New house? New spouse? New career?
Whatever your reasons for moving, it can be a real thrill to experience a new neighbourhood and new horizons.
But, if you fall into one of these relocating pitfalls, it can be a real headache too!
Before you hit that wall, make sure you go over this list of mistakes to avoid when relocating:
Mistake #1 – Mismanaging the old property
When it comes to relocating, there are two main options you have for your old house: Sell it, or rent it out.
Both of these options need a good amount of planning and consideration!
The pros of renting it out include hanging on to the property while it appreciates and collecting rent.
The cons include possible vacancies, poor tenants, and maintenance. These can severely hurt your profit. Always make sure you have done your sums, and consider making use of a rental agency.
On the other option, if you sell too soon, you can miss out on a profitable long-term return on your investment. Plus, you won’t have any fallback in the event your new circumstances don’t work out.
So don’t rush this step before doing your homework!
Mistake #2 – Mismanaging your new home loan
This relocating pitfall often comes into play when the reason for the relocation is a new job offer.
You may have to buy sight unseen before your first day at work!
But remember that you will now lock yourself into the new position to keep up your home loan repayments. And if something doesn’t work out, it is difficult to back out of your new commitments.
Before finalising the new job offer, chat to a good bond originator and work out a solid plan for repayments.
Mistake #3 – Mismanaging your stuff
There are pretty much two errors people make: they take too long to transfer their possessions to the new place, or they expect them to arrive immediately.
In the first instance, there is a temptation to put all their old furniture and household goods in storage. This is costly in the long run. Also, they may find the old stuff is out-of-date or out-of-place in the new home by the time it finally arrives.
If, instead, you ship your stuff to the new place, expect delays of as much as a few weeks. Many people get caught out expecting the immediate arrival of essentials. Have a kit that will carry you through for the first month or so while shipping is taking place.
And don’t forget important documents and work clothes!
Mistake #4 – Mismanaging your family’s education
Check that there is a good school in the area and contact them to make sure there is space for your children.
This is an important point even if you don’t have kids: after all, a good school nearby is a great boost for your property values!
Mistake #5 – Mismanaging the change in lifestyle
Some people expect everything to be the same in the new place: same routines, same traffic, same furniture arrangement, etc. This will not be the case if there are increasing stress levels.
So, this is a good time in your life to actually embrace change.
Bottom line: if you are careful to avoid these relocating mistakes discussed above, you will ensure an easier and less stressful move that is not just a lateral move, but also one that improves your overall situation!
And you’ll be glad you made the effort!
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