No matter how long you have stayed in your current home, there will always come a time when you will start thinking about moving to a new community. Whether you want a change of scenery or stay somewhere that’s affordable, moving to a different neighborhood is an important life event you and your family will have to go through.
Not only is it costly but making this decision can also be tedious and time-consuming. Still, you can make the most out of the process by preparing for it. Here are a few essential tips for a smoother transition to a new environment.
Set the right goals for moving out
You wouldn’t want to leave your current community on a whim. It’s important that you have a specific purpose for moving out. A change in address may be required by your work. In addition, you may feel the need to live in a community that suits your lifestyle. Affordability issues are also valid reasons.
It’s important to keep your needs in mind as you contemplate leaving. This will help you avoid spending an unnecessary amount of time and money on a decision that won’t benefit you and your family in the long run.
Learn how much equity you have
When relocating to a new neighborhood, you will need to decide between buying a new home or renting out living space for your family. Either way, you need to have enough cash on hand so you can make your move. Considering that price appreciation has accelerated in recent months, you might be in the best position to plan your move.
If you have owned your home for more than a decade now, you may have built enough equity to finance the process of relocating to a new neighborhood. Your home may have increased in value since the start of the pandemic, so you might as well leverage your equity gains to accomplish your goal.
Select the best community to live in
Once you have determined that you are in the best financial situation to move out, you should now look for cities and towns that align with your goals. For this, you will need to come up with a list of expectations. This may include factors such as tax rates, traffic, and available amenities.
After creating a list of expectations, you will need to use it as a reference for zeroing in on a town or city that meets all of your needs. Do a quick Google search of the top neighborhoods for each factor. When it comes to taxes, cities like Jacksonville, Florida always place first in any list of the most tax-friendly cities in the country. By preparing a shortlist, you can save time selecting the best place to move into.
Pay the place a visit
Numbers and pictures won’t give you a full view of what it’s like to live in the place you have chosen. Oftentimes, you will need to visit the neighborhood itself so you can get an immersive preview of the experience. Once you are there, drive around town and assess the traffic situation during rush hour. You may also visit important landmarks, leisure spots, and fitness amenities.
If you want to take your research even further, try to talk to the residents and ask them what they think is the best and the worst part of living in the community. You can talk to business owners and people relaxing in the park. By getting quality input from these people, you can make a well-informed decision prior to moving in.
Know what to do with your current home
If you are looking to move out for good, you must have a good exit strategy. You will need to know what will happen to your current home as you start the process of relocating to a new neighborhood. There are several options to consider. For one, you can get a relative to live in your first home as you transition to a new one, although you will still be paying property taxes on both.
Another option is to sell your home to investors or open it up to tenants for extra income. Offloading your current home is crucial to fueling your move to a new neighborhood. If you are not on a tight schedule and you want to get a good price for your current home, you will need to work with a real estate professional who can help your property stand out in today’s market. In case you are one of many homeowners who struggle with selling a house in poor condition, reach out to investors who are in the fix-and-flip and wholesale real estate business.
Prepare for your moving day
Even before accepting an offer from an interested buyer, it helps to specify a target date for moving out. Make sure you have a large enough window in between the sale of your first home and the purchase of your new one. This should give you enough time to find a professional mover and pick the right method for moving out. For many homeowners, the best option is to move out before the first home sells. However, this also means shouldering two mortgages at once. It would become a financial burden if the first home remains on the market for too long.
In case your second home isn’t ready after the sale of the first one, you may consider a rent-back option. This lets you stay in the house for up to 60 days or whenever your second home is ready for occupancy.
Apart from this, you can also rent a hotel room or get a short-term lease on a townhouse just so your family has somewhere to stay while your new home is being furnished. Lastly, there is also the cost-effective option of staying at a relative’s home.
Are you planning to move into a new neighborhood as part of your 2022 goals? Keep these tips in mind for a smoother and less tedious experience during the relocation process.