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Moving House What to Budget for
Moving September 3, 2018

Moving House: What to Budget For

Moving house isn’t at the top of our favourite things to do! It’s also expensive, with plenty of hidden costs. We’ve put together all the possible moving costs so you can start to budget for your next move.

Moving costs to be paid in advance for your new rental:

 

Rent in advance

A landlord or agent can ask for 1 or 2 weeks rent in advance, depending on whether the tenant is paying rent weekly (1 week advance) or fortnightly (2 weeks advance). The rent in advance is to be used for the first week or fortnight (depending on how much you’ve paid) of the tenancy. Eg. if a tenancy starts 1st March and a tenant pays 2 weeks in advance, this covers them for 1-14th March and they will pay the next rent 15th March to cover the period 15th – 28th March.

Letting fee

A letting fee can be charged by property agents (also known as letting agents) to cover administration and labour costs. Letting fees can vary but usually equal one week’s rent +GST and are non-refundable.

Bond

A bond is money paid by tenants when they move into a property, used as security to cover any unpaid rent or damage to the property. The bond is refundable, assuming you pay your rent in full and look after the property. Check out our article for Everything You Need to Know About Your Bond

With the median rent in both Auckland and Wellington having reached $550 per week, we’ve crunched some numbers for how much you pay for rent in advance, letting fee and bond (lending criteria applies, rates subject to change):

MoveSmart

And don’t forget the costs of moving day, which can quickly add up too:

  • Moving company fee (or truck rental if doing it yourself)
  • Additional insurance – to ensure your goods are covered for moving
  • Packing goods – boxes, bubblewrap/newspaper, tape, markers
  • Storage, if you have time between properties or are moving to a smaller property
  • Cleaner (or cleaning products if doing it yourself)

Plus all those things you might need after the move – furniture, a new bed, a gate installed for the pooch! The good news is, MoveSmart can help by letting you move now, and pay later. You can get pre-approved so when you’ve found your dream rental, the funds will be transferred to your landlord or agent and you’re ready to move in!

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