Moving out of your home and area to move to a new city is both an exciting and terrifying experience. Why?
Well, where you end up will be unfamiliar, and there’s always a risk it won’t work out. But to progress, we need to take risks, and the opportunities a new city can offer should outweigh the risks. Plus, you can set yourself up to succeed by planning your move before you do it. 🙂
Before you give up your current home and area to settle down in a new property, you should take your time and think about the following:
One of the most important considerations you need to consider when choosing where to live is your expenses. You don’t want to move to a place where you can’t live comfortably and afford your basic needs, which should also include some socializing. Life will be very dull if you move to an area you can barely afford.
Therefore consider your outgoings and then research the cost of living in the cities and areas that interest you. A great way to work out what you need to live on is by itemizing how you’re spending your wage.
Download a free budgeting spreadsheet and complete it with your current monthly spending habits. You may be surprised where your money goes, but itemizing your spending will be worth the effort. If you don’t want to give up how you spend, then make sure you choose an area where the cost of living is affordable.
Purchasing a property may be a priority for your next move. However, please don’t rush into it. If you’re planning on living in a new city for a long time, start your time there renting and while you’re at it, also move around areas near your workplace to test which location is right for your own home.
Spend some time browsing the housing prices in the areas you’ve enjoyed, either as a resident or a visitor. For example, find a guide to buying a home in Seattle if you plan on moving to the West Coast. Be forewarned of the purchasing process and property prices so you know what type of home you can afford.
By taking your time, you reduce the risk of making the wrong move with purchasing a home in a new city.
There are many reasons for moving to a new city. Are you moving for work?
Often the job decides the location for you. In this instance, ensure the salary offered in a new role is what you need to cover your living expenses.
For instance, Seattle has a stellar job market. While the Seattle housing market is pricey, residents are happy earning above-average income, 12% more than an average American worker. In the Bureau of Labor Statistics report, hourly wages and annual salaries are above national averages with an above-average minimum salary.
Suppose you want to venture into a retail business. In that case, Seattle is a great place to do business because it’s the country’s 11th largest metropolitan economy, based on the IHS Global Insight. The two airports in Seattle are significant gateways for trading, making the state an attractive trading place for interested retail conglomerates.
While it’s almost impossible to find a city with no crime, some are safer and have security taken care of with street cameras and enough police resources to keep residents safe. Research the crime rates and accessibility of law enforcement in the areas of interest.
Plus, you can also get your security system for your home. If you’re staying in an apartment complex, ensure that the building management implements security protocols to ensure the tenants’ safety.
Compare the costs of owning a car versus using public transportation since you need to budget your expenses monthly. It’ll be best if the city you’ll transfer to have the proper transportation means for you to travel within the area.
Before you make a final decision about where you want to live, you should first consider if the move will improve the quality of your life. It would help if you thought about the job opportunities you’ll get once you relocate to a new city since it’ll affect your financial situation.
Also, think about climate, safety, and transportation before you make up your mind about where you want to live. By considering these, you can make the best decision that’ll suit your needs.
- Investment3 years ago
Investors Compare Residential To Commercial Property
- Investment4 years ago
What Do Landlords Fear Most?
- Management2 years ago
Top 7 Reasons Why You Should Hire a Property Manager
- Buy2 years ago
Who Is The Real Estate Agent Working For?
- Investment3 years ago
AirBnB Your Rental Property Is It Worth It?
- Investment2 years ago
Tips From A Property Investor On How To Improve ROI
- Management2 years ago
Healthy Homes For All!
- Buy3 years ago
How To Get A Property Before You’re 30
- Legal3 years ago
How to Deal with Tree-Related Neighbour Disputes in Australia
- Technology3 years ago
The Future Is Now: Some of the Most Spectacular Home Automation Upgrades