The Perfect Property

Follow These Tips So You Don't Bankrupt Yourself While Moving

by Zachary Thompson

When you factor in all the costs of moving, which include security deposits or down payments, new furniture, time off of work and fuel, it can really add up and become quite expensive. Many often find themselves wondering how they're even going to be able to afford it now and in the long run. However, for some, they have to figure it out because moving is mandatory, such as for a new job. To help avoid putting yourself close to or even in bankruptcy, here are a few ideas:

1. Try Not to Break Your Existing Rental Agreement or Lease.

While being laid off and getting a new job or getting transferred may be sudden and unexpected, it is important that you do not just up and leave your existing rental agreement or lease. Otherwise, you could wind up paying an exorbitant fee that may put you into debt and you will lose your security deposit, which could come into handy for your move. If you can't wait until the end of your agreement/lease to move, speak to your landlord about your situation. Under most circumstances, they will be willing to work out a deal with you.

2. Hire Professional Movers.

While you may be quick to see this as counterproductive, it really isn't. The truth of the matter is that professional movers are trained in packing boxes and trucks efficiently. In other words, they know how to pack so that the most space is utilized and that there is minimal free space. If you are inexperienced with packing a moving truck, you could have to make two trips using two tanks of fuel, while experienced movers can efficiently pack the back of a moving truck and be able to move the same amount of your items in just a single trip using only one tank of gas.

In addition, you won't have to worry about accidentally dropping some of your precious belongings, causing damage and needing to potentially pay for repairs or replacement. Professional movers have special equipment that assist them in transporting your items from your home to the truck safely and carefully to avoid any unnecessary damage and go through extensive training to learn how to properly use this equipment. 

3. Deduct Your Moving Expenses on Your Tax Return.

If you are moving as a result of a job change or a change in your business location, the IRS says that you claim the moving expenses on your tax return. However, there are some requirements that you'll need to meet. For example, your new job must be 50 miles farther from your old house than your old place of employment was from your old home. In addition, you are required to work no less than 39 weeks during the initial year after the move.

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If you are planning an upcoming move and want to save money, these three tips will help you do that so that you can prevent putting yourself into debt and hopefully avoid bankruptcy. For a quote on moving services, contact a professional moving company in your area.