Serious Real Estate Challenges for Serious Relocation Buyers (Part 3 of a 3-Part Series)
In this 3-part series we’ve discussing issues related to relocation – challenges to confront and some things to think about.
In Part 1 we talked about (1) searching for that new home; (2) using a qualified, knowledgeable REALTOR, and (3) doing your due diligence. If you missed this post, you can read it here >>> Serious Real Estate Challenges for Serious Relocation Buyers (Part 1 of a 3-Part Series)
In Part 2 we discussed (1) the disadvantage of house hunting from a distance, and (2) timing issues related to buying, selling and your actual relocation. You can read Part 2 here >>> Serious Real Estate Challenges for Serious Relocation Buyers (Part 2 of a 3-Part Series)
Here are some final things to think about as you embark on your relocation to your new home:
Relocation may require more flexibility than moving locally. With the timing and distance issues, differences in the new vs. old housing market, and all the tasks you must accomplish, the inability or unwillingness to be flexible could make life miserable.
And that includes having contingency plans when things go awry which is more than likely to happen at some point. This is not to discount the importance of being flexible in ANY real estate transaction but relocation adds a new dimension. Being as organized as possible from start to finish will help tremendously.
You will have the same financial issues with selling a home and buying a new one, but probably some additional, and perhaps significant, costs.
Factor in moving your household goods a long distance, travel (airfare or car + hotel + food), possible temporary living costs, and more in your relocation budget.
A relocation package from a new employer can help, depending on what it covers, but you may experience an increased tax burden as a result. Check with your new employer on the details of any relocation package so you know what to expect.
Often a relocation results in a lifestyle change, due to the new location. Consider how different living in California will be than Boston (I know that well), for example – differences in weather, style of dress, things to do, etc. I think some who relocate think things will be the same as in their old home and find the adjustment tough; others are deliberately seeking a lifestyle change and embrace the many changes.
You won’t know, of course, until it happens but it’s something to keep in mind – things likely WILL be different and that can be stressful and take a period of adjustment. And that can vary from person to person.
Relocation can be tough in many ways, and each scenario is different. I highly recommend being as planful as possible, asking lots of questions, setting up contingency plans, and of course working with a REALTOR in your new area who can be your voice of reason and a terrific resource.
If I can be a resource for you in your relocation to Southern California, just let me m know.