Tips to Plan Your Moving Budget When Leaving a Rental

By
Real Estate Agent with RE/MAX Executive Realty 91362

How to Plan Your Moving Budget

When you plan to move, you often want to do it quickly. However, you need to stop and read your current rental lease agreement to see what is required of you first.

There will be 30 days of written notice required, at least, and in some cases, it could be much longer, like 60 days. It is legally required and good manners to let your landlord know you will be leaving as soon as you decide.

The landlord will then be able to plan to get a new tenant, and you will be able to calculate your moving budget and plan the move to your new property. Let's take a look at a few pointers for planning a moving budget when leaving a rental property.

Getting Started With A Moving Checklist

Make a list of what you intend to take with you. You can then sell or donate the rest of your stuff, and throw out the clutter. Moving is an excellent opportunity to dispose of unwanted things, and every time you move, it is a perfect opportunity to declutter.

If there is anything that you want to keep that is too big to move with you, ask Mom and Dad or a good friend to look after it for you. Don't pay storage unless you have to.

Understanding where you will get your moving boxes, tape, labels, and packing materials will be essential. A move, depending on how far you are going, can cost more than $5,000. Sometimes more as you have to consider the following when planning your moving budget.

  • One month rent on the new property
  • Rental Deposit usually 4 weeks rent.
  • Cleaning Costs

So you can see that it is crucial to get your rental deposit returned to you as soon as possible following the move.

Planning Moving Costs and Transfering Utilities

Moving is not cheap, but as you have probably been planning it for a while, you wouldn't be considering the move unless you could afford it.

Change your address with the bank, utility companies, driver's license, and insurance just before moving.

Some people spend their whole lives renting, as opposed to owning a home, especially in a big city where the costs of owning a home have become so high. This must be very hard, as sometimes you may be required to move before you are ready to go. There is no permanent security of tenure when you don't own your own home.

Make a Plan With Either a Mover or Renting Your Own Truck

Make a plan with your moving company, date, time, and the duration of your move, and finalize the cost. If you are driving yourself to the new home, make sure that there is someone there to meet them if you get held up.

Pack up your paperwork, valuable documents, and laptop to take in the car with you to your new property.

A good moving company is usually money well spent. They will transport your belongings safely to the new house and place them in the designated room. It becomes vital for you to mark your boxes accurately to make a move easier.

When funds are tight, however, renting your own moving truck makes a lot of sense. Renting a Home Depot truck or one from U-Haul can help save quite a bit of money.

If your move is a local one it makes a ton of sense to think DIY and ask a few friends for assistance.

Get a Storage Unit if Necessary

As stated before, don't rent a storage unit unless you have to. Of course, if you are going to another state, you may need a storage unit for a year or two until you return home.

Make sure you put a time limit on it, as you could end up having it for years which would be very costly.

Moving is hard work. Get a friend or a family member to help you with the move. It will make the process less stressful.

Many of us struggle with change and throwing stuff out. So moral support from a friend is always a help.

Clean Your Apartment or Home

When you move out of the rental property, get a professional cleaner to clean it thoroughly. This is a lease requirement in many places, and you want to be sure to meet the need.

The cleaners think of things that we wouldn't, like windows and behind doors. If you have carpets, they have to be steam cleaned too. If you have items you will not be bringing to your new place, it is wise to hire a junk removal company.

When you have hooks in the walls for pictures, be careful not to make holes when you remove them. If gaps appear, they may need filling and painting over by a proper tradesperson.

Leaving a property you have lived in for a few years shows all the wear and tear, and often there is a bit more than expected.

Once you are finished with the cleaning, it will be time for your landlord to assess the property. Usually, there is a checklist, and as you go through it in your rental property, you can tick off what has been done.

Your Rental Deposit

Once these tasks are completed, you will then be ready to apply for the return of your rental deposit. If you have complied with the cleaning requirements and your landlord has been happy with the inspection, this should not be a problem.

It might take a week or so to get your money back. Remember, if you are not current with your rent, the landlord will consider this. Keep in touch with your old landlord so that he can communicate any further requirements to you.

Final Thoughts on Planning a Moving Budget

Your moving budget has been perfectly planned, and this time, you have done everything correctly. Often a move is essential for good career prospects, and many of us have had to move several times as we move up the career ladder.

Once you have settled into your new home, keep all your paperwork for at least five years, as you may want to refer to it. Also, if you had to move for work, certain items may be tax-deductible. See your accountant to be sure.

When moving budgeting and planning are always essential. Use these tips to ensure you have a better moving experience.

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Bill Gassett is a thirty-two year veteran to the real estate industry. He enjoys providing helpful information to buyers, sellers and fellow real estate agents to make sound decisions. His work has been featured on RIS Media, National Association of Realtors, Inman News, Placester, RESAAS, Credit Sesame and others.

Comments (2)

Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Bill - the only thing I would add is when you ask Mom and Dad don't plan on leaving it with them after your move.🙂

Oct 19, 2021 08:02 AM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Or the other way around Grant Schneider :)

Oct 19, 2021 08:26 AM