Money Matters: Hidden costs of moving

September 1, 2017 01:30

Sponsored by NEFE

Moving to a new city or state can be exciting. Perhaps a new job or other new opportunities await, and you can look forward to exploring new surroundings and meeting new people. But it's important to know that apart from the expense of hiring a moving van, there can be many hidden costs in uprooting your life, including one-time expenses to get established in a new place, and ongoing expenses that may be different from where you currently live.

As U.S. News Money outlines, housing costs, whether renting or buying, can be very different from where you live now. Property taxes or homeowners association dues could be different, and maintenance costs may be higher. Transportation costs could change with a new commute, including parking, registration fees and insurance. The cost of living could vary on everything from groceries to health care. You should also consider the overall job market in the new area, along with sales taxes and employment laws that could affect your compensation and expenses.
To help your viewers/readers/listeners learn more about factors they should consider before moving, talk with financial planners in your market. They can outline some of the up-front and monthly costs of living, and even compare the cost of living in your area to nearby states.

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Meredith Anderson of WRDW-TV entered the 2016 NEFE/RTDNA awards contest with in investigation into government waste at an Army medical center and other facilities around the country.