Planning to Relocate for a More Affordable Area? Make Sure to Ask Yourself These Questions
With housing prices in many cities at an all-time high, many people are considering selling their homes and relocating to more affordable locales.
But before you make the decision to leave your home in search of a more affordable area, it’s important to make sure it’s the right move for you—and that means asking yourself a few questions.
So what, exactly, are those questions? A recent article from realtor.com outlined key questions people should ask themselves before relocating to a new town or city for a more affordable home, including:
- Can you afford moving costs? Even if you buy a more affordable house, if you’re moving a long distance (and/or have a ton of stuff to move), the cost of moving can make a serious dent in your budget. Before you decide to relocate, get a sense of how much it will actually cost to move—and weigh those costs with the savings you’d get by relocating to a more affordable home.
- What will your cost of living be in the new area? Your home costs aren’t the only costs to consider when relocating. Even if your home is less expensive, if other living expenses are higher (for example, a significantly longer commute and higher transportation costs, or higher taxes), relocating might not actually save you any money. Make sure to consider the total cost of living—not just housing—before you relocate.
- Is the new area the right culture fit? Relocating might save you some money—but if you’re moving to a place that doesn’t suit your lifestyle, the cost savings might not outweigh the drawbacks. Before you relocate to a new city (for any reason, including for a more affordable home), do your research to make sure it’s a place you feel you’d be happy in the long-term.