The Hidden Costs of Moving: What Buyers Often Forget to Budget For

Moving to a new home is an exciting milestone, but the financial aspects go beyond the purchase price. Many buyers focus on mortgage payments and down payments while overlooking additional costs that can add up quickly. Being aware of these hidden expenses can help buyers prepare financially and avoid surprises along the way.

Unexpected Costs of Moving

Homebuyers often budget for the big-ticket expenses, but smaller costs can accumulate and impact affordability. For instance, buyers considering premium residences like One Delisle Condos by SLATE may already anticipate a higher purchase price, but they should also factor in other expenses such as closing costs, moving services, and immediate home setup needs. Planning for these costs ensures a smooth transition into a new home without financial strain.

Closing Costs and Fees in 2025: What Homebuyers Need to Know

When purchasing a home, it’s easy to focus on the listing price and overlook the often substantial closing costs. These expenses typically range from 1.5% to 5% of the purchase price and can significantly affect your upfront budget. Here’s what’s typically included:

Common Closing Costs

• Legal Fees – Real estate lawyers handle contract reviews, title searches, and closing paperwork. Legal fees can vary based on property type and complexity.

• Land Transfer Tax – Charged by provinces or municipalities, this tax can be significant, especially in cities like Toronto or Vancouver.

• Title Insurance – Protects against fraud, errors in public records, or previous ownership claims.

• Appraisal and Inspection Fees – Lenders require appraisals to verify the home’s value, and inspections are vital to uncover hidden problems.

• Mortgage Insurance (CMHC) – Required if your down payment is below 20%. It can be rolled into your mortgage or paid upfront.

• Property Tax Adjustments – Depending on the closing date, buyers may owe prorated property taxes to the seller.

Moving Expenses: More Than Just Boxes and Trucks

Relocating to a new home can be costlier than expected. These moving-related costs can add up quickly:

Standard Moving Costs

• Professional Movers – Hiring movers can cost between $800 and $5,000 depending on distance and volume.

• Packing Supplies – Boxes, bubble wrap, markers, and tape can run over $200 for a medium-sized move.

• Storage – Temporary storage may be required if move-in and move-out dates don’t align.

New in 2025: Digital and On-Demand Moving Services

• App-Based Movers – Platforms like MoveX or TaskRabbit allow you to book verified movers instantly.

• Virtual Walkthrough Estimates – Some moving companies now offer video-based quotes to streamline the process.

• Eco-Friendly Moving Kits – Rentable plastic bins and reusable supplies are increasingly available for environmentally conscious movers.

Utility and Transitional Costs

Setting up your new household involves more than just furniture:

• Utility Transfers and Deposits – Internet, hydro, gas, and water services may charge activation or deposit fees.

• Temporary Housing – If your home isn’t ready, you may need to stay in hotels or short-term rentals.

• Cleaning and Repairs – Sellers or landlords may require deep cleaning before handing over keys.

Immediate Home Setup Costs

Even move-in-ready homes often require personal touches and upgrades. Expect to spend on:

• Furniture & Appliances – Consider budgeting for essentials only at first: fridge, washer/dryer, beds, and seating.

• Home Security Systems – Many buyers now install smart security, video doorbells, or monitoring services right away.

• Wi-Fi and Smart Home Setup – Integrating smart thermostats, lighting, and voice assistants is becoming a standard cost for modern homeowners.

• HOA or Condo Fees – Monthly charges for shared maintenance, security, and amenities can range from $100 to $1,000+.

Additional Financial Adjustments After Moving

Relocating often brings ongoing lifestyle changes that may impact your monthly budget:

• Utility Bills – A larger or older home often means higher energy costs.

• Transportation Costs – A new location may increase your commute or require a second vehicle.

• Neighborhood Fees – Some communities charge for amenities such as:
  • Clubhouse or pool access

  • Private trash collection

  • Gated community maintenance

How to Budget Smartly for a Move

Preparation is the key to avoiding financial surprises. Here’s how to stay on track:

1. Research Local Fees – Understand regional taxes, legal rates, and moving trends in your area.

2. Request Multiple Quotes – Compare at least 3 moving service providers.

3. Create a Separate Emergency Fund – Aim for at least 1–2% of the home’s value.

4. Stagger Big Purchases – Furnish your home over several months, starting with essentials.

5. Bundle Insurance – Combine home and auto insurance to get discounts.

6. Ask for Inclusions – Negotiate for appliances, window treatments, or light fixtures to be included in the purchase.

Long-Term Financial Planning After You Move

Owning a home is a long-term investment, and budgeting shouldn’t stop once you’re unpacked. Consider:

• Maintenance Fund – Set aside 1–3% of your home’s value annually for repairs.

• Energy Efficiency Investments – Upgrading to smart thermostats, solar panels, or better insulation can cut future costs.

• Market Monitoring – Keep an eye on interest rates and property values for potential refinancing or resale opportunities.

• Ongoing Services – Budget for:
  • Lawn care

  • HVAC servicing

  • Pest control

  • Snow removal (where applicable)

Final Thoughts: Plan Now, Save Later

Buying and moving into a new home comes with more costs than most buyers expect. From closing fees to moving day logistics and post-move purchases, the expenses can accumulate quickly. However, with proper planning and informed budgeting, these costs become manageable and predictable.

Take the time to research, prepare, and plan ahead—your financial peace of mind will be worth it. By understanding both the visible and hidden costs of homeownership, you’ll be empowered to make smart decisions and enjoy your new space without unexpected financial stress.