Up to 14% of the American population moves at least once each year. Some people opt to relocate within their current town while others move to new cities or states. via Casework Whether you’re thinking about relocating to enjoy your retirement or have a career opportunity, there are several factors to consider before you decide to move. Reviewing your reasons for moving and considering how a move will affect your family and finances can set you up for making an informed decision. Ask yourself these 5 important questions that will tell you whether or not you’re ready to relocate.
1. Why are you moving?
The reason you’re considering a move may determine whether you decide to relocate. Moving may be mandatory to attend college or accept a promotion. via Casework Or you may want to live in a warmer climate or relocate for personal reasons, such as needing to care for an ill or elderly parent. It’s also possible that you’re bored in your current location, don’t have access to the recreational activities you enjoy, or miss friends and family who live far away. Moving can be extremely stressful and expensive, which is why it’s crucial to determine how serious you are about moving or if there are other ways to address your needs without relocating.
2. What relocation resources are available?
via Casework If you currently live in a remote area, you may have limited access to the resources you need to simplify the moving process. You may need to transfer your possessions to a storage compartment if there’s a gap between when you need to vacate your current property and have access to your new home. Whether you’re moving across the state or the country, you should utilize the services of professionals who can simplify the process and reduce your stress. In a seller’s market, homes typically sell for the list price or higher, and there may be multiple bids from potential buyers. You can also determine if the property is a foreclosure or if industry professionals consider the home overpriced. This information can help you identify suitable properties and how much to offer.
3. How will moving affect your family?
via Casework If you have a family, it’s crucial to consider how relocating will affect them. For example, if your children are in school, they may be frustrated if they need to leave their friends, and it can be disruptive to move during the school year. If you have a child who has been bullied, they may be excited about the opportunity to move away. Your partner may need to look for a new job. Your proximity to their family and friends could also affect how they feel about moving. The emotional and mental well-being of your family may influence your decision. If moving is mandatory, you may be able to help your partner and children adjust with counseling or plan to return to visit friends and family after your move.
4. What do you know about where you’re moving to?
Spend some time researching your potential new home. Every place has a distinct culture, which can affect everything from popular local activities to restaurant fare. If you’ve spent most of your life living in a small town, you may be overwhelmed by moving to a large city. Consider the recreational activities you enjoy and determine if you can pursue them in your new location. For example, if you spend every free moment sailing along the coast, you may be frustrated by moving to a central state. It’s a good idea to learn as much as you can about your potential destination to ensure you will be happy there.
5. Will moving affect your cost of living?
Your mortgage may increase significantly if you’re moving to a more expensive location, or if you have to refinance when interest rates are higher. This may nullify any potential financial gains if you’re considering a new job or promotion. It’s also important to consider whether you’ll have access to healthcare facilities you use. If you won’t have access to public transit, moving could impact your transportation costs if you need to purchase a vehicle and pay for parking. Your insurance rates will also be affected by your location. It’s a good idea to review your budget to identify potential changes to ensure you can afford your move.