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Moving's hidden costs

June 11, 2010 - When a consumer is considering relocating to a different area, there are certain costs that should be taken into account before the final decision is made.

The first is transportation, financial website Bankrate.com said. After housing costs, it's the second-largest expense for households. Consumers should look into the prices associated with commuting, whether by public transportation or driving their own vehicle.

Insurance should also be considered. Whether it's car, homeowners or renters coverage, it's likely to change when relocating. Utilities shouldn't be ignored either. Urban Land Institute senior resident fellow John McIlwain told Bankrate.com that "utility costs have a lot to do with the size of the property and the energy efficiency of the design and the systems. The best way to estimate them is to get copies of the utility bills from the owners."

Property, state and income taxes will also change depending upon where a person moves, the financial website said. These should also be factored into an area's cost of living.

When moving, consumers should always notify their insurance companies so that appropriate rate adjustments can be made.

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