Moving house? Don’t forget to budget for these costs

As per the latest business developments, Moving into a new home can be exciting, but it can additionally be surprisingly expensive.

You may have budgeted for the rent or home loan and even the movers, but then come the smaller expenses: packing material, cleaning, repairs, new curtains, internet installation and dozens of things the new house suddenly seems to need.

Whether you are moving into a rented home or one you have bought, it helps to work out the full cost before you start packing. Work out the upfront amount

If you are renting, find out exactly how much you need before getting the keys.

Apart from the first month's rent, there may be a security deposit, brokerage and other charges. If you are leaving another rented property, don't automatically assume you will receive your old deposit in time to pay the new one.

Your landlord may first deduct legitimate repair or outstanding utility costs, depending on your agreement.

Keep enough money available to manage both transactions without depending on the old deposit arriving immediately.

Get more than one moving quote

The cost of packers and movers can vary considerably, so compare a few quotes.

Ask what the price includes. Packing, unpacking, dismantling furniture, insurance, storage and moving heavy items may sometimes cost extra.

If possible, get the final quote in writing. Additionally check whether there are additional charges if the building does not have a lift or the moving vehicle cannot park close to the entrance.

Don't underestimate the cost of setting up the new home

Even when you already own most of your furniture, moving usually produces a shopping list.

You may need curtains, shelves, lights, locks, appliances or additional furniture. There could additionally be pest control, deep cleaning or minor repairs before you settle in.

Try not to buy everything during the first week.

Live in the house for a little while and work out what you actually need. Otherwise, the excitement of setting up a new home can quickly turn into a large credit-card bill.

Plan for an overlap between the two homes

Sometimes you cannot move out of one home and into another on exactly the same day.

You may have to pay rent on both properties for a short period, or pay for temporary accommodation or storage.

There may additionally be expenses at the property you are leaving, such as cleaning, repairs or pending electricity and maintenance bills.

Build this overlap into the moving budget instead of treating it as an unexpected expense.

Sort out utilities before moving day

Pay outstanding bills at your old home and keep copies of final payments. Where relevant, take meter readings when you leave.

Arrange broadband at the new house early as well. Installation may not happen immediately, particularly if you are moving to a new development or another city.

Once you have moved, make a list of places that still have your old address.

Start with your bank accounts, credit cards, insurance policies, investments and other important financial records.

RBI's KYC rules allow banks to obtain a self-declaration when only a customer's address has changed, with the new address subsequently verified through methods such as an address-verification letter or contact-point verification.

Your Aadhaar address can additionally be updated online with valid proof of address or through an Aadhaar enrolment centre. UIDAI lists documents such as recent utility bills, eligible bank statements and valid rent or lease agreements among the documents that may be accepted as address proof.

Keep some money aside after the move

Don't use the entire moving budget before you get the keys.

Something almost always turns up during the first few weeks, whether it is a leaking tap, an appliance that needs replacing or something you didn't realise the house was missing.

Keep a separate buffer for these expenses rather than dipping into your emergency fund or putting them on a credit card.

Moving house is expensive enough without every small cost becoming a surprise. A realistic budget should cover not just getting your belongings from one address to another, but getting your financial life comfortably settled there too.