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4 Seriously Big Issues To Think About Before Relocating
Relocation is part and parcel of adult life. Everyone will be faced with this decision at one point or another in life.
If you are lucky enough not to have confronted this tough decision before, it’s coming sooner or later.
But while most people associate relocating as something positive, a lot of times it only looks good on the surface. Because the deeper you look into the variables, moving to a new place might not be such a good idea after all.
A family or an individual who is considering relocating will probably be weighing the pros and cons to such an action. But sometimes, the magnitude of certain aspects are not well understood. And implications can be detrimental to their lifestyles.
Here are some big issues to consider before taking the plunge to relocate.
1) Cost of living
You might have found a comparable house to your current one at a much lower price. Or maybe you are trading down.
But just because the house costs much less than the current one don’t necessarily mean that you will be better off financially in the long run.
For example, if you have somehow snagged an apartment in the city at a killer price, instincts might tell you to step forward and never look back.
But do take into consideration the cost of living in the new area and neighborhood.
Groceries are going to be more expensive in the city. Parking will inevitably be more costly… if you can even find any. And even personal services like getting your hair done is going to be charged in premium price.
You might nett a sizeable amount of funds from the proceeds of selling the current house and buying the new one at a lower price. But that is just an advantage applicable to the move.
In the long haul, with higher living expenses, the odds are pretty high that you will not be better off financially unless you have an increasing household income.
2) Do you really know why that house is priced so low?
Real estate is one of the oldest and most mature industries in the modern world.
And with more and more investors entering the game every day, good deals are seldom missed out by investors who are watching the market like a hawk.
Investors tend to work fast before good deals get sniffed out by others.
While it’s not a given that a typical homeowner would lose out to an investor when it comes to acquiring a house, when you have the opportunity to close an attractive looking deal with no other bidders, do take a step back and review why that is so.
There are exceptional events that can make you lucky.
But usually, if a property is priced lower than what the general perceived value is, you owe it to yourself and your family to question why.
Maybe the schools in the vicinity are undesirable. Maybe the subway station is known for crime. Maybe amenities in the area are few and far between. Or maybe the building is due to be torn down in 5 years.
Skepticism should be something you embrace.
As yourself why is it that your current house is so valuable and the potential new one is not so.
3) Job market
People on average change jobs 12 times in a lifetime. So there is every chance that you would switch in the future.
This might not have played in your head when thinking about relocation.
You’d probably be thinking about how your beefy salary and annual bonus will easily cover the mortgage and housing expenses.
But should you lose your current job, how good are the job prospects in the area around the new location?
It’s impossible to predict for sure what developments would go on in the new town or city. Yet a lot of times, a lot of concrete clues can give you an indication of what’s to come in the years ahead.
For example, are major corporations setting up new factories and plants in the city? Are employers moving their operations overseas? Is there considerable government initiatives to encourage companies to set up shop? What is the overall trend in the most recent 5 years?
And don’t be a selfish prick. Do think about the career of your spouse as well.
4) Is the current home really not good enough?
Families move for various different reasons. Sometimes it’s not even a choice.
But if you still have the option of staying, do re-evaluate why you intend to move in the first place.
Some people I’ve spoken to actually relocated because it felt right to them without any practical reasons. I kid you not.
And many end up with bigger houses that they don’t need.
Your lifestyle should be the main focus when pondering relocation.
If for example, you love the peace and friendly nature of the current neighborhood, there is no guarantee that it would be the same somewhere else.
You can forget about peace and quiet in the bustle and hustle that exist in the city.
Don’t take the current house for granted. There are reasons why you lived here for so many years. Have those reasons become less important?
At the same time, don’t let the past hold you back. If you do have to move, do it with no remorse.
Life is about moving forward. And if relocating is the logical next step in life, do it and never look back.