Whether you're relocating, downsizing, or in need of something bigger, moving is a process with a lot of steps involved. Though you may feel overwhelmed at times, stay the course and avoid these common mistakes.
1. Renting your home poorly. Renting can be very lucrative and may be the right move for some. However, if you've never rented out your property before, you may need some guidance. Most people don't have a clue how to manage a rental (finding tenants, collecting rent, managing maintenance costs, etc.) You should vet property management companies to find the right person to manage it for you. A property manager will handle every detail so you don't have to worry about it getting done without you there.
2. Selling prematurely.Consider the market. Generally speaking, your home will sell for more a few years from now than it will today. Your property is continually increasing in value over time. Consider the market you're in and if now is actually the best time to sell or if you should lease it instead. Hot markets like San Francisco and Los Angeles will be much harder to buy back into. So before selling your home, consider your options. The rental payments you receive may even exceed your monthly mortgage payments.
3. Muddling a new mortgage.If you're relocating for a new job, you need to be careful to structure your employment agreement to prevent issues with lenders. An executed offer of employment can suffice in order to qualify for a new mortgage. Meet with an MLO (mortgage loan originator) in the area you're moving to beforehand so you're prepared with a game plan to fulfill any and all requirements.
4. Storing personal items for a long period of time.If you're making a big move, move it ALL. It's easy to forget about things kept in storage. Additionally, you can take the moving expenses adjustment on your tax returns only in the same year that you move.
5. Expecting immediate delivery of your things.Don't do your packing and moving right before your move-in date or first day of your new job. Depending on how far you're relocating it can take a couple days or weeks for your things to be delivered. You don't want to find yourself buying new clothes and office supplies because only some of your items arrived on time.
6. Failing to research schools.If you have a family or are planning to start a family, don't move into a school district without first doing your homework. Identify what school district you would be in and the status of it. Find out who works for the schools' administration and, if you're looking at private schools, call to make sure they would have room for your kids.
7. Trying to make your new home just like your last.Don't attempt to replicate your old home in a new space. You'll just find yourself disappointed with the outcome. Embrace the change. While you may feel like you're mitigating the impact of a relocation, you may actually end up causing yourself undue stress trying to get things just as they were.
Author:Kurt Galitski Phone: 714-957-6677 Dated: January 12th 2017 Views: 129 About Kurt: After 15 years of founding and running a successful boutique real estate office in Costa Mesa as a l...
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