Your employer has asked you to relocate across the country, and you’ve agreed to make the long-distance move. Now, you need to buy a home in your new community, and you need to act fast! Where should you start?
Research your destination
Use the Internet to find out as much as you possibly can about the different communities in your new locale. If you have school-aged children, you’ll probably want to make information about the local schools your top priority. You’ll also want to pinpoint your new job location and figure out how far you’ll be willing to commute to get there.
Find a REALTOR®
A savvy REALTOR® should be able to help you shop for a home that will fit your budget and meet your needs. The REALTOR® should send you information about homes on the market that you might want to consider and arrange for you to tour those homes when you make your house-hunting trip to the area. Most employers will reimburse your expenses for one or two trips before you move, so you can find a place to live.
Research for-sale homes
Shop online to find out about houses that are for-sale in your new community and identify some that might suit your needs. Your preliminary research isn’t likely to yield the exact home you’ll eventually buy, but it will help you understand your choices and communicate your needs to your REALTOR®. Send a list of the homes you like to your REALTOR®, but be open to his or her suggestions as well.
People who relocate a long distance are often surprised and dismayed when they find out how much a comparable home will cost in their new community. Don’t underestimate the differential in housing costs between different parts of the country, and be sure to get pre-approved by a lender for your new mortgage so you’ll know how much you can afford to spend.
If you expect to move again within a few years, you may want to purchase a home that could have a better resale value in the local community, even if that home doesn’t perfectly suit your needs. For example, a larger family-style home may be easier to resell than a smaller or atypical style of home.
Be as open and honest as possible with your REALTOR® since you don’t have time to tour houses that aren’t in your price range or won’t meet your needs. Holding back information about your budget, housing priorities or time constraints is especially counterproductive when you need to make such an important decision in a short timeframe.
Consider your options
If you need to sell your current home before you can purchase a new one, you may need to obtain a bridge loan to finance your purchase or you may need to rent a home for a while when you first move to your new community. And keep in mind that you may need to rent if houses are selling slowly in your current community or quickly in your new location.
Make a must-haves checklist
A checklist is a great way to focus on your housing requirements. Do you need to live in a particular school district? How many bedrooms and bathrooms would you be willing to accept? Which amenities are necessities for your lifestyle? Take your checklist, a notepad and pen, and a camera with you when embark on your house-hunting trip to your new community.
Published on January 17, 2007