Tembo Tips: How to Save on Moving Costs

How to save on moving costs

Purchasing a new home in the current housing market already takes quite a toll on your finances. Considering all that is involved in moving from one place to the next, these costs can add up quickly. However, there are steps that can be taken to reduce moving costs and allow you to set aside a little something extra to go towards your mortgage payments each month.

Do Your Research & Ask For Multiple Quotes

Research moving companies in your area to find out what services they offer, and how much they charge for these services. Make sure that you provide these companies with ample information regarding where you are moving to, and what you require from them. Different companies will offer different packages and rates depending on your needs. Consider the costs associated with the size and weight of your items, the amount of mileage and gas included in the quoted price, as well as the various moving supplies and number of movers that may be included in each quote. Don’t be afraid to ask questions and request a price match or discount if you come across a deal that you may not have been offered.

Consider Doing It Yourself

Depending on the number of belongings you have and the distance that you are moving, it may be more beneficial to complete the move without hiring professionals. Keep in mind, that costs do add up quickly and this may not always be the most cost-effective method. Consider the cost of a moving van, boxes, and other supplies that you will need to complete your move. Reach out to friends and family who may be willing to assist with loading and unloading; saving you from the cost of hiring professional movers. Make a list of everything that you will need as well as items that you may already have, and compare the total cost to the quotes you have received from moving companies to determine the best option for you.

Get Rid of What You Can

Reducing the amount of items you are taking with you will ultimately cut down costs by decreasing the weight of your load, as well as the number of boxes needed. Does your old furniture fit in your new space? Make sure you take measurements and are sure that everything you are moving has a space in your new home. If it doesn’t fit – get rid of it! Selling gently used items that you no longer need will also make you some money that you can use towards your moving supplies. Is the item worth less than the cost to move it? The cost to move an item should be a fraction of the cost to replace it. Don’t be afraid to sell it and purchase a new one for less than the cost of moving it.

Tembo Tips: Save on your Remodel

Tembo Financial offers equity advances so you can receive the proceeds of your sale before your closing date. This service helps homeowners purchase a new home faster, assist with moving costs, or even help pay for a vacation or new car. But did you know that you can use advance financing services to help with renovations? Renovating can help increase the value of your property, or can help turn your new fixer-upper into your dream home. Here are a few tips that can help you save when you’re renovating your home!

Increase Efficiency, not size:

Re-organizing and equipping your kitchen or bathroom can help you avoid blowing walls to gain additional square footage. Consider which type of storage is most efficient for space, from lazy susans to vanity mirrors, you don’t need to compromise storage for aesthetic. The best of both worlds is attainable if you maximize your space and research thoroughly!

Donate your trash:

Invite your local Habitat for Humanity chapter to your home before renovating. They can help you remove fixtures and materials for later resale. You will save money on Junk Removal services, you will receive a charitable tax credit, and you are engaging in a good cause! Additionally, this is a much more eco-friendly way of renovating, as you are avoiding sending your junk to a landfill.

Long Term Savings vs Short Term Gains:

Even when it comes down to the type of paint you’re purchasing, consider the long term savings vs the short term savings. Will you need to replace it in the next couple years? If the long term costs exceed the current savings, consider splurging a little bit. You will save in the long run.

Auctions:

You can often find building supplies at a local auction for half the price of the retail cost. If you’re planning on building cabinets, this would be a great place to search for supplies. Home centers will increase prices to cover some of the overhead costs. These extra costs can easily be avoided.

Whether you’re planning on a full home renovation or a small project, Tembo Financial has various financing options to meet all of your home improvement and lifestyle needs. 

Still Renting? The Financial Benefits of Owning a Home

There’s no place like home. It’s a place for family; a place to make lifetime memories- and a place to bring in the bucks. From the tax benefits, to good ol’ fashioned financial stability, the financial benefits of home ownerships are obvious. Here are a few of the many financial benefits you can reap from owning a home.

1. Home ownership builds wealth overtime
Were now in a “new market”, and it’s time to revisit the idea of buying a home as financially saavy. Our parents grew up on this idea, their parents knew this to be true. It can be a canny financial move – but only if you can afford the home. Stick to a home that you can afford and gradually build wealth.

2. You Build Equity every month
Every payment on your home gets you a little closer to owning it. Each payment builds up the equity your have in that property. If you only rent, you’re simply paying to rent the space, and not building any equity in the property that you could potentially borrow from in the future.

3. Forced Savings Account
Paying that mortgage every month and reducing the amount of your principal is like a forced savings plan. Each month you are building up more valuable equity in your home. In a sense, you are being forced to save

4. Owning is cheaper than renting, in the long run
In the first few years, it may be cheaper to rent. Over time, as the interest portion of your mortgage payment decreases, the interest that you pay will eventually be lower than the rent you would have been paying. But more importantly, you are not throwing away all that money on rent. You gotta live someplace, so instead of paying off your landlord’s home or building, pay off your own!

These are just a few of the many financial benefits you can reap from owning a home. Is it time to reconsider renting and start thinking about becoming a homeowner?

Tembo Financial provides our customers with the most suitable finance solutions to fulfill their needs. We understand the complexity of selling your home and moving, and realize it can be a stressful and expensive process. It is our goal to help you alleviate some of the stress! Connect with us today at tembofinancial.com/contact-us.