Making the move to a lower cost | Moving Expenses
The increasing cost of living can often force people to choose to relocate or even using cross country movers. However, many people don’t consider all of the factors when looking for a property in a lower cost of living area, such as the moving expenses, employment opportunities etc. This article will help you to weigh up the pros and cons more easily and work out if the move is really going to be cost effective in long term.
The different options
Begin by doing some research and find the cheapest cities to live as this might also mean you can find more affordable accommodation there; it is possible that you’ll find a property that is the same size as your current home, but at a cheaper price. Another option is to look for a smaller property.
The main advantages of smaller homes are they are much easier to maintain and the utility bills are usually cheaper. However, if you manage to find a larger property that costs less, then this will be a good option if you have a growing family and you’ll need the extra space later.
Before making a decision on which option to go with, weigh up your personal requirements for both now and in the future.
Cost of living
Another factor you’ll need to consider if you are not moving locally is the cost of living in a new area; just because you have bought a cheaper property it doesn’t mean that the cost of daily living is less expensive. As an example, the local shops and restaurants might be costlier or you could be subject to additional taxes in your new location.
Before you go ahead and make a decision, ensure you work out the long-term costs and see if your new, less expensive home will indeed cost you less in the years to come.
Some neighbourhoods are naturally more expensive than others so take a look at the different areas and do a comparison of the prices. Will the low cost of living area you plan to move to save you money in the long term? Would you move to the area and end up spending more money on unplanned costs in the neighbourhood? Are prices of everyday needs cheaper, more expensive or relatively the same? Carry out some calculations and work out the future costs to get a clearer picture.
Employment and earnings
Your employment opportunities are something else you’ll need to think about before you move. If you’re relocating to a smaller town, then this could make it more difficult to find new employment and you might also discover that the available jobs don’t pay as much. On the other hand, it might also be possible for you to continue in your current employment, but the costs of commuting back and forth could be prohibitive.
Before you move, find out all you can about the different employment sectors and work out the average salaries so you have a good idea of what your income is likely to be. If your income is going to be lower, you’ll have to do a full analysis of your finances to see where you can cut back.
Everyone has their own idea of an ideal lifestyle and you need to consider if you’ll still be able to afford it once you have relocated. When you move, will you still be able to afford the usual vacations or will your social life become less affordable? If you don’t feel that you can live the same lifestyle that you’ve become accustomed to, then you’re going to have to look at ways to make your budget more manageable.
A healthy environment
Before making the move to that seemingly lower cost property, be sure that is located in a healthy environment. Is the house located in a noisy neighbourhood that’ll disrupt your peace and quiet? Is the water in the environment pure and clean? Is the air fresh to breathe or polluted with fumes and the like? Is the environment neat and well taken care of by the occupants? All of these are important things to consider when moving to a lower cost home. This makes sure you don’t have to spend extra on hospital bills or other issues you might have to deal with as a result of living in an unhealthy environment.
A home might cost less, but the tax rate in such state might be exorbitant, compared to the taxes you’re used to paying. Some places have additional taxes such as sales tax and excise taxes for funding specific needs. Always be sure to conduct appropriate research on tax rates before moving into a lower cost house.
The safety of the environment in which the new house is located is also an important factor to consider. A house might cost less, but the security in that area might be extremely poor. Before considering buying a lower cost house, ensure that it is situated in a safe environment where crime is at its lowest minimum and that lives and properties are secure.
Consider the pros and cons
Draw up a list of every single one of the pros and cons you can think of. This will include the local job opportunities in the area you plan to move to, schools, your ability to socialize, local shopping facilities, etc. A lot of people make the mistake of just looking at the house prices, but they don’t look at the area as a whole and the ongoing cost of living.
Proper organization is the key to your relocation going smoothly. People often state that moving is one of the most stressful experiences of their life, however by being organized and getting quotes ahead of time, you can make the process easier. To reduce stress levels, find some professional, affordable movers in Toronto to help ease the pressure of your relocation.
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