When the job market in your area is in depression, it can be tempting to think about expanding your search. Before you know it, you’ve not only expanded the radius by a further 10 miles, but you’re looking at the possibilities of employment in far-flung countries. When you’re in need of change and are desperate for a new environment, it seems like the perfect solution.
There’s no arguing that, for some people, it might well be the right solution. This is especially true if you work in a very niche occupation, when it might be difficult to find something in your area. You might also be able to find work that is far more lucrative than anything you can find where you live – an opportunity that most of us would find difficult to turn down.
However. Not to be the bearer of bad news, but sometimes, a little reality checking is needed. Before you sell your house, browse for cross country moving companies and imagine your new life in the sun – this could be an expensive dream. That doesn’t mean it’s not one worth undertaking, but you need to have some forewarning of the expenses involved.
You’re Starting Over
You might be focusing on the exciting parts of starting over; fresh challenges and new people rather than the same day-to-day mundanity you have become accustomed to. There are downsides, however – and they can be expensive ones.
To begin with, you have to look at the difference in property values. Sometimes, that will work in your favour. If you’re moving from a city in California or New York, then you’re probably going to save a lot of money. However, there’s a potential downside to that: any investment you make in property is going to be worth less, too.
This is a particularly big consideration if you bought your current home during a slump in the market and got a bargain. It might feel great selling it for a profit, but you’re also now buying in a volatile market – and you might not get such a good deal a second time around. It can be difficult to know how the property market fluctuates unless you actually live there, so try and give yourself some time to monitor trends and look for warning signs.
Everything Is New To You
When you have lived in a particular place for awhile, you know how to get a good deal. You know which markets are going to offer the most valuable produce; you know the local laws to stop you getting fined for small mistakes. You’re part of the landscape.
You won’t know these things in a new location, because they take time to learn. So if you’re going to move for the same salary you’re currently earning, then you need to be prepared to budget for the change. You might need more money for expenses than you usually would, so factor it in for at least six months until you have time to adjust.
Does That Mean You Shouldn’t Bother?
Of course not. Moving house, be it across the country or even to another country entirely, could be life-changing in a multitude of good ways too. Just take care of the financial side, so nothing is getting overlooked.