There was a time when moving across the country was a trip into the unknown. For some, that prospect may be an exciting one. For a homeowner with bills to pay or children to raise, the more you know about a place the better.
Fortunately, today’s technology equips us with tools to learn everything (or almost everything) we need to know about a place without ever visiting. With the use of statistics, maps, and first-hand accounts, would-be homeowners can put in their researcher hats and get a feel for a place without ever even visiting.
In today’s post, I’m going to introduce you to some of those tools. So, if you’re thinking of making a long distance move sometime in the near future, read on for a list of the most useful resources that will help you along your search.
Most of us would love to move to Hawaii or San Francisco, but let’s face it--cost of living differences can make a huge impact on our ability to move wherever we want. Fortunately, there is reliable data on the specific cost of living for different parts of the United States.
Nerdwallet’s cost of living calculator lets you enter your current city and income and then compare what you would need to earn (on average) to move to a city of your choice. Moving to Boston, MA from Denver, CO, for example, would mean a 34% increase in costs like housing, groceries, transportation, etc.
Do you freelance or work from home and have the ability to travel wherever you want? If so, check out the Nomad List. It lets you compare housing costs, safety, weather, and--perhaps most important for freelancers--internet speeds in cities around the country and around the world.
Another important consideration for long distance moves is the climate. Not only will it determine your wardrobe and comfort level, but it also could mean more expensive heating in the winter or air conditioning in the winter.
To check out the average monthly temperatures and precipitation levels, check out U.S. Climate Data.
It’s hard to judge schools based on a few numbers, and it’s best to see what kind of programs and classes they’ll offer for your children as well. However, to get a glimpse of the nearby schools, you can check out City Data or NeighborhoodScout.
Safety is always a concern when visiting or moving to a new place. Fortunately, there are several good sources of information for neighborhood safety.
When we think of safety, most of us think of things like crime rates. NeighborhoodScout provides all the data you’ll need on crime. However, there are other safety concerns that should be addressed.
The CDC provides health data for 500 U.S. Cities. And, if you’re worried about lead exposure, this interactive map from Reuters has you covered.
Once you have gone through the pre-approval process and have narrowed down your home search, there’s a good chance you’ll soon find a place that you want to make an offer on. This can seem like a huge step for any first time homebuyer. Even seasoned home buyers feel butterflies when the time comes to make an offer on a home they love. Before you even start your home search, you should become educated on how to make a good offer in order to land the property that you really want. There’s so many factors that effect your offer including the surrounding properties and the current state of the market. Here are a few very important pieces of advice that you should heed in order to have a successful time securing a home and closing the deal.
In many areas there’s a low inventory of homes and a high number of those seeking to buy. This means that you’re not guaranteed to get a property that you have made an offer on. Lowball offers might not be at all competitive and even insulting to sellers in certain markets. Often, you may need to make an offer of more than the asking price if you’re in love with a home. By working with your real estate agent and doing the right research, you can craft an offer on a home that will be compelling for sellers.
Once an offer has been accepted, it’s time to get to work on those contingencies. Be especially mindful of financing contingencies. If something falls through in the process, you’ll want to be sure you can get the deposit you made back. Also keep in mind that sellers love reliable buyers who have already been preapproved.
Home inspection contingencies are another area of importance. After you sign the purchase agreement and the inspection is complete, you’re allowed to ask the seller to make repairs or provide you with a counter offer. While this can be one of the more nerve-wracking aspects of home buying, it has many positives. Home inspections protect buyers from purchasing a home that they can’t live with in cases of extreme mold, termites and other environmental and structural issues.
The appraisal contingency is also important. In order for you to qualify for a loan, the property must be appraised. The property must be valued at or above the purchase price. A loan will only be approved by a lender up to the appraised value. If your home loan is $400,000 but your home of choice is appraised at $390,000, you’ll have a problem.
Don’t go crazy with all kinds of purchases before you reach the closing table. Opening a new credit account at your favorite furniture store, for example, could lead to a disastrous surprise on closing day. Hold off on big purchases until after you secure your home. Also avoid making large transfers or deposits from your bank account. don’t do anything to negatively affect your credit score
Don’t show up to the closing for your home purchase unprepared. You’ll need to have the following items:
Be sure that you think of the future when you’re purchasing your home. You’ll need to have enough cash flow to pay for things like property taxes, home insurance, utility bills and even new furniture for your home. Plan your future mortgage payments accordingly. Some companies have payments that are monthly or bimonthly.
While buying a home is a huge undertaking, with the right plans in place, the process will be as seamless as possible. With the right plans, the moving truck will be pulling into the driveway before you know it.
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