Relocating or moving is an overwhelming process. Even if you are voluntarily moving or getting a new job with a raise, it can be a scary thing to tackle. If you are debating where you want to live and what kind of investment you want to make, take your time and do your research beforehand. This decision will affect your livelihood for years to come, depending on how long you plan to stay. The decision requires a lot of considerations. Things like jobs or school districts matter, as do the climate and community. Whatever the move is for, here are some important factors to consider when you are making a new decision.Â
AffordabilityÂ
The key is to take your salary and all the other monthly expenses you take and compare it with how much the mortgage will cost you. You don’t want to buy something you can’t afford just because you like it. You should buy within your means. If you are going to raise a family, this is also an expense that needs to be considered. Depending on the state you live in, affordability will also be different. States like California or New York have some of the highest housing prices in the U.S. While other states are considerably lower, it is something to keep in mind. Remember, you still want a savings account at the end of the day, so create a budget before buying and stick to it.Â
TaxesÂ
Unfortunately, taxes are always going to be a part of your life. You cannot completely escape them. Property taxes are most likely going to take an effect on your home. Again, depending on where you live, they will be higher or lower. States like New Jersey had the highest property tax in 2020, but the cost of buying a home is lower. So, it essentially balances out. As you know, there are other taxes like income tax or sales tax that could also affect you. Few states including Oregon, Alaska, Delaware, Montana, and New Hampshire don’t charge sales tax. Factor this into your buying process when looking for where to live.Â
Climate
For many of us, climate and weather are important to us. If you don’t know how to enjoy the cold weather, then this is important to consider. On the other hand, if you enjoy winter sports like skiing, snowboarding, or hockey then you will surely enjoy living in a state that gets snow. Do your research on what the area is like and how the weather is. Ask around to get a good gist of the weather.Â
Employment Opportunities
Employment opportunity remains a crucial and decisive factor in deciding where to live, but it’s not quite as central as it once was. With the COVID-19 pandemic taking its toll on people around the US, many companies permanently switched to having their employees work from home. If you are applying for jobs, look out for the ability to work fully remotely, oftentimes you may be able to. Although if you are living in another time zone to the place that your company works from, you will have to wake up earlier or later depending. With this said, opportunities are endless if you are open to the possibility of working from home remotely. If you prefer to work in an office, then you should look for a city that has more opportunities for your work field. For instance, if you are an investment banker, you probably need to live in a new city like Boston or New York.Â
School District And EducationÂ
If you plan on having children, you should consider the school district and educational opportunities for them. Obviously, you want the best for your children and our future children. School district matters and how much they are going to benefit from an excellent education is endless.Â
Real Estate ValueÂ
One of the benefits of buying a home versus renting is that the value of the home can increase over time. Understanding the area’s real estate market is crucial before buying. Hopefully, you have a real estate agent who is knowledgeable and can inform you of the homes in the area. Research current home prices and short-term home price trends. If you plan to stick around for a while, this is where the value is important.Â
