Buying a home overseas is complicated but it shouldn’t be too hard to buy a home in another city, right? Well, this might turn out to be a logistics nightmare.
For example, you cannot contact the local realtor with whom you’ve worked in the past. In fact, there are at least 10 things you’ll need if you are changing your city of residence.
Have you been to your new home city before?
It is not a rare occurrence that people see a house or apartment they like online, fly out to see it, and buy it immediately. As it turns out, that was their first visit to that city! This is not what you should do, as a bit of research is necessary before you start impulse buying homes.
You should start getting acquainted with the new city from the neighborhood you are going to live in. Try to find out who your next-door neighbors are and were the previous owners on good terms with them.
Also, look into the crime rate in the neighborhood, as well as access to hospitals and public education. If you work out regularly, then look if there is a gym nearby. If you have small children, then a kindergarten should also be in the vicinity.
Are you relocating because of work?
The main reason why people decide to buy a home in another city is work. They land a great job in a different and it’s time for the whole family to start packing. If this is the case, then you need to explore how you are going to commute to work.
The communing options are endless, especially in large cities. In some cases, a metro station nearby will take you directly to your new office downtown. In other instances, you will have to use the car (not the greenest of solutions) or cycle to work if there are enough bike paths.
Predetermining the budget
Before you are ready to start browsing through listings to buy a home, you need to have set the overall budget. This figure will include both the purchase price and the cost of relocating, which is high if you are moving to another city. If the new abode is far away, you might be forced to use a cargo airplane.
Also, keep in mind that there countless other fees besides the purchasing price. These include but are not limited to the realtor’s commission, property taxes, homeowner’s insurance, utility bills, the downpayment, monthly mortgage, etc.
Let an attorney settle legal matters
The process of buying real estate faraway is tricky, especially regarding legal matters. Luckily, we have a power of attorney which nominates a legal representative that manages your legal and financial matters.
In some cases, the power of attorney is appointed when a person is no longer mentally able to decide about their assets. However, it can also be useful when relocating, as the attorney gets the right to buy assets while operating your bank account(s).
Jointing the virtual neighborhood
After you move into your new home, be sure to connect with the local community in the virtual world. Namely, both urban and suburban neighborhoods have Facebook groups and smart apps that act as virtual squares.
Here you can find all sorts of information (e.g. the best handyman in the area) and introduce yourself to your new neighbors.
Deciding on who will move you
We have mentioned several times over that the moving costs are going to be high. However, it’s not all about the money, as the moving service you hire has to reputable and trustworthy. First of all, the service should have a valid license and an insurance policy.
Secondly, the moving company has to have experience in long-distance moving jobs. This would mean that they have a large enough truck that can haul all your stuff in a single trip. As stated earlier, moving overseas will involve air transport or a ship.
Finding a local realtor
Apart from a lawyer that can help you a lot once you find your dream home, you should hire or at least consult a local realtor. They should have a deep understanding of the local housing market divided by neighborhoods.
Since you are looking for a real estate agent in another city, we suggest you look for them online. Be sure to check out their portfolio and scroll to the comments section of their Facebook page. Since you can’t find any word of mouth recommendations, social media comments are the next best thing.
Have you considered renting a property?
The alternative to buying a house or an apartment in another is renting. This can both be a long-term solution or a temporary option until you see whether life in a different city suits you.
If you rent a property in the area where you intend to buy a home, you will get to see firsthand whether you like the neighborhood or not. After a successful trial period, you will be ready to move from renting to buying an estate in another city.
Creating a shortlist is helpful
If you are lucky, the real estate market in your new city of residence is going to be a vibrant one. This means that you will look at more than one property, so creating a shortlist of the best residences will prove helpful when the time comes to make the final decision.
Now that you know the top 10 factors that are going to influence your relocation, you and your family should feel more comfortable about the move. Think of this process as a chance to start anew in a different city.