Relocating can be a very busy and stressful endeavor. You’re transitioning from one place to another, which means there are a lot of decisions to be made and important tasks to accomplish.
Getting caught in the whirlwind of relocating can make it hard for anyone to think clearly, which is often the reason why costly and time-consuming mistakes are committed.
Below, we give you some of the common mistakes you should avoid when you’re relocating:
Renting Out Your Previous Home Without Planning Wisely
Putting your previous home up for rent can be a smart investment, just as long as you know exactly what you are doing. It can turn out to be a huge mistake if you have no experience with renting out a home. It isn’t that simple – you need to know how to collect rent, check on your tenants, and deal with maintenance costs and mortgage payments.
If you do decide to rent out your previous home, make sure you have solid plan in place that allows you to manage it remotely, and that you can afford to continue paying the mortgage in case the tenant leaves.
Putting Things In Storage and Planning to Move them in the Future
It may seem like a good idea to store some of your possessions and transport them to your new location a few months or years down the line, but it’s best to move everything right away, especially if your relocation is permanent.
Not only is it easy to forget things in storage, but it’s more expensive as well. In your tax return, you are allowed to take the moving expenses adjustment for expenses paid only during the same tax year as your relocation.
Selling Your Old Home Prematurely
Being patient and selling your home years after you relocate can help you get more money for it, as someone else will pay the mortgages for you.
You won’t encounter too much problems if you find the right tenant, like a friend or someone you can trust. If you happen to live in a hot market like LA, New York, or San Francisco, it’s unlikely for you to buy back into the market, should you decide to in the future. If this is the case, it might be a smart move to rent out your home, as you’ll be able to have both a source of revenue as well as a fallback option.
Banking On Your Possessions To Arrive Immediately
Even if you send all your possessions to your new locations at the same time, don’t expect all of it to arrive when you expect it to.
It’s best to give the movers some leeway – it can take a few days to as long as two weeks, as there might be unexpected problems, such as bad weather or closed roads. There are many people who experienced having to buy basic needs such as clothes for work, school supplies, or kitchen items, as they thought their things will arrive on time. It’s best to bring a starter kit containing essential items, which can last you for an entire week or so.