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From the time you have to put into the process to the options and services, you choose to hire for the job, there is a lot to think about when moving. One of the biggest factors in finances for the move will be the moving estimate. When deciding between binding vs non-binding estimates for your next move, there are many factors to consider. Both have their own advantages and disadvantages. So, it is important to understand the difference between the two before deciding which one is right for you. Ultimately, the choice is up to you – just be sure to do your research and hire the right moving company, like Transparent International Movers! There are two types of moving estimates that you may encounter when planning your move – binding and non-binding. Of course, there are more, but these two are the most common.
Before we discuss binding vs non-binding estimates we have to understand what a moving estimate is
A moving estimate is a calculation of how much it will cost to move your belongings from one place to another. In other words, it helps a person understand the expenses associated with moving. One thing to keep in mind when getting a moving estimate is that the cost is often based on the weight of your belongings. This means that if you have a lot of heavy items, your final cost may be higher than the estimate. It’s important to be honest with your mover about the weight and value of your belongings so that they can give you an accurate estimate. So, whether you are moving to the UK from USA, or anywhere else in the world, a moving estimate helps you understand your expenses. Furthermore, it can also help you differentiate a professional, from a fraudulent moving company. So, let us talk about them a little more.
Understanding the binding estimate
A binding estimate is a legally binding agreement between you and the moving company. This means that the price you are quoted is the price you will pay, no matter how much time or effort it takes to complete your move. This can be a great option if you are working with a limited budget and need to know exactly how much your move will cost.
When you get a binding estimate, it is important to know that the moving company must stick to the price, no matter what. This means that they cannot charge you any additional fees for things like gas, labor, or supplies, even if the move ends up taking longer than expected. It is also important to be aware that if you decide to cancel your move after getting a binding estimate, you may be responsible for paying a cancellation fee.
The downsides of binding estimates
- They can be up to 35% more expensive than other types of estimates
- The estimate includes only the items you take with you, the price can increase by adding fuel, labor, supplies, etc.
- Even if you end up taking fewer items with you, you will have to pay the same price
The downside to a binding estimate is that it can be very difficult to get an accurate quote. The company will often add in hidden fees or charges for things like fuel, taxes, and other expenses. This can make it difficult to compare prices between different companies. Additionally, canceling your move after receiving this estimate may require you to pay a certain fee. Make sure you communicate with moving overseas companies and understand all of the potential expenses or problems you might have during this moving process.
Binding vs non-binding estimates: The non-binding estimate
A non-binding estimate is not a legally binding agreement. This means that the price you are quoted is an estimation of the cost of your move, but it is not set in stone. This can be a great option if you want to get a general idea of how much your move will cost, but you don’t need an exact number. Non-binding estimates can also be helpful if you’re trying to budget for your move. Granted, they might not help you understand the cost of moving boxes overseas, but they can help you partially understand how much money you will need for the job. Since the price is not final, it gives you some flexibility to adjust your budget if needed. Additionally, if the final cost of your move turns out to be lower than the estimate; you may be able to receive a partial refund.
The disadvantages of the non-binding estimate
- There is a greater chance for cost overruns since the price is not fixed
- You may end up paying more than you expected if the move exceeds the estimate
- This is one of the primary ways fraudulent moving companies “reel in” their next victim
One downside of non-binding estimates is that it can be very difficult to get an accurate quote. The company will often add in hidden fees or charges for things like fuel, taxes, and other expenses. This can make it difficult to compare prices between different companies. Additionally, if the final cost of your move turns out to be lower than the estimate, you may be able to receive a partial refund. However, this is not always guaranteed. You may end up paying more than you expected if the final cost is higher than the estimate.
Which option is right for you?
In order to decide which type of moving estimate is right for you, it’s important to consider several factors. Some of those factors should be your budget, and the time and effort required for your move. If you are working with a tight budget or need an exact price quote; then a binding estimate may be the best option. However, if you have more flexibility with your budget and do not mind going over budget in certain areas; then a non-binding estimate may be the better choice for you. Ultimately, it’s up to you to decide which moving estimate best fits your needs. To conclude this binding vs non-binding estimates discussion, we want to note that, the non-binding estimate has a higher chance of attracting a fraudulent moving company. Most people opt for the binding estimate, as it is much safer than the latter one.