There are many reasons why you might need to relocate away from your home. Maybe you got a new job, maybe you’re moving to be with a partner, or perhaps you just need a change. In any case, it’s an exciting time! While it can be difficult to move somewhere new, it also poses bags of opportunity.
However, it’s not all fun and games: there’s also a financial aspect that you need to think about, too. Relocating does not have to cost you a lot. Here are a few useful tips that’ll ensure your move across the globe doesn’t have to cost you an arm and a leg.
You’re unlikely to jump up and decide: today, I’m going to move. You’ll have some warning, likely months of warning, before your move. This gives you an opportunity to tuck some money away, which you can then use to make your move less financially taxing.
If you’re moving for work, then they may have offered you a relocation package, but it’s worth keeping in mind that even if they do – and especially if they don’t – that there might be some time before you’ll be paid. In any case, you’ll appreciate landing in your new home with some money in your back pocket.
Research the Costs
One of the biggest mistakes people moving across state lines make is assuming that their expenses are going to remain the same. This is highly unlikely to happen. If you’re moving from a mid-size city to say, New York, then you’ll quickly find that you need much more money in the Big Apple if you want to maintain the same level of lifestyle.
You can’t change differences in the cost of living, but you can take the sting out of the move by looking up the costs before you go. You never know, you might be lucky and find that your new home costs less (which will be the case if you’re moving from New York to virtually anywhere else).
You’ll be asking two questions when it comes to housing. The first is: where are you going to live? The second is: if you currently own property, do you need to sell your house? Both of these questions flow into each other. If you know you’re moving permanently, then yes, it’s recommended that you sell your house – because you can put that money towards buying a property in your new city. Remember, though, that you’ll want to rent before buying in your new city so that you can get a feel for which part of town you want to live in.
If You’re Moving Abroad
We’ve been talking so far about moving across the country, but you might find yourself moving across borders to another country. In that case, all the above applies, but with a couple of added points – you’ll need to think about the exchange rate, and the usual costs of moving – shipping belongings and so on – are likely to be higher. You can get as much advice from other expats, but may just have to suck up some of the costs!