The 9 Biggest Real Estate Relocation Mistakes And How To Avoid Them
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Kamloops has a large number of people relocating to and from the city annually. Moving to a new city can definitely be an adventure, but it can also be very stressful. I have outlined eight common mistakes people make when relocating to a new city.
1. Not Getting Informed
It is always a good idea to research your new community by contacting the chamber of commerce, tourism department, municipality or library. Ensure you compare the cost of living in your new community to what you are used to.
2. No knowledge about home price and not ready for showing
Completing repairs definitely helps with the sale of your home. Often small things like chipped paint, worn caulking and sticky doors distract potential buyers from appreciating the great things about your home. Have carpets cleaned, and go through your home and wipe down all the door frames and doors. Make sure you get a Comparable Market Analysis (CMA) completed by one or two Realtors to ensure you list your home competitive, realistic price.
3. Not planning for a temporary home between destinations
You may need to set up temporary living arrangements until you move into your new home. The time period could be a couple days to a couple months. Depending on the time period, you have options from a hotel room to a short term rental agreement.
4. Not being pre-approved for a mortgage
Buyers who are pre-approved for a mortgage have more negotiating power. Sellers are eager and more willing to negotiate with pre-approved buyers.
5. Not completing a professional home inspection
This applies for both the home you are selling and the one you are buying. Ensure you are educated about the new home you have purchased and also upcoming issues that may arise with your current home when it sells.
6. Not enough time to address children’s concerns
During relocation a child could feel lost, sad, angry or confused. Sometimes, under the stress of completing so many details, the temptation is to get settled as quickly as possible so everyone feels at home. Talk to your children before, during and after the process. They will feel safe, cared for and comfortable. Become familiar with your new neighborhood. If possible, set up a meeting with new teachers and other children in their new school before moving. Try to avoid moving in the middle of a school year.
7. Not using local, licensed professionals
Every area is different. It is important to be aware about what all the local neighbourhoods and communities have to offer. Each neighbourhood has positive and negative aspects about them (i.e. proximity to schools, transit, etc). Ensure you are informed about each and every area you are thinking about living in. Your Realtor can find you a home that matches your needs. You will save time and energy by having a professional do the work for you. Besides, your Realtor should have information to give you on local schools, transit, local amenities and other important neighbourhood characteristics.
8. Not clarifying your employer’s relocation policies
It is very important to go through your employer’s relocation policies carefully especially for the amount of reimbursement. Keep all your receipts and records of your expenses related to the move, as moving expenses are deductible under certain conditions established by Revenue Canada.
Thinking about relocating to Kamloops? Click here for all Kamloops real estate listings to help you with your decision.
If you need relocation assistance, I have a number of resources that will help make the move easier for you and your family. Contact me anytime with your questions.