Congrats – you are moving! No matter your reason, beware of these top mistakes people make.
1. Renting out your old home
Sure, it seems logical to hold on to your old place just in case. It’s also nice to collect rent but that’s best-case scenario – what about the worst? Most houses don’t make money as rentals because the owners don’t know what they are doing. Things like collecting rent and checking on tenants in addition to, maintenance and vacancies, are extra tasks landlords have to think about. Before renting out your home make sure you have a plan to manage your home remotely.
2. Muddling a mortgage on a new home
If you’re relocating for a new job and want to buy a home before you start working, be sure to structure your employment agreement to avoid issues with lenders. While an executed offer of employment can serve as documentation to qualify for a new mortgage, many lenders will require proof that all the offer contingencies have been met as well. One solution is to meet with a mortgage loan originator licensed in the state you’re relocating to and develop a plan to fulfill those requirements, preferably before finalizing the new job offer
3. Storing stuff with plans to move it … someday
Tempted to leave behind lots of your possessions to transport months or maybe years after you’re settled? If you’re certain a relocation is permanent, it’s best to move everything right away. Why? Because you can take the moving expenses adjustment on your tax return only for expenses paid in the same tax year as your move. Plus, it’s easy to forget about an item in storage.
4. Expecting your possessions to arrive ASAP
If you do pack up and send off everything all at once, don’t push it too close to the day you start a new job or endeavor, expecting all your possessions to arrive at one time. It can take a few days, if not a week or two, for all your belongings to arrive at your new home, due to weather or road shutdowns. Many people end up having to buy new work clothes, school supplies, or basic kitchen items when they show up at a home well before the moving truck does. Pack a starter kit with whatever essentials you need for a week, and always keep important documents with you.
5. Not getting schooled on schools
Some people move into a district without checking out the schools. What could be worse? Some people move to a neighborhood with a great school without realizing that it has no more room. Play it safe: Call the school district or private school you want to find out if you can enroll your child.
6. Trying to arrange your new home exactly like your last
Often times people try to replicate the exact same old living environment in a new area. This can actually add to the stress, especially when the former lifestyle can’t be replicated. Further, it takes away from experiencing new cultures and learning about new areas. Welcome a new environment to go with your new move. You’ll be glad you did.
If you’re thinking of selling and have questions on the market or if you’re wondering what steps you should take to prep your home for sale, contact Wilson Realty Group at (919)378-1974! Our expert Listing Specialists are here for you!