Is hiring movers worth the cost? Ask yourself these 4 questions before paying for professional help

CNBC

a day ago

Moving can be a stressful process. And with kids or a busy job, it gets even harder.
For many, hiring movers can feel like a good way to reduce the hassle — but it can also come with a high price tag. If you want to bring in professionals, the average cost of a two- to three-bedroom local move of about 7,500 pounds is $1,250, according to Moving.com, a moving services platform.
A long-distance move of around 1,000 miles will run you $4,890 on average. That number can go up even higher, though, depending on factors such as the weight and size of your belongings, the distance of your move, the timing of it and the cost of labor.
So, is it worth it to hire movers? Here are four questions to ask yourself first, according to financial experts.
It might be easy to move a bedside table and a few bags of clothes with the help of a couple buddies, but consider whether you trust yourself to keep your more precious possessions safe too, says Ben Smith, a certified financial planner from Milwaukee, Wisconsin.
As Smith's clients get older and accumulate pricier possessions, he finds they feel more comfortable spending money on movers to reduce the chances of breaking things or getting injured by doing the heavy lifting themselves, he says.
Plus, professional moving companies usually offer insurance packages you can tack onto your deal, meaning if a flat-screen TV gets cracked in the truck, you might end up in a better position for getting a replacement than if you accidentally break it in the back of a U-Haul, Smith says.
Like with any convenience service, consider the value of the time you'll get back by outsourcing in comparison to the price, Smith says. With his clients, Smith usually crunches these numbers with the help of online tools, like the salary to hourly calculators on Indeed or The Calculator Site, he says.
When calculating your personal hourly rate, remember to account for base salary, bonuses, recurring job costs, benefits and vacation time.
For a quick estimate, you can add your annual income and typical bonus together, then subtract estimated taxes and work-related expenses such as gas to and from the job. Divide that number by the total hours you work in a year, which is usually around 2,080 hours for full-time employees.
If your hourly rate comes to $75, you may be comfortable paying someone $50 an hour on occasion to help with a tedious home maintenance task, Smith says. Moving, though, generally comes at a steeper price, and often requires you to think more long-term about managing your time, money and stress, beyond just your hourly rate.
Consider the different factors that could raise the price tag and how much time you want to buy back, says Jovan Johnson, a CFP from Atlanta, Georgia.
Are you willing to pay someone to help with packing, or would you prefer to save money by taking care of that step yourself? How long would it take you to get enough friends together to carry your couch out the door, into the truck and to your new place — and how much could you accomplish by using that time differently?
If outsourcing can save you significant productive time, allowing you to prioritize your income, then it may be worth it, Johnson says.
There are many factors to worry about when moving, and sometimes hiring professional help is key for "peace of mind," Smith says. It's why he and his wife decided to hire pros for the first time when they moved two years ago. Saving time and physical effort provided mental relief, he says, and allowed the couple to focus on other tasks, like changing addresses on credit cards.
It also crucially allowed Smith to stay on track at work, he says.
Your income is "the engine" of your financial health, Smith says. Prioritizing your happiness and outsourcing tasks that bog you down can reduce the risk of burnout and keep the engine running.
So if hiring movers means you won't fall behind at work or into turmoil at home, then outsourcing might be the way to go, Smith says.
Before hiring a moving company, it's best to shop around and find a price that won't deter your long-term financial goals, Johnson says.
Depending on your budget, this may mean only hiring movers to take care of a small portion of your more breakable, bulky or precious items, while teaming up with friends or family to take care of the rest.
You should never hire movers if it would jeopardize your ability to pay important bills or force you into high-rate debt, he says.
Ultimately, it comes down to finding a price you can afford today that also won't deter your long-term goals, Johnson says.