Ideas for relocating to a new area

Ideas for relocating to a new area

The number one mistake people make when relocating to a new area is buying a home before they fully check out the area they are moving to. Buying a home in an unfamiliar area carries serious financial risk and buyers should do their research carefully before jumping in. 

Aside from buying in the under-performing or not so desirable part of the suburb (which takes local knowledge gathered over time to work out) people who are unfamiliar with an area are more easily influenced by selling agents which will more often than not result in them paying too much. 

I generally recommended that would-be home buyers rent for six to 12 months before buying or selling any property to minimise the emotional and financial risks associated with relocating. 

The excitement of a sudden job transfer can quickly wear off with the stress of buying a new home in a new area.  You don’t want to make the mistake of buying in the wrong area or regret buying after you decide you don’t want to make it a permanent move.

The property costs involved in selling up and resettling in a new location can be significant and will run into the tens of thousands of dollars or more by the time you take into account stamp duty and other expenses.  So it's important to make sure it's the right move for you and your family before jumping in boots and all.  

If you’re one of those people who just can't bring themselves to rent because you have bought into the myth that rent money is dead money then make the wise decision to hire an experienced buyers agent who does have good local knowledge of the area you’re moving into to ensure you buy a great property at a great price.