Whether you just got that dream job promotion, a better job or retirement means living in a warmer climate there are many reasons people relocate. It’s good to beware of these top mistakes from Cargo Cabbie that people make when they move.
Rent Your Old Home….Badly. Keeping your old place just on case and renting it out might seem like a great idea at first. In a perfect world you’d find a great tenant who would stay for a long time and the rent cheques would just keep coming. As an inexperienced landlord how will you qualify a tenant, collect the rent and manage your home remotely. Landlords are responsible for any maintenance costs along with periodic vacancies so be sure you can afford to manage these expenses.
Selling It Prematurely. On the flip side holding onto your old residence and selling at a later time can fetch a higher price. Finding the right tenant possibly a friend or acquaintance means they will be making the mortgage payments for you. Worth considering if your old home is in a hot housing market a great way for you to build wealth.
Muddling A Mortgage On A New Home. Planning to buy a new home when you move or maybe you already have there are a few things to be aware of. When meeting with a lender your executed offer of employment may serve as documentation to qualify for a mortgage. A better solution might be to meet with the lender beforehand to help you through the requirement you’ll need.
Storing Stuff With Plans To Move It Later. The temptation to store some items and move them at a later date might be something you want to reconsider. If the relocation is permanent you might want to move everything at once or you will not be able to claim it as a moving expense.
Expecting Your Belongings To Arrive ASAP. Even if you do load everything onto the truck at the same time be sure you don’t cut it too close to your first day of work. Pack a starter kit to take with you to be sure you have clothes and essentials for the first week.
Not Getting Schooled On Schools. Make sure you call ahead to be sure there’s room to enroll your child in the school of your choice it can be overlooked in all the excitement of the move.
Trying To Replicate Your Old Place. Familiarity makes us comfortable and people often try to duplicate their old environment. Instead why not embrace the changes and view it as a new adventure shown to be key to a successful move.