Budgeting Concerns for Moving to a Different City

Moving to a different city is always a big undertaking. Besides packing up your current living essentials and saying goodbye to friends and family, there are the hidden concerns of budgeting. Before you make the big move, consider the cost of living in your new city.

Research the city and calculate the cost of housing, utilities, food, transportation and any unexpected expenses you might incur. Your current budget may look great now, but city to city, the cost of living literally changes drastically.

The prospective cost of housing should be your first priority. Some cities have booming real estate markets and others can be more affordable than you think. Research average rent prices and look into utilities – many landlords require that you pay for those as well. After mapping out the cost of housing, you can move on to food expenses. Food prices vary greatly. How much are you really willing to spend on groceries each month? Also look into delivery fees, takeout cost and dining out.

Next, transportation inquiry – is the city walkable or do you need to rely on public transportation or a car? Could you offset the cost of car payments and insurance by living closer to work? Assess public transportation accessibility, availability and cost.

Finally, you need to be aware of any major expenses you may not have accounted for. Some cities require special taxes or fees for services or may have other surprises that are financially draining. All these costs should be taken into consideration when making your budget.

Talk with real estate industry leader Tom Ullrich – RE/MAX for more advice about real estate and relocation.