If you answer some practical questions, you might be able to make this dream a reality.
Will you or your partner have to transfer your job to make it work?
Do your research and find out if you’ll be able to get a job in your new area. Ideally, your existing employer might have roles available for you to transfer to. If not, hop online and see if there are jobs in the area you can apply for. The safe thing to do would be to line up a job before committing to the move as you don’t want to find yourself without an income for a long period of time. Keep in mind, if you need a loan to buy the new property, lenders will want to know that a job transfer would be permanent and would not carry with it a probation period for the new position.
Will it be necessary to commute?
When you’re figuring out your costs for the move, you should consider how much you’ll be spending getting to and from work. If you’re going to drive further to get to work from your new home, the wear and tear on your vehicle, and the cost of fuel can add a considerable amount to your cost of living so factor this into your moving costs.
If you sell your current home to buy a home in the area, will you have enough money to cover the purchase, or will you need to borrow further funds?
This is an extremely important question and one you should seek expert advice to answer. Speak to your mortgage broker to identify whether you have enough equity in your current home to be able to cover the purchase of the new home. Should you need to borrow funds to finance the purchase, your broker will help determine your borrowing power and find a loan to suit your needs. You’ll also need to factor in additional purchase costs such as: stamp duty; building and pest inspections; conveyancing fees and more.
Could you afford to buy a holiday home instead of relocating?
In an ideal world, you may not have to move your entire life just to experience that piece of paradise. You might already have enough money saved and enough equity in your home to be able to invest in a holiday home without uprooting your family. Of course, this purchase will need to be considered as part of your overall financial goals and wealth building strategy so consult your local mortgage broker and financial adviser to learn if it is the right move for you.
If you need some guidance deciding whether buying a home in your dream location is the right move for you, give your local Mortgage Choice broker a call.