Is Moving Now Your Best Financial Move?
You may not have started 2020 thinking about a move. But like it or not, many of us have had to reconsider our living situations during the pandemic.
Before you decide to relocate, you have many things to consider: the cost of living, proximity to your loved ones — and whether you’ll need a winter coat. Learn how to go about making the decision to move from experts on personal finance, including Elaina Johannessen, program director at LSS Financial Counseling.
Historically low mortgage rates may tempt you to move so you can buy your dream home. Moving to a cheaper location to buy a home can be a smart choice, but don’t rush into homeownership if your finances aren’t ready, cautions Johannessen.
A budget will help you figure out what you can realistically pay for housing and is better than listening to what a lender says you can pay, she says. “If you can afford your payment but you don't have anything left over, it might not be the right thing to do,” she says.