Thinking About Moving Somewhere New?
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Many of us dream to buy a one way ticket somewhere and start a new life in a new place. Well, why don't you? Yes it is a leap of faith but if you are smart about it, it could be the best decision you've ever made. There are so many factors to consider, and moving sounds great, but you do need to consider a few things:
First you need to be realistic, do not just go buy a home in China with no knowledge of the language or housing, etc. You should do your research and visit wherever you are wanting to move prior to any big decisions. Unless you are in a financial position where you can pack up and move, you are most likely going to need a job, or at least the ability to work remotely. We do not advise using an agency or paying someone to find a job for you, more often than not that is a scam or a waste of money, at least when you are looking international, and especially if there is a language barrier.
When looking to either rent or buy a home in another country, or across the country, whatever your case may be; it is advised that you do not buy sight unseen. If you do not have the ability to do that, try and find a friend or family member to go look at the home on your behalf so you have a non-partial opinion on your side. Involve your family and friends in this whole process. It is a big change, a big move, and you are going to want as much help as possible, so who better than people who truly care about you? Also, it would be a really good idea to talk to someone who has already done this kind of move and listen to their advice; what to do, what not to do, what they learned, etc.
Make sure that financially this is feasible for you, and know the right precautions to take in terms of maintaining good credit in the States, regardless of where you move. Take into consideration your banking options in whatever area you are looking to move to, consider any loans you might need, how long it takes for things to process, currency conversions.
Speaking of currency, especially in terms of home buying, you want to get the most out of the currency conversion rate, so it might behoove you to get an advisor on the matter.
Moving costs are going to be considerably high, especially if your employer is not covering moving costs. Some things to consider in terms of moving internationally:
- Visa Fees
- Storage costs
- Packing and unpacking fees
Consider ALL costs before moving: the cost of boxes, packing, storage, and finding an international moving company. Insurance is going to vital if you are shipping your belongings, and please note that shipping by sea will be far cheaper than by air (even though it will take longer). Import taxes and fees will be applied. It is a good idea to create a moving budget months in advance, if you have the time to do so. If you need to fly to your destination, consider the plane tickets and how many trips you might need to take back and forth.
The numbers add up quickly and while this could be the best decision you ever make, you want your financial decision to be a good one as well. There is nothing worse than finding yourself under a mountain of debt when you are trying to start your new life. Do your homework, consult others and professionals, recruit family and friends to help and you should be fine!
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