Moving somewhere far can be a bit of a shock, but it’s also a great way to have a fresh start. Depending on the state or city you’re moving to, you may be in store for an entirely new change of scenery. Relocating usually means new friends to make, a new home to move into, and a new job to take on. It may take some time before you get adjusted and before your new city begins to feel like home again. But one thing to consider about moving somewhere far away is the financial implications it can have. If you’re relocating, the following tips may be helpful to you:
Select your new home carefully
Whether you plan on purchasing a home or renting, it is especially important to find a home you’ll be happy in, so don’t rush the process. If you realize later on that you’re unhappy with the area you chose, for example, it can end up being an expensive mistake to fix. If you do find the perfect home that’s in your desired area and within your price range, don’t be too quick to make a final decision. Research the area and determine what similar homes in the neighborhood are being sold for (or what the going rate is for monthly rent). You may find something that’s comparable, but cheaper.
Consider cost of living
Cost of living varies throughout the country, so find out what it is for the area you’re moving to; it could be a lot less, but it could be much more. You’ll want to restructure your budget so that it takes your new income into consideration, as well as what the cost of living will be. You may find that you’ll need to cut down on certain things, such as your housing budget. The sooner you can figure this out, the better.
Don’t put off the job hunt
It’s one thing if you’re moving because of a job offer or job transfer—but if you’re moving because of your spouse’s job, or because you simply want a change, it’s never too soon to begin looking. In fact, you can start at the exact moment you know you’ll be moving. Some people will think that there’s no point in looking until they’re all moved and settled in, but by doing this, you could waste precious time and a terrific opportunity may pass you by. Although some hiring managers have an immediate need to fill a position after they post a job ad, there are also some ads that go up weeks—or even months—in advance. Just make sure you specify when you do apply for these types of jobs that you will, in fact, be living in that area by the time they need to fill the position.
It also doesn’t hurt to save job ads for positions that do need to be filled immediately. Once you do move, there’s always a chance that some of those jobs will still be available. You’ll cut down on the time it will take you to search through hundreds of job ads by already having some saved.
Compare costs for moving services
Packing up all of your stuff, hiring movers, and unpacking it all can be very expensive—even when you’re talking about a local move. But if you’re moving hundreds or thousands of miles away, that cost goes up a lot more. First, figure out what you can do yourself and what you absolutely need help with. Moving all of your stuff across the country on your own, for example, is probably unrealistic—but you may be able to pack and unpack everything on your own, or with the help of friends and family.
You’ll also want to get quotes from several different moving companies before making your final decision. Compare their different offers, costs, and services. By skipping this step, you may end up paying a lot more than you need to.
Get rid of things you don’t need
It can be easy to accumulate a lot of stuff that you no longer want, need, or use, especially if you’ve been living in the same home for many years. Don’t just pack it all up and move. This will waste extra time and cost more money, not to mention you’ll end up with a lot more clutter than you really need. Pick out what you could do without and donate it, give it away, or toss it.
Are you receiving long-term payments from an annuity or structured settlement, but you need cash now? Contact Peachtree Financial Solutions today to learn more about selling some or all of your future payments for a lump sum payout.
Nothing above is meant to provide financial, legal or tax advice. You should meet with appropriate professionals for such services.