Seth Murphy
August 2022
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Relocating for a job comes with its unique set of challenges which you can tackle through sound financial planning and time management. Along with managing your needs, you need to balance the needs of your spouse, kids and pet(s) while ensuring there is minimal disruption in their way of life. Today, Red Door Realty Group explores the most useful steps you should undertake for a seamless relocation process.
Inquire About Relocation Assistance
Relocation is by no means cheap, especially when it comes to moving your family to a completely new location. As reported by All Together, to reduce the burden of relocation, inquire with your employer regarding their relocation assistance policies.This can include receiving a lump sum amount, being reimbursed for expenses, direct billing your employer or other arrangements as specified by the business.
In addition to providing monetary assistance your employer may also be able to help with the following:
- Arranging for home visits
- Providing temporary accommodation
- Assisting with moving
- Storage of goods
These policies may not be common knowledge among employees, hence, when the conversation of relocation is brought up, make sure to inquire about it to your employer.
Research About the Location
As reported by Hunker, before moving, educate yourself regarding the cost of living in your new neighborhood. Make comparisons to your current expenses and ascertain whether it is cheaper or do you need to make a case for a salary adjustment to afford the costs. Additionally, pay close attention to house prices and their expected performance in the coming years. Choose neighborhoods whose value is projected to appreciate in the coming five years. For example, homes in Jacksonville, Florida have risen from about $180,000 to $325,000 in the last five years.
If you’re struggling to find good homes in your respected budget, connect with experienced real estate agents like Red Door Realty Group who can streamline your home search and buying process.
Create a Budget
Regardless of whether you will receive assistance or not, create a realistic budget encompassing all costs you will incur during relocation. Having a budget enables you to make informed decisions regarding where and when to spend resources. For instance, when moving into a new home you’ll be required to spend on furniture, linens, light fixtures, cutlery, utensils, etc. However, any goods beyond the scope of necessity, such as decorations, expensive gadgets, etc., can wait for the coming months.
Additionally, here are other important expenses to include:
- Cost of hiring movers
- Cost of meals while traveling
- Cost of buying groceries for the initial weeks
- Cost of buying kitchen and bathroom cleaning supplies
Failure to include all expenses in your budget can cause problems post-move. As a rule of thumb, expect your first month’s expenses to be twice what you calculated to cover any unexpected scenarios.
You may be looking to change jobs with your move, which could change your budget. If you’ve not changed jobs recently, use a resume builder to give your resume a refresh. Having a standout resume will help you land a job with the best salary you can get.
Visit Properties in Person
Before making any purchase decision, visit the properties you shortlisted in person to get an actual feel and understanding of the place. Pay close attention to small details such as the size of bedrooms, proximity of switchboards to doors, amount of natural light in all rooms, ambiance around the property, and the state of HVAC, plumbing, and electrical systems. Take your real estate agent with you on visits to gain their insights on the property and their estimation of any repairs that will be needed.
Start Your Own Business
If change is already in the air, maybe now is the right time to start your own business! The first step is choosing your business structure. Different options offer different legal protections and tax benefits. If you go with an LLC but want to avoid the hassle of setting up a limited liability company by yourself, enlist an online formation service to help!
While relocation will be a long process, by creating a plan and taking timely steps you’ll be able to adjust to your new home and in a timely and affordable manner. Your decision will impact the ease of which you’ll be able to adjust before relocation and your quality of life for the foreseeable future, hence consider all factors and make an informed decision.
If you’re looking to buy or sell a property in the Florida area, contact Red Door Realty Group. Our professionals are incredibly knowledgeable about the Florida market and can help you get the best results in your property experience.