On the Move
House exterior
If you are like most people I know, Hawaii sounds pretty good right now. The warm sunny weather, the soft sand at your feet, the pristine beaches. Maybe you are a fan of skiing and hiking in Colorado. It could be that the New Orleans lifestyle calls your name. There’s only one thing stopping you from packing up and moving to your dream destination - work! Sure, you could go through the hassle of scouring the classifieds and applying on job sites, but why? You love your job, just not the zip code it’s in. Should that be holding you back? I think in the pre-COVID era that was a major issue, but not so much now.
Many Americans are finding themselves working from home, some permanently. This means that the limitations once imposed by geography are no longer necessarily in effect now. In fact, with mortgage rates at rock bottom, now might be one of the best times to consider moving to a new state. The benefits don’t stop there. You might find yourself saving more money by moving to a lower cost of living area. Of course, you might just need more room. Working from the kitchen counter is not practical long-term, and finding a home with more space is another practical reason to relocate.
If you are considering a move, here are some tips:
Create a budget rough draft. The idea of living in a tropical climate may sound better than it actually is. You will probably have to account for additional items in your budget to maintain the home and cover unexpected costs. This is especially true for areas with damaging weather patterns, like hurricanes and floods. Consider the differences in property taxes, HOA fees, and insurance. Don’t forget to budget for your moving expenses!
Talk to your Human Resources Department. Be sure to schedule a meeting with your employer to talk about what you are thinking of doing. You don’t want to get your heart set on moving only to find out that your work from home status is not permanent or that the position will no longer be available for someone who is leaving the area. Don’t be surprised if your job duties and/or income will change because of your impending move.
Do your research. Be sure to check home sites and city data sites for information about the cost of living, school ratings, employment, commuting options (and times), etc.
Be prepared. If you’ve been given the green light to move, you will want a pre-approval. Research homes in your preferred areas to determine how much you can expect to pay. There may be no such thing as a perfect home, but that doesn’t mean you can’t have a list of your needs and wants. If a house without a pool is a deal-breaker, commit to that, and don’t forget to share your priorities with your realtor.
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Krista Kyte is a personal finance blogger and personal banker with over 18 years of experience in the financial industry. Krista is passionate about helping our members understand their financial situations. She writes tips that will help consumers reach and maintain financial security, and start living the life they’ve always wanted.
