Choosing to move away

Counting the Cost

Moving away from family and friends can be challenging.. The first thing you may want to do is to make a Financial Plan. Do you currently own a home? If so, should you sell it, or should you put it up for rent.. It is true that you may be very excited about the prospect of starting over, but remember that moving away is something that should not be rushed but rather should be well thought out. Thinking things through can save you a lot of time and headache.

Selling the House

If you have decided to sell your home the easiest way to sell your home is to find a real estate agent that will have your best interest at heart. The best way to do this maybe is to ask friends and family to refer you to an agent that they have used. There is a huge advantage to having a real estate agent that is a family member or friend rather than to use someone who maybe out for profit only and that has no relation to your family or friends. When doing certain types of business relationships do count. Beware though that it must be a person that has some connection with you and also competent with a good reputation. You should never sacrifice competence to maintain a relationship. Another suggestion maybe is to look for other homes that are up for sale on your street or neighborhood. See who is listed as their agent and then knock on their door and tell them that you live in the neighborhood and you are thinking of selling your home so you want to get their thoughts about the competence of the agent that they are using. If they say that the communication is great, straightforward and professional then you might ask them for their telephone number. Once their house has been sold you can do a follow up call to get their opinion once again. If they continue to speak highly of the agent that they used you may decide to use the same person. It would not be our recommendation to sell your own house unless another family member that you trust is buying it or you have done it before. There are so many things that can go wrong and the stress may not be worth it.

Renting

If you choose to rent your home their are a few things that you may want to consider. First, if you are moving far away you should ask yourself:

Do I have someone that can act as property manager to attend to the tenants that lives in the area?

Who will make the repairs and or ensure that the repair work is done correctly?

What happens if the rent payment is late or the occupant does not want to pay the rent?

If the occupant is damaging the property, how will I know about it and what will I do?

If you can not afford to live in another place without the rent money and do not have anyone that can be the property manager it probably is not a good idea to try to rent.

Financial Plan

To understand if you are financially secure enough to move. You might ask yourself:

Do I have enough retirement money and pension to live off of without the receiving the money from a rental property?

If I sold my home for half of its value:

Would that be enough for me to find a new place to live even if I have to buy a new smaller home and use that as the down payment for it with a very low mortgage?

Having a very low mortgage, my pension, social security and the future prospect of selling my home.

Would I feel financially secure?

If you answered yes you are probably ready to move whether into a new smaller home or a secure apartment. No matter where you choose to live it must have a Physically Security Plan.