How much does it cost to buy/sell a house and relocate?

Question

I am trying to determine how much we need to save. Pending there are no relocation reimbursements from our new jobs, that we find a job within a month of moving, and taking out of consideration the areas....

How much should I expect to save for

1) selling our current house (closing costs, etc. We will NOT be paying buyer closing costs, realtor fees)

2) buying a new house (closing costs, down payment)

3) relocation expenses (moving trucks, rent on apt. before we find a new house, etc.)

4) misc. costs?

I know this is a tricky answer, but I came out with something like $20,000 in pocket I needed... is that true?

Answer 1

I would go with more like $30,000.  You need to eat, maybe make car payments, a moving truck is mega expensive now.  It's better to have it and not need it than it is to need it and not have it.

Answer 2

1) I think the seller is assumed to always pay the Realtor fees for both Realtors, at least when I bought that was the case.  If you have no interest in paying closing cost for the buyer you may have a hard time selling in this market, it is a buyers markets at the moment.

2) 5-10k for closing costs and 20% down payment so you get the best interest rate (hopefully you will have this from the equity in your current home)

3) I think it will be hard to find a place for a month, you are most likely going to have to rent for an entire year which would help give time to save.  Moving trucks vary depending on the distance.  I moved 2 blocks and it cost me $250 but I have a friend who moves 2 states and it cost $5000.

4) I think it always good to have at least 10k buffer in your bank account at all times for emergencies.

Answer 3

I don't have a breakdown for your question, but your estimate sounds about right. I've relocated once out of state, but it was from apartment to apartment so we didn't have the house to worry about. Uhaul was the cheapest from us with car tow and truck rental was about $2500 give or take. If you go with a moving company, it will be much more than that. Hopefully you will sell your house for a good amount so that your down payment for the next house can come out of that sale. They figure a good down payment of 20%. Hope this helps a little.

Answer 4

You didn't give us enough information...  

We need to know the approximate value of the house that you are selling.  If you sell using a realtor, you will spend a minimum of 5% of the sales price of the house on the realtor and more likely 6%.  There are other closing costs paid by the seller which usually run about a percent or two.  

Buying a new house...  Generally figure on 3-5% of the purchase price, not including the downpayment.  It is very hard to get a loan with less than 5% down these days, especially as a homeowner (not first time buyer).  Most buyers expect seller's to come up with something to make the deal happen - paying the buyer's closing costs is becoming very common.  Do you have equity in this house?  Once you sell it and pay all the fees, do you have money left over?  Expect to take 4-6 months, minimum, to sell your house.  

Relocation expenses really depend on how far you are moving.  100 miles is very different from 1000 miles.  

I'd guess more than $20,000.  

good luck!