Buying a house when relocating can be a stressful time. Not only are you needing to find a new home, potentially in a different province or state, but you will also have to contend with relocating itself. This most likely means transferring to a different role within your company. Needless to say, you will have a lot going on when it comes time to do this!
To help make your relocation experience easier, we compiled six best tips on how to buy a house when relocating. We hope these tips will make buying a house when relocating easier for your family.
1. Set a House Buying Budget
Whenever you’re buying a new house, it’s always recommended to set a budget, especially while relocating. To begin, set a budget for your new home. In addition to a down payment and monthly mortgage payment, remember that there are other costs too. These include closing costs, property taxes, and insurance, to name a few.
You will also need to set a budget for your relocation expenses. These expenses include the cost of hiring a moving company to move you and your belongings, packing supplies, and if it will be a long trip, expenses for food and such while on the road. It’s always good to overestimate for items such as these as you never know when an extra expense will pop up.
It’s also a good idea to consider the cost of living in your new city and budget for that as well.
2. Research the Housing Market in Your New Area
As you buy a house when relocating, another helpful tip is to research the housing market before you visit. By doing this, you’ll be able to find out what’s available for purchase in the area, the typical cost of a home, information about schools, and even the cost of living in the area you intend to move to.
3. Hire a Real Estate Agent
Now that you’ve done your research, it’s time to hire a local real estate agent. If you happen to know anyone who lives in that area and can recommend someone for you, that is a great option to go with. If not, do some more research online to find a realtor agency and have them recommend a real estate agent for you.
Make sure your new real estate agent has a sound understanding of the housing market in the neighbourhoods you are interested in. You will need to work with someone very knowledgeable as you will depend on them to help you make a good decision about where to buy your new home.
You will need to explain to them that you are not from the area but will be relocating soon. You can have them scout some houses for you and keep in touch with them via phone or video chat. Be sure to give them a detailed list of what you are looking for so they can find houses that meet your needs. For example, a home with three bedrooms, in a good school district, and close to public transit.
4. Visit Your New City
Now that you have a real estate agent, plan a trip to your new city. Here is where you can go on a little tour of the city, specifically the neighbourhoods you are scouting. One of the major things you will do is meet with your real estate agent. This will provide you with an opportunity to get to know them in-person as well as check out some of the houses they have scouted for you.
You may even want to go several times, especially if you’re having trouble finding a house you love. The more times you go, the more familiar you will become with your new city so it’s never a bad idea!
5. Contact a Relocation Services Company
What is a relocation services company? These companies have a host of experts that can help you relocate your life to a new city and house. With a team of vetted partners and vendors, these companies are well-positioned to give you a hand-crafted experience that matches the uniqueness of your needs.
These experts not only help make relocating to a new home efficient and effective, but they also make it exciting and enjoyable. They offer professional settling in services that will make your relocation as comfortable as possible.
6. Hire a Moving Company
Now that you have visited the area and hired a real estate agent, you will hopefully have your new home nailed down quite soon. With all of that out of the way, you can turn your attention to the move itself.
During this step, you’ll need to research and hire a moving company. If you are going across provincial or state borders, make sure it’s a moving company that specializes in long-distance trips. Be sure to read the reviews and call around to a few companies before you make your decision.