Consider This Before You Relocate

Consider This Before You Relocate

Are you planning to relocate? There are a few things to consider before taking the next step. Consider the pros and cons of your big move, compare your salary vs. cost of living and your finances, and consider which city fits your personality and future. 

Pros and Cons

When considering a big decision like relocating, always weigh the pros and cons. First, ask yourself why you are relocating. Do you see yourself growing in the new location? Can you afford to relocate? These questions will help you decide if you are ready to relocate. Then, when you create your pros and cons list, here are a few things to think about: affordability, taxes, employment opportunities, real estate values, crime rates/ statistics, climate, etc. 

Salary vs. Cost of Living

Are you moving because of work? Are you moving to a new office or seeking better opportunities? First, consider your new role with a new salary. Next, research the cost of living, transportation, child care, and other expenses that add to your cost of living. Be sure you can afford to live in a new city or state without a salary increase. Next, research the tax levels of the location you plan to move to. You will never escape taxes entirely, but moving to the correct location can trim your tax burden. The Tax Foundation’s state-local tax burden reports can help you see each state’s different taxes. 

Finances

One of the most important things to consider before moving is the state of your finances. Before you proceed, look at your income, expenses, budget, and lifestyle to ensure the expensive moving process won’t put you in a financial bind. Make a moving financial checklist. It will help you determine your anticipated income and realistic expenses in your new city. You will figure out if your new city has a higher cost of living; if so, you will have a better idea of what you can afford. Before you move, it is essential to have 3 to 8 months of savings as a cushion in case you need a fallback plan or for unexpected expenses during your move. 

Does the city fit your personality?

Some cities are great to visit; can you see yourself living in one of them? Are you looking for a city that gets overlooked by tourists? Or are you looking for a city with nightlife? Practical things to consider when moving to a new town are job opportunities, the climate (snow or no snow?), and it will be easy to build a community. Do you know what you want to gain from a new city? 

Before you move, ask yourself, does the city I am relocating to fit my personality? Can I afford to move to a new city? Am I financially stable and prepared for unexpected costs? For more helpful tips, go to www.nancyopensdoors.com.