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Is This Your Situation: Think You're Ready to Relocate?

 

Relocating is a big decision and there are things you should consider before taking the leap and moving to a new area. Take the time to research and make a sound decision by considering these five things before relocating to a new area.

Personal Relationships
If you’re single it may be easier to just pick up your life and move to a new area, but when you have family close by or a significant other moving with you, the decision becomes more complicated. You have to consider your partner’s career prospects, and your children’s reaction to moving away from their friends and family. You’ll want to really think hard about moving away from close family and friends to relocate to a new area.
 
Moving Expenses
Have you considered how much moving expenses will be? Depending on how far you’re moving, expenses can be high. You’ll want to ensure that you have moving costs covered in your budget and you’ll also want to consult your employer if you are moving for work relocation – they often cover moving expenses!
 
Cost of Living
You may be able to live comfortably on your current salary, but how will your paycheck stack up in another city? Even if you receive a raise, it may not cover the costs of living in a pricier area. When you calculate your new cost of living, include all of your potential outgoings, such as housing. Other housing expenses such as utility costs might be higher as well, so you’ll want to factor these in when deciding how much the cost of living will be. Also keep in mind the amount of everyday expenses you will have, such as transportation, childcare, groceries and leisure activities. If you are moving to a different state, take note of potential tax liability.
 
Job Prospects
How easy is it to find a job in your new location? If you are moving for a job, you’ll want to consider other prospects if it doesn’t work out. If you are in a specialized role and opportunities in your industry are rare, you may want to research current job openings in your industry in the area you are looking to relocate to.
 
Location
Of course you’ll want to relocate to a safe area for you and your family, so make sure to research crime statistics in the area and neighborhood you are moving to. Also consider the weather conditions – if you move to an area that is often hit with natural disasters, you may need to add to your insurance policy for things like flooding, etc. 

Ready to take the leap? Connect with me today to discuss your real estate options! 

 
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The information provided in this email newsletter is for general guidance only, and does not constitute the provision of legal advice, tax and accounting advice, real estate investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional real estate, tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Home value estimate calculators provided herein are general estimations based on publicly available data and should not be used as a substitute for a professional appraisal. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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