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Relocating is on the minds of many Americans right now for a few reasons. These include the current work-from-home (WFH) culture spurred by COVID-19, career changes and low interest rates. Companies like Facebook, Google and Twitter have even given many employees the permanent option of working from home. This is causing change in our major cities as workers consider where they would want to live if their job’s location wasn’t a factor.
If this sounds like you, it’s a great time to examine your relocation options – whether your company is paying for it or not. Keep in mind, however, that not all locations are created equal for you. Though there’s no one-size-fits-all approach to relocating, there are a few tips that can guide your search.
1. Employment
High-tech companies may be leading the way in work-from-home programs, but you’ll want to consider your company’s policy on the matter before making any big decisions. Will your current WFH situation change in the next year or so? Are you likely to switch jobs or careers in the near future? You definitely want to know where you stand with your employment before taking the plunge and changing locations.
Once you get the green-light, however, it’s time to think about your dream home in your dream location!
2. Cost of Living
It’s easy to see why so many tech employees are looking outside major tech hubs for their next home. These hubs are expensive! The cost of living will likely be a significant factor when you’re considering relocating. Rents in some areas are so exorbitant that it becomes impossible to get ahead. On the flip side, a nice home in a reasonably priced area means more disposable income for you! If you’re still renting, these extra funds can help you save for a down payment. If you plan to buy, well, the world is your oyster with more money in your pocket!
3. Tax Benefits
It’s easy to overlook this perk when you’re considering relocating, but you shouldn’t! Taxes on income, gas, inheritance, retail sales and property can be huge factors to consider when you’re relocating. This is particularly true if you own a business. These taxes can add up to five or even six figures over the course of your residency within a particular state or city.
While we wouldn’t want you to pick your next location based solely on these savings, they should be part of the conversation when you’re making your shortlist.
4. Improved Quality of Life
Where would you move if you didn’t have to be near an office? Chances are high you’d pick a place that you truly loved. While each person has their own tastes, you would likely consider amenities, such as: walkability, weather, entertainment options, or proximity to water, mountains or other desirable recreational areas. When you’re thinking about relocating, you’ll most certainly want to factor in what lights you up inside!
5. Proximity to Other Priorities
Your job isn’t the only factor that pulls you toward a certain destination. There are plenty of priorities and obligations that can sway your relocation decision. These include logistics like crime rate, traffic and neighborhood aesthetic; proximity to desirable schools and loved ones; and access to medical care, particularly if someone in your household requires a specialist.
There are many things to consider when you’re thinking about relocating. Fortunately, this can be a good problem to have when you’re choosing a location that’s convenient, affordable and downright lovely for you and your family!
