Posted on: 30 June 2020
Moving to a new city or state is a life-changing opportunity. You could finally fulfill your desire to have your dream home, live in the country, or move into a gated community. But if you fail to do your due diligence on your new home, community, and city, your relocation could be costly to your financial and mental well-being. The following are ways to reduce risks when buying a home in a new region.
Tally the Total Cost of Your New Home
If your motivation to move is buying a bigger house for less money, your budget could be shocked by high property taxes, transportation, or education expenses. If changing states, state taxes also need to be researched. Your annual property tax bill could vary from $200 (select counties and parishes in Alaska, Alabama, Louisiana, and New Mexico) to $10,000 (select counties in New Jersey and New York).
Other expenses to consider include the following:
- private schools (if applicable)
- condo and gated community dues
The general cost of living expenses also vary greatly. Childcare costs for one child will run you a lot more in New York City ($2,390/month) than in Montgomery, Alabama ($525).
Explore Life in Gated Communities
When choosing a new neighborhood in a new city, your family's safety will be of foremost concern. When assessing safety, crime report statistics should be consulted. But to get a real vibe for the neighborhood, some on-the-ground work is required. Talk to neighbors, the local school your children will attend, and local neighborhood safety organizations.
Gated communities are valued for their high security and safety records. In addition to controlled access, security guards, and video surveillance, other benefits include the following:
- slower traffic
- high sanitation standards
- regular maintenance of roads and other infrastructure
Although a price tag cannot be placed on the sense of community, most families highly value it.
Choose a Homebuilder With a Good Reputation
Buying from a reputable homebuilder can reduce the risk of buying a home with plumbing backups, poor insulation, or other problems. If you've been very satisfied with your current home, consider buying from the same builder. If your current home was built by a national homebuilder, such as Arbors, you might want to check and see if there are Arbors homes for sale in your new city.
By preparing a checklist to compare builders, you can ensure all issues are covered, including the following:
- upgrade options
- energy efficiency
House inspections only reduce home buying risk when relocating. Spend time in the community, chat with neighbors and schools, and get to know everything you can about your potential new neighborhoods.Share