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The adventure of moving typically ends in an exciting result: a new job, perhaps, or an easier life. But that doesn’t mean it isn’t stressful — or expensive.
It’s not just getting your stuff from here to there. You’ll typically also need to prepare a soft place to land, however temporarily, and maybe even a place to store your belongings until you can move into a more permanent home.
But you may not have to pay such a big move up front and out of pocket. We guide you through what it takes to take out a relocation loan.
Yes. Relocating to a new city or town is a common reason people take out personal loans. You can apply with most personal lenders and receive preapproval to learn potential rates and costs of your loan over the long term. Compare the rates of two or three options to narrow down financing that can cover the full expected cost of your move while keeping your interest low and close to your budget.
Personal loans are generally unsecured, meaning your rates are based on your overall creditworthiness among other factors like income and employment.
The cost of relocating to a new city or town varies depending on where you’re moving from, where you’re moving to and the type of residence you’re looking for. Moving from one side of the US to the other is typically most costly — especially if you need to ship your car or furniture. A deposit down on an apartment or rental house is also expensive, and paying a realtor to find a suitable home for you to buy can add even more the final cost of moving.
To discover how much it might cost you to move between locations, create a list of the potential costs specific to your situation:
Budget. A cost-effective way to cover your move is to create a budget. Multiple online resources can help you calculate the costs of your move, allowing you to put any excess income toward these expenses in a separate account, if needed. Comparing exactly what you’ll need against how much you’ve saved, you can nail down whether you need a small loan or a large one — saving you money in the long run.
Company relocation assistance. If you’re upgrading to a new job or are transferred to a new office, find out if your company covers any part of your moving costs.
Not anymore. Because of the sweeping tax reforms signed into law in December 2017, you can no longer write off the moving expenses that come with relocating for a new job. Unless your move took place under the wire and you can claim it in your 2017 tax returns, you won’t be able to write off movers or vans, hotels, airline tickets or other expenses.
Speak to a tax professional about your specific move to determine if it’s eligible for 2017 deductions.
If your moving company asks for an upfront deposit, ask why. It might be they’re working through a broker that requires one, or a busy season might dictate the need for a guarantee on the job. If the answer doesn’t sound legitimate, trust your gut and look at another option.
Legit moving companies typically ask to inspect your home to estimate overall costs, often six to eight weeks ahead of your scheduled move date. By knowing how much you’re moving — and, therefore, how much labor and supplies are necessary — a company can provide a more accurate idea of how much you can expect to pay for its services. If the company offers a quote without an inspection, it could be a scam to lowball you know and require more money after moving your items.
5 ways to tell if a moving company is legit
A moving company will also give you important documents to keep should problems arise:
Moving isn’t easy, but it doesn’t have to cost you an arm and a leg. If you need a boost to your budget when relocating, compare rates for personal loans you’re eligible for to fund the next chapter of your life.
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