According to a 2022 study by hireahelper.com, the average cost of a local move in the United States was up twelve percent from 2021. Joining Cheddar News is an expert on how to plan a budget for a cost-effective move. 



<div class="block">According to a 2022 study by hireahelper.com, the average cost of a local move in the United States was up twelve percent from 2021. Joining Cheddar News is an expert on how to plan a budget for a cost-effective move. </div>

Stretching Your Dollar

Tips for a Cost-Effective Move 

Welcome back to stretching your dollar scher here at the New York Stock Exchange. Let's talk about a popular topic. Certainly, this time of year, according to a 2022 study by higher a helper dot com, the average cost of a local move in the United States was up 12% from 2021. And that didn't include additional costs like packing services, insurance or transportation. We now add in additional rental or mortgage fees and you might feel quite a financial burden when all is said and done. Joining me now is Claire executive editor at realtor dot com to help us discover ways to plan and budget for a cost effective move, Claire. How do you make the decision as to whether or not hiring professional movers is the right one for you. I would say that really depends on your back. Um, when you're in your twenties and you have less stuff and maybe you have less, you know, valuable stuff. It might make sense to rent a U haul and pay your friends in pizza and beer. But as you get older and you accumulate more stuff and more expensive furniture and items and maybe your back is not as strong as it used to be. That might be the time to call in professional movers. Mhm. Ok. That's a good, uh, note there when you think about moving, there are a lot of factors that go into play. Right? You might be forced out of an apartment or a home or you just want to see if there's another better option out there for you when it comes to renting. How much should people expect to pay a broker? And are those fees negotiable? Um Everything is negotiable. So definitely, if you're being charged a broker's fee, try to negotiate it down. But in most of the country, you're not gonna pay the broker's fee. The broker's fee is gonna be paid for by the property management company that the landlord employs or the landlord themselves. It's only really New York City and Boston that have um, hefty brokers fees. What about hidden fees? What hidden fees I should movers look out for. I would say before you sign on the dotted line of any moving contract, look at it, look at it, line by line, really break it down because you're gonna see things that maybe you're being charged for that you don't need or maybe you can do yourself things like packing materials. Maybe you already have packing materials or, you know, maybe the mover is charging you more because you're moving at a busier time. Um or maybe you're being charged for heavy furniture or items that you might be able to move yourself if it's a local move. So really take a look at that contract and see what you can save on. What about the possibility of negotiating the moving cost, Claire? Is that something that is negotiable? I'm a big fan of negotiation because the worst somebody can say is no. So it doesn't hurt to try. And again, if you're moving, not at a peak time, like summer is when it's really busy, especially weekends earlier in the day. So if you're moving like in the dead of winter on a weekday, later in the afternoon, you might be able to save some money that way. So definitely try to negotiate, see what you can move yourself um and see where you can save some money. Ok. All good tips, tax deductions. Do those apply in any way, shape or form to moving? And can employer reimbursements also be perhaps just kind of something that might help lessen the blow if it is an expensive move. Tax deductions for moving are rare. Usually it has to be active military personnel who are being assigned to another base or another location. Definitely check that out to make sure that you qualify for that. But oftentimes if an employer is asking you to relocate for a job, it's part of your benefits package, you can definitely ask about these kind of costs and if they'll help with moving costs and you should, because it can save you thousands and thousands of dollars. Let's talk about insurance. Um, if someone can't get the required renters or homeowners insurance before their move, what should they do in that case? That's tough because insurers are dropping coverage in areas with lots of wildfires and flooding in areas that are prone to storms. Um, so I sympathize with you if you're, if you're a renter and you're moving into a building or even if you're a buyer, moving into a co-op or a condo board, and you're having trouble getting that, getting that insurance. I would recommend reaching out to the property management company because they're gonna be the ones who can put you in touch with the insurers that are working with folks in your building so that can help you in that regard. If you're buying a house, reach out to your lender immediately because your lender is typically the ones that's requiring you to have that insurance. So they may be able to work something out with you. And if you're buying, you might want to chat with some of your future neighbors and see who they're going with with insurance to see if those insurers will cover them, right? Claire Reso. Uh Thank you so much for the tips. Claire joins from realtor dot com.