A survey conducted by OnePoll of 1,000 Americans found that 45% of respondents thought that moving was the most stressful event in life. Nevertheless, relocation is on the rise, with 1 in 10 people relocating in 2021 for a better living space, new job or family reasons. Regardless of the reason, there are essential relocation considerations everyone must think through, especially if you are moving states.
As you begin your relocation process, you must conduct research concerning businesses, taxes and common laws of your new city or state. Also, seek out cost of living calculators to determine how significant your adjustment is – these are huge factors when strategizing a relocation and housing budget.
While creating these budgets, concentrate on moving expenses and the closing costs of selling your home – ideally, you should sell your current home before buying a new one. Renters should focus on the costs associated with exiting a lease and finding a new rental.
Other relocation expenses you’ll need to consider are security deposits for a rental, turning on/off utilities and repairs or upgrades to your new home. If you’re moving because of your job, check if your employer offers relocation assistance. Another way to save money is by canceling utilities and subscriptions early in the moving process.
Considerations When Moving States
If your relocation involves moving states, include the fees associated with airfare, renting a car, hotel rooms, etc., into your budget. However, relocating to a new state may reduce your cost of living, so calculate your new housing budget accordingly. Remember that come tax season, file partial-year tax returns for the two different states you resided in the year of the move.
As for the physical transportation of your belongings, you’ll need to include these expenses in your relocation budget. The two primary options are hiring a traditional moving company to do it for you or renting a truck or trailer and doing it yourself. The former is more expensive but involves less effort, and the ladder is cheaper but requires more work.
Research with a Field Trip
By doing your due diligence and researching your new location before relocating, you can accurately create a housing budget that works for you. Moreover, it will allow you to understand your new neighborhood better, which is especially helpful when exploring schools, parks, shops, restaurants and recreation centers.
The best form of research comes from visiting your new surroundings, so plan a trip and acquaint yourself with the area and even begin cultivating relationships with potential neighbors or locals. Similarly, it’s beneficial to try out various commute routes to eliminate as much nervousness as possible. If, for whatever reason, you can’t visit your new area, consider renting on a month-to-month basis to test the neighborhood. Additionally, use Google Street View in Google Maps for a more immersive perspective of your new location.
Find an Agent
Despite the rewards of starting a new job, living in a new setting or getting close to family, relocating is a complex and pricey process if not handled carefully, highlighting the importance of finding a solid real estate agent.