Relocating Considerations (Real Estate)
According to psychologists relocation is among the most stressful events that can happen to a person or a family. “Changing jobs which often occurs when relocating is also high on the stress index. For many people the decision to relocate involves a complex set of variables of a financial personal and emotional nature. These factors contribute to the stress in varying degrees depending upon the individuals involved. The questions above can be broken down into two broad categories: objective and subjective. The emotional and personal aspects of relocation are subjective and thus difficult to model. Fortunately this is not true of the financial ramifications which are more objective and easier to quantify. This article will discuss many of the financial variables which should be considered by home-buyers interested or having thoughts of relocating. Your entire world takes different dimensions when you are faced with a forthcoming relocation – your usual everyday activities are suddenly replaced by arduous moving-related tasks and you find yourself in the midst of hectic moving preparations and elaborate relocation plans. To organize a smooth and trouble-free residential move, however, you need to research all your options and meticulously plan every aspect of the overwhelming moving process. Think through all the details of your relocation endeavor and be careful not to overlook any of the essential things to consider when moving house. You need to find good answers to a number of worrisome questions such as:
“What will be my new city like? What opportunities does it have to offer?”
“Will my living standards improve? Will the cost of living in my new city be affordable and will I be able to save money?”
“How to find an appropriate new home? How will I adjust to the new environment?”
“Will the new area be beneficial for my family in terms of career opportunities, education, hobby and recreational activities, new friendships, etc.?”
The living standards in different states differ drastically, so it is a good idea to carefully research the economic situation in your future city. There are two major factors to consider when moving to another state:
- The real estate market – your housing options are among the first things to research when moving to a new city. You need to find an affordable property that suits your needs and preferences. It should be conveniently located in a safe and pleasant neighborhood, close to your workplace and your children’s school (if applicable) and within easy access to shopping centers, recreational areas, and entertainment venues. The infrastructure and the available transportation system in the area are also of primary importance as commute time and commute expenses are major factors in your everyday life. Of course, the monthly rent or mortgage of the place you are going to buy or to rent shouldn’t be more than 25% of your disposable income. After all, moving to a new city in pursuit of a better-paying job only to dig deeper into your pocket for housing costs or living expenses makes no sense;
- The living expenses – the cost of living in your future area is also among the first things to consider when moving out of state. The costs of utilities, transportation, food, medical care, education, clothing, entertainment, insurance, taxes and other relevant amenities must be taken into account when preparing for your new lifestyle. It will help to get familiar with different ways to save money after moving to a new city and to set up your moving budget wisely so that you have enough funds to cover all the urgent post-relocation expenses.