Tips You Can Use While Moving To A New Area
Moving to a new area can be life altering. Whether that change would be for the good or for the worse cannot be preempted. But you can do a few things that would limit the chances of encountering the worse. You might be moving for a new job, business, higher education or for any other reason. Regardless of that, you should have a strategy. The first time you move to a new area, which could be in your state or beyond, the whole challenge will seem daunting. But you can take the right steps, at least pertaining to what is within your reach.
- First, don’t finalize moving to a new area unless you know absolutely everything about that place. Don’t move just because you have got a great job. The neighborhoods where you might or can stay, the standard of living, the cost of living index, crime rates, quality of schools, parks and recreations if you have a family with kids and several such factors must be accounted for. The company where you get a job, the nature of your business or the university where you get admitted will only be a part of your life in the new place. There would be much more to life and those checkboxes have to be ticked as well.
- When you are moving to a new area, don’t sell the house you have been living in and don’t buy a house straightaway. Keep the old house for a while, that is if you intend to sell it eventually. You may want to move back in the future and thus keeping the house will be wise. Don’t buy a house in the new place as that would cost you a lot of money and you may not like staying there after some time. So rent a place and even if you sell your old house in a few months after moving to a new area, don’t use the available funds to buy a new house immediately.
- Moving to a new area can be taxing. If you have a family, then the experience can be even more tedious. You need to prepare yourself psychologically and support your family. Kids may have the easiest time moving to a new area or the most difficult task to adapt to the new settings. The same applies to adults. It all depends on how an individual reacts to the change. Be prepared for the good, the bad and the ugly.
- Hire the appropriate moving help to ensure that you are not overwhelmed by the move. You can ask people you know on Facebook if they have used a moving service. You might be surprised that many have hired movers to help them. You most likely will get a good couple of recommendations, then you can start soliciting bids. Make sure that the moving company is licensed and insured.
- Determine the costs upfront. Ask the movers for a bid. Typically, they will give you an hourly rate. Consider the cost of maintaining a second home until you can sell it and the tax penalties you might have after you have sold it.
- If the move is not too far, consider renting out your previous home (if you are an owner). Many advantages can be found in renting out a home that you used to live in. There are tax deductions for depreciation you may qualify for and if you have related business expenses, you might be able to reduce the tax burden on your additional income from a rental. It certainly gets trickier if you have a mortgage you have to serve on the previous home, but it is worth investigating. We recommend you speak to your CPA (Certified Public Accountant) and an attorney about the legal requirements of being a landlord. Often the law protects the landlord pretty well.