Relocating to a new area can be both exciting and challenging. As a homebuyer, you want to make sure your home is in a neighborhood you’ll be happy with. There are a number of ways to get to know a new area remotely, but it’s also important to consider other factors that vary by area, such as property taxes and cost of living.
• A great resource for learning about an area in another city or state is a local real estate agent. They will be best qualified to educate you about area neighborhoods as well as housing trends and cost-of-ownership factors.
• A great way to find a real estate agent in another area is by personal referral. Ask friends or contacts who live in the area if they have an agent they recommend.
• Be sure to discuss local property taxes and insurance with a local mortgage banker. This will help give you a more realistic idea of what the actual cost of living will be for you when you move.
• Also, consider some of the intangible factors that are important to you. Things like proximity to mass transit, work commute, parks or restaurants in your neighborhood, walkability, etc.
• When you are selling your old home and buying a new home simultaneously, timing is critical. Work closely with your mortgage banker and real estate agents to make sure everyone is aware of when closings need to happen to ensure both transactions are successful.
Videos are for informational purposes only and represent the opinions of the speakers. Chase does not warrant the completeness, timeliness or accuracy of the content.
Felicia: The best resource in moving to another state would be a local realtor. A realtor in a location in which you’re going who has proven experience in working in the area in which you’re going to.
KayKay / Michael: The initial was kind of looking in the newspaper but then telling friends who have had prior experiences with home ownership, they were able to recommend their real estate agent whom they’ve had good experience with. I think our biggest asset is a good agent because if you try to dot his on your own, you run into all kinds of obstacles. Having that partnership, is really crucial because, they can tell you what the crime rates are, what the trends of the housing in that market is. How quickly it gets sold, percentage of ownership compared to rentals.
Jaclyn / Tanin: That’s what beneficial about networking, because if you have referrals, and you’re dealing with someone you’ve met through a friend, it eliminates that uncertainty of it with someone who doesn’t have your best interests at hand.
Felicia: Some things you will want to consider are, how other states assess taxes, relative to real estate.
Sarah: Your tax rates are going to be different, your insurance rates will be different. So you need to familiarize yourself with what those rates are.
Felicia: The cost of living in another area and how the value of another property can appreciate or depreciate.
Brandon: There can be a lot of differences between different areas. When you talk to your mortgage banker who is local to the area, who knows the area, is gonna be able to tell you exactly what you should be expecting to pay. Because that can really vary across the country, across states, across counties even.
Jaclyn / Tanin: The little things are actually really important. Things like who are they neighbors, how far in walking distance is the nearest commercial area. School systems and how they’re rated.
Felicia: If the proceeds from the sale of your property is needed to buy your other property, then you have to make sure you sell your property before you can actually close on your other property. That will affect when you move, how you move.
Jaclyn / Tanin: Something that was challenging was getting that timing right. Because we had to be out by a certain date but yet the purchase of the home wasn’t finalized. So I still felt like we were in limbo. Just juggling that timing was really difficult.
Felicia: Moving in itself can be costly and also physically taxing. So one of the things, if the budget allows, I would highly recommend getting a moving company.
Brandon: You’re gonna wanna collaborate with both the mortgage banker, you’re gonna wanna collaborate with the realtor. From there, then you can put your game plan together, and that’s where we are all gonna collaborate together as to what we can actually accomplish for you. Because we wanna be as competitive as possible in that market, to make sure we can get that house that you want.