How to Budget for Moving Abroad

One of the biggest considerations of moving abroad is the cost. Life on the other side of the world may sound like a dream, but is it possible? Does the opportunity make financial sense? And if not, how can you make it work?

The various reasons for moving will contribute to the cost. Somebody moving back home, will have a lot more help on the other side, and may be able to save money on rent for the initial period they’re back in the country.

Those moving for work, should be given a relocation allowance, a sum of money from your company to be put towards your move abroad.

And those who are moving to join family, or a significant other, will likely find they’ll have the most costly experience of them all.

So, what should you be thinking about when making the financial decision to move abroad?

Budgeting

This blog is a breakdown of all the costs you’ll need to consider, and how to make it budget-friendly and cost-effective.

Some may want – and be able – to spend thousands on flying their belongings, whilst others will be happy to ship. Some may want to buy straight away, whilst others will want to rent first.

A big consideration is whether you’ll be needing to save up yourself, or if you’ll have a relocation allowance from your employer, as mentioned previously.

Relocation allowances bare the brunt of most – if not all – of the costs of moving, although those relocating may choose to spend their own money too. The best part of a relocation allowance, is having the money ‘in front of you’ so you can separate and budget early on in your move, and decide how much you want to spend on what.

The best way to understand your budget, is to break it down into the categories below, and consider the different options within each category, so you can ensure your priorities are met.

Moving/Transportation Costs

The first thing to know, is that the more you’re moving, the more expensive it will be.

It may end up being cheaper to renovate your new home with local furniture. But if you’re absolutely set on finding ways to transport some items overseas, you’ll want to do it in a way which is as cost-effective as possible.

The easiest way to save money on an overseas move, is to pack it yourself.

This is an option which many may not have considered, but why have people come and pack your own items, each with their own sentimental value, for you, when you can do it yourself properly and ensure you know what is in each box.

Packing yourself is much easier than you may think, with companies providing the containers and pallets you’ll need to ensure a safe and secure voyage.

Make sure you find a company with no-hidden-costs, as many moving companies present two extremely different figures at the beginning and end of your experience with them.

If you have a long flight ahead of you, why not put the money you’ve saved towards a flight upgrade, or buying the furniture brand new in your new home!

Find out your international shipping quote now, to give yourself an upfront figure and cross this off of your to-do list!

Moving Insurance

Although it’s exceptionally rare, things to happen. Whether it’s a hurricane at sea, or an accident en-route to the dock. For this reason, it’s vital your belongings are insured, which is another price to factor into your move.

UPakWeShip offers three insurance covers with custom prices, for those with different price ranges and shipment types.

Housing Costs

Housing can be divided into two main costs, the financial dent of putting your house on the market, if you’re selling, and the financial cost of buying/renting in your new country.

If you’re selling your current home, the good news is you’re probably familiar with the process, having bought it in the first place. House buying/selling is expensive, and realtor prices are something you’ll have to factor into your move.

The house prices of your destination country will impact the house whether you’re selling or not. If you’re selling, you may find you save money by buying in your new location, if housing prices are cheaper.

The property market differs in each country. If you’re intending to buy immediately, you’ll be planning and saving the way you would if you were buying at home. Checking out different areas, different prices, and exploring your budget options.

If you’re renting, many European countries have very strict eviction laws, which means foreign nationals are expected to pay at least six months’ rent up-front. This hidden-cost can surprise many expats, so make sure you’re prepared for it by looking into the renting laws and regulations of your destination.

Visa Fees

Visas depend on everything from your reason to move, to your country of origin. Americans have different visa allowances for different countries, but if you’re actually moving abroad, it’s going to be costly.

Those lucky enough to be moving with a job, should have it covered for you. But other visa types will need to be taken into consideration, and the earlier the better.

Visas can range in anything from $100 to thousands. And that’s without the lawyer fees – if you choose to use one. This is why the more prepared you are, the more ready you’ll be to face these costs.

It can be extremely easy to lose sight of the adventure ahead of you whilst in the midst of moving. Finding a customer-oriented mover to take you through the paces of shipping your belongings, allows you to minimize that stress and rest assured you’re in great hands.