aren't taking all your things with you at once, you might also need to rent a storage unit." Additionally, Malani says it's important to consider any big-ticket furniture purchases you'll need to make for your new spot. "To ensure you're not in a living room with a cardboard box as a coffee table, be prepared to furnish your new home, especially if it's larger than your old place."
2. Start saving money ASAP.
No matter how well you plan ahead for your move, unexpected expenses will undoubtedly pop up along the way, which is why our experts say you should start saving money as soon as possible. "Make a budget, and include a special savings category for your move," Gonzalez advises. "Figure out how you can lower your expenses. For example, since you've already decided on moving, you won't need to buy any more things for your home, and you can put a hold on things like clothing and accessories. You could also review your subscriptions and decide what is worth keeping."
3. Sell your old stuff.
In addition to budgeting and saving, Malani recommends selling as much of your old clothing, furniture, and decor items as possible to generate extra cash for your move. "Whether it's a pair of designer jeans you haven't worn in years or a bulky sofa that's easy to replace, you can profit from selling your used goods while saving on the cost to move them," she says.
4. Apply for a zero-interest credit card (with cash advance options).
If you still can't come up with enough funds to cover the cost of your move, our experts say signing up for a credit card is always an option. "If you have good credit, but you're low on cash, look for credit cards with cash advance options," says Ryan Koenig, Principal Advisor at Farther Finance. To avoid paying interest, Gonzalez suggests applying for a credit card that offers a 0% introductory annual percentage rate (APR). "This will allow you to finance your move interest free, as long as you pay off the card before the promotional period ends," she explains.
5. Take out a personal loan.
Koenig says personal loans are another short-term option for financing a move when you're low on funds. "Personal loans are usually simple interest loans, so the amount of interest you pay is fixed, and you pay it off over time on a set schedule," he explains. "They can be a favorable alternative to credit cards, whose interest compounds, and if you don't pay more than the minimum payments, you'll never pay down the balance."
6. Consider a bridge loan.
If you own your home and you need to sell it before you can move, Koenig suggests talking to your bank about a bridge loan. "A bridge loan is a short-term loan that allows you to finance a new home before you sell your old one," he explains. "However, if the sale of your old home falls through, you could find yourself in a pretty expensive situation until you're able to sell it."