NerdWallet: Moving is expensive: Here’s how to pay for it

by | Aug 1, 2023 | Stock Market

This article is reprinted by permission from NerdWallet.  Packing your things and moving to a new home is a financial hurdle even in the best of times, but higher demand for moving-related services in the summer can send prices skyrocketing. If you’re wondering how to pay for an upcoming move, there are financing options, including credit cards and unsecured personal loans. You’ll want to minimize interest, though, and only borrow what you need.

By taking the time to get multiple quotes, moving some stuff yourself or getting rid of belongings, you can lower the amount you need to borrow or avoid financing altogether.What to expect for moving prices this summer One piece of good news for prospective movers: The cost of moving this summer will likely be lower compared to summers prior. “The COVID years proved to be some of our highest demand periods where people were making housing decisions and work location decisions that were completely out of the norm,” says Steven McKenna, vice president and general manager of Allied Van Lines, one of the largest moving companies in the country. “This year, it’s come back down to earth a bit.” Higher interest rates and a slower housing market are likely behind the decrease, says Ryan Carrigan, co-founder of moveBuddha, a website where you can compare and book movers. The company’s data and data from major partners, he says, already show a drop in demand for the first half of this year. Still, prospective movers shouldn’t expect too much of a break. Though prices are down year-over-year, you can still expect to pay a 10% to 20% summer premium, says McKenna. Also see: Here’s how much to tip everyone — and a list of people you should never tipFinancing options for your move It’s best to pay for your …

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