When you are thinking “Should I move or renew my lease?”, consider all of the expenses and time that go into even the most simple of moves. Then ask yourself…..is it easier to move or renew?

Let’s start with the obvious, deposits. When you move into a new apartment you are required to pay a security deposit. Do you have a cat or dog?  You will have to pay an additional deposit for your furry friend.

Utilities

Moving includes cancelling and transferring or starting up new cable, internet, phone, electricity, and gas accounts. You will also have to forward your mail and change your address with banks, credit card companies, as well as family and friends. While these things may not cost anything, they can become a hassle and your time is worth money.

Moving Trucks

Should I Move or Renew My Lease

More than likely, when you move you will have to rent a truck or hire a moving company. On average renting a truck for one full day across town can cost $100, before taxes and fees. Remember to be careful about where you park the truck. Many cities have ordinances that do not allow you to park a moving truck on the street overnight. Waking up the day after you move, to return your moving truck, and finding a ticket on your truck’s windshield is a bummer.  In addition to the truck rental fee, you will have to pay for gas and moving supplies. Oh, and many of you will have to bribe your friends with pizza and beverages to help you get that sofa out of your apartment and into a new one.

Starter Food and Supplies

Most people don’t want to move the “little” items from one apartment to another and end up throwing away necessities like toilet paper, paper towels, food from the fridge, cleaning supplies, etc. The cost to replace all of these items should be factored into the overall cost of your move.

Fees

When you apply for an apartment or townhome you will have to pay an application fee for each person. The average going rate is $40 per person.  Don’t forget each time you apply it is an inquiry on your credit.
Here’s an estimate of some possible costs to keep in mind when moving. . .

  • Moving company: $ 500.00
  • Utilities transfer: $ 80.00
  • Security & application fee: $ 670.00
  • Pet deposit: $ 800.00
  • Time off from work: $ 300.00
  • Miscellaneous: $ 100.00
  • Moving supplies, etc.: $200.00

        TOTAL:  $2650.00

We hope this post helps you feel more aware of the expenses that you may not have considered when considering, “Should I move or renew my lease?”

What do you think are some additional costs for someone to consider that we should add to the list?

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