Whether you’re relocating for a new job, family reasons, or for a change of scenery, the process is often stressful and sometimes overwhelming.
You’ll need to have a plan for finding a new place to live, selling your old home if needed, packing up your possessions, and coordinating the logistics of moving from one place to another.
Without a comprehensive checklist for relocating, starting the next chapter of your life can feel even more frustrating and stressful than it already is. Keep reading to find out our relocation checklist perfect for anyone planning to move this year.
Preparing to Relocate
So you know you need to relocate, now what? Well, the first step in the checklist for relocating is to prepare for the upcoming move. This means setting a timeline for your moving date and budgeting for upcoming expenses.
Set a Timeline
The first step in preparing to move is to determine your ideal relocation date. You’ll need to consider your job start date, home closing dates, lease agreements, or other commitments that could affect your moving timeline.
Next, create a checklist (just like this one) for all the tasks that need to be completed prior to your move. This typically includes:
- Finding a new home
- Notifying your current landlord or selling your home
- Packing and decluttering
- Hiring movers or renting a truck
- Transferring or canceling utilities
- Changing your address
- Notifying employers or work arrangements
- Updating bank accounts and financial information
Your timeline should also consider seasonal factors to account for possible weather conditions that could affect your relocation. In many areas, warmer months in the spring or summer may be more favorable for relocating.
Budgeting for the Move
If you’ve moved before, you know that it can be an expensive process. However, proper budgeting helps mitigate many of the financial challenges associated with relocating.
The first step in budgeting for your move is to estimate the costs. Create a spreadsheet outlining the potential expenses you’ll incur in the moving process. This includes packing supplies, transportation, storage space, temporary lodging, and food for longer trips.
If you’re hiring professional movers, ask around for quotes from several companies to compare prices and services. Some full-service movers disassemble large items and reassemble them at your new location, while others only pack and transport your items and leave it up to you to put them all together.
Selling Your Current Home
Homeowners planning to relocate face several challenges, especially when relocating on short notice. Generally speaking, homeowners can either sell to a professional home buyer, sell their home with a real estate agent, or rent the property to tenants. Let’s explore these three options.
Selling to a Professional Home Buyer
Home buyers offer sellers cash for their home and close on the deal often within weeks. They provide sellers with a lump sum of cash for their home and allow homeowners to save thousands on real estate commissions, making it the preferred choice for those who need to sell quickly.
Unlike selling with a real estate agent, sellers typically don’t need to make major changes to the home and can sell as-is. This saves homeowners money without having to pay for costly repairs or renovations before selling.
However, professional home buyers often purchase homes at lower sale prices compared to selling with a real estate agent and sellers may have less room to negotiate when receiving a cash offer.
Sellers should also beware of unscrupulous home buyers who prey upon distressed homeowners and those who need to sell quickly. They may make lowball offers and take advantage of your urgency to sell, making it important to do plenty of research on professional home buyers in your area.
Are you looking to sell your home for cash in the Virginia area? Capable Home Buyers is the #1 home buyer in Virginia with hundreds of five-star reviews from previous customers. Visit our website for more information on how to sell your house as is for cash in Virginia.
Traditional Real Estate Sale
Selling your home with a real estate agent in a traditional sale is a great option when relocating on an extended timeline. For example, homeowners who plan on relocating three to four months ahead may find selling with a real estate agent attracts more potential buyers.
Real estate agents also know how to negotiate the best price for their clients. This means that sellers may receive better offers from multiple buyers and can rely on their realtor to get them the best deal.
On the other hand, the traditional real estate process is time-consuming, and there’s no guarantee your home will sell. Your home may sit on the market for an extended period and throw a wrench into your relocation timeline. Sellers are also responsible for real estate commissions, closing costs, and repairs that can eat into your profits from the sale.
Rent the Property to Tenants
Turning your home into an investment property has several advantages for relocating homeowners.
The first benefit is consistent rental income. Renting your property to tenants provides monthly rental income that can help cover your new housing costs. Rental income can also be used to pay down debts and enjoy a comfortable style of living in your new location.
Monthly rental income also has tax advantages. Rental property owners may be able to use tax deductions for mortgage interest, property taxes, and maintenance expenses to reduce tax liability.
However, renting your home to tenants comes with several downsides. When operating an investment property, you’re the landlord and must be responsible for property maintenance, tenant management, and potential legal issues like evictions.
There’s also risk associated with rental properties. Market conditions may affect rental demand and your income could fluctuate due to changing rental rates in the area. Landlords must also understand property management and have a solid plan for managing the property in their new location.
This checklist for relocating gives you all the information you need to start preparing for relocating and the process for selling your home.
Homeowners who need to sell quickly should consider selling to a professional home buyer, while those on an extended relocation timeline may want to sell with a real estate agent to receive top dollar for their home.