One of the main considerations of
selling your home and buying another is of course, how much will it cost?
Let’s talk about moving in the current year of 2020. Despite the COVID-19
pandemic and quarantine, New Jersey has been a busy place in the real estate
market. Interest rates are very low and house prices went up by 10.1% (Zebra,
2020) which means you can save some money making the MOVE this year than you
would have last year. Let’s go through what costs you will have making the big
MOVE.

First, you need the down payment for
your home. This is usually a minimum of 5% the cost of the house you are
buying. Once you put down that money, you will have mortgage closing costs.
These are fees for the expenses that are used to finalize a mortgage (Kearns,
2019). In New Jersey, closing costs are typically 2-3% of the purchase price. There
are a couple of property related fees as well, known as the appraisal fee and
home inspection. The appraisal is where you hire a professional to determine
the value of your property. This way, when you need a loan, the lender can
verify how much you need which will cost between $300-400. Lenders also usually
require a home inspection that costs about $300-500 (Kearns, 2019). This is to
make sure your house is in good shape before the bank allows you to borrow
money to purchase your new house. Following these fees, you can also expect to
pay some assortment of loan related ones such as an application fee or attorney
fee which are different for everyone.

Now that we got the technical costs
covered, let’s look at the physical MOVE. Of course, the more local your MOVE
is, the cheaper the mover’s price will be. For example, a MOVE to a 1 bedroom
across town that will take 3-5 hours to get the furniture in, it only costs
about $200-500. For a family MOVE of 4 bedrooms, it can take 10 or more hours
for a total cost of $800-2,000. To MOVE locally (under 100 miles), movers
typically charge $80-100 per hour with an extra fee of $25-50 per additional
movers. If you are looking to MOVE further (over 100 miles), it can range from around
$2,000 up to $5,000. Extra fees for an interstate MOVE are $0.50 per pound
(Zillow, 2020). But wait- we aren’t done yet. Another factor of moving is
renting a storage unit. Not everyone needs to do this, but in the case that you
close on your house before you can move into the next, you probably need to put
your furniture in a storage unit. For a small unit, it is around $50 a month,
whereas a larger one is $300-400 (Zillow).

Okay, deep breath. That’s it on the
breakdown of the main costs of buying and selling a house. After reading about
the details of moving -it may seem like a lot- but that’s why MOVE or IMPROVE
is here to help! Call our realtor, Jacki Venezio, today for more information on
getting your MOVE started!

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