Are you thinking about relocating to a new city? Whether it is for work, family, or fun, the decision to relocate can be a difficult one. One major factor in any decision process is going to be money – can you afford to make the move? The cost of a home may be the largest cost to consider when relocating, but it not the only one. The following is a list of five costs you need to factor into your relocation decision process.
Some states and cities have notoriously high taxes. Don’t automatically dismiss a high tax city or only look in low tax ones; find out why taxes are so high or low. What is that money being used for? The benefits of higher takes may outweigh the cost.
Insurance varies greatly from state to state. Some places are more prone to theft, natural disasters, or are filled with expensive homes. All of these things get factored into insurance costs. Even auto insurance goes up in places with more cars.
What is it going to cost you to get where you need to go? Can you park for free at home and work? Is gas reasonably priced for how often you need to drive? Do you need to factor in the cost of public transportation?
This financial factor is more important for families with children. Are camps, sports teams, and outdoor play facilities readily available and affordable? In some cities, it costs money to get access to a tennis court or a pool. No children? No problem–you’ll still want to check out the night life and other activities in the area to make a sound decision on whether or not it’s the place for you–f you can only afford to do dinner and a movie once every two months, you may want to consider moving somewhere else.
5. Everyday expenses
Groceries and household supplies can vary by city. Go online and check the weekly circulars for the stores you would frequent.
Moving is hard enough as is, don’t burden yourself by moving somewhere that is going to cause you serious financial strain. Talk to a few REALTORS® in the city you want to move to; they will be able to give you insider advice on where you can save money and where you should not to cut costs.