If you intend to move to a completely different location then an article in realtor.com points out that this can be exciting, although there is a lot that can go wrong unless you plan very carefully.
Anyone intending to relocate should bear in mind the most common mistakes that people make. First on the list is renting out your home but not doing it properly. Experts point out that renting out your current property can be a great decision and an investment provided you know what you are doing. Unfortunately many people have no idea how to rent a home or how to check on potential tenants or collect rent, or they will fail to anticipate the potential expenses. Landlords need to have money put aside for maintenance and for vacancies so they can keep up with their mortgage payments.
Another mistake is to sell a home prematurely and before it has had a chance to make you money. This does rely on finding a good tenant but it could be worth the effort, particularly if you currently live in a hot property market and where it might be impossible to buy back in if you decide to return at a later date. In certain cities it is not uncommon for rentals to cost more than mortgage payments in which case it can be a wise option to rent out your home and to use it as a revenue stream, and of course you always have it if you want to return to the city.
It can also be awkward sorting out a mortgage on a new property so it pays to structure your employment agreement to avoid potential problems with lenders. Make sure that you have everything required to fulfil the requirements of a mortgage lender before finalizing your job offer.
Lots of us hold onto stuff for years and years and if you are a bit of a hoarder then it can be tempting to leave behind your possessions with the idea of transporting them at a later date. However if your relocation is likely to be permanent then it’s better to move everything straightaway, particularly from a tax point of view. It can also be expensive to store possessions in the longer term and a relocation might be a good chance for a clear out.
Make sure you take into account the time required to transport your possessions as it can sometimes take a week or two for everything to arrive at your new home. It can be useful to have a starter kit with you with all the essentials you need for the first couple of weeks, including essential documents.
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