Planning to Move
Relocating is exciting. A new city often means a new neighborhood, a new job, and a new start. However, it can be challenging and even scary as well. Few people move often enough to feel entirely comfortable with the process.
Everyone knows moving can cost money. But setting aside a small fund isn’t enough. It’s just as vital to assess the myriad decisions that arise over the course of a move, to choose options you can afford and which will serve your needs. Hiring a financial advisor is a great first step.
On the Move
Americans are highly mobile, moving an average of every five years. Some move across town to a better neighborhood; others clear across the country or the world.
New Expenses Mean New Challenges
People relocate for all kinds of reasons: because they have a new job, purchased their first house, or are starting out on their own for the first time. In all of these cases, your life is changing in more ways than just your address. Handling these expenses wisely is a challenge, which is where a professional financial advisor comes in.
You might have to pay for parking monthly or manage transportation without having a car at all. Maybe you are getting rid of an expensive commute to free up some of your budget.
If you are becoming a homeowner, you’ll need to budget for home maintenance which used to be handled by your landlor
Your tax situation may also change. If you move from one state to another, you will have to file taxes in both states at the end of the year. Even if you’re only changing cities or counties, you may end up paying more or less tax than before.
Once you’ve found a place in your new location, you’ll need to figure out how to get yourself and your possessions into your new home.
I’m just getting started, so I don’t have very much to move yet. I think I can handle it myself, with the help of a few friends.
I’ve lived in the same house for five years, I’m going to need to hire a moving company.
Reimbursed Moving Expenses
My new company reimburses moving expenses, so I’m going to take advantage of this option if it’s offered.
Set Up Utilities In My Name
I will ask questions in advance, so that I can get utilities set up, as well as decide what services I need within my budget.
Moving can be daunting. We’ve all heard horror stories of sketchy landlords or ballooning mortgages. Even smart people can make mistakes in a move, because it’s something we only do a limited number of times in our life.
Luckily, this isn’t a life change you have to navigate alone. There are experts ready to help you consider the pros and cons of a move, plan for renting or homebuying, and navigate the challenges that crop up along the way. Contact us to be matched with a financial planner today!