You’ve decided to call a new place home, congratulations! Whether you’re buying a second home from which to enjoy the beautiful New England Summer or you’ve followed a loved one to the area, there is much to consider when buying property in a new state. Before you make the move, be sure to carefully evaluate the following to ensure you find the right home for your unique circumstances.
Affordability
Be sure to research the cost of living, including housing prices, tax structure, and other expenses, to ensure you can afford to live comfortably in your target area.
Here are some questions to ask yourself:
- Do you want to live downtown?
- Do you want to only consider new construction?
The answer to these questions may affect price point, and therefore which towns you include in your search.
Real estate market
You'll want to evaluate the local real estate market in the state you're considering. Work with an experienced local REALTOR® who can offer guidance regarding trends, prices, and inventory.
Economic conditions
While you may initially be deciding to move for an unrelated reason, your chosen state's economic conditions can also impact your purchase. Areas with strong and diverse economies will help to ensure your investment in the long term.
Employment opportunities
If you're moving for a job, you'll want to research the job market in the area. Even if you already have a job lined up, it's a good idea to know what other opportunities are available in case your situation changes.
Quality of life
Consider the overall quality of life in the state. Here are some factors to research:
- crime rates
- healthcare
- education
- recreational opportunities
Look for an area that aligns with your lifestyle and priorities, and offers the amenities and services you need.
Climate
Climate can be a significant factor to consider when buying property, especially if you are moving to an area with seasons you are unfamiliar with. Research weather patterns and temperature extremes to ensure you can live comfortably.
Transportation
Choose an area with transportation options that fit your lifestyle. If you don’t own a car, look for areas with public transportation. If you’re a jet setter, make sure you’re within a comfortable distance of airports. And proximity to transportation routes, even just nearby commuter routes, can impact property values.
Community
Moving to an unfamiliar place can be lonely, so it's important to consider the community you'll be joining. Look for community events and organizations in the area that align with your interests. Consider joining a club or group to meet new people and make connections.
Places to find clubs and volunteer organizations include:
- Libraries
- Facebook Groups
- Newspaper Event Calendars
By considering these factors, you can make an informed decision when looking to buy property in a new state. It's important to conduct thorough research and seek guidance from a knowledgeable, local real estate agent to ensure you're making the best investment for your unique needs and goals. Visit our agent page to find the right REALTOR® for you.
