October 24, 2018

Buying from Afar

Moving is noted as one of the top stressors one can face in life.  Moving out of state? Even more so as it's a huge life decision with a lot of change. Scheduling, packing, and coordinating aside, you're moving away from the life you know to start anew.

If you plan to buy a home ahead of your move, it's even more important to have a positive frame of mind. It can be stressful, but it can also be an exciting time that provides the opportunity to discover a new city, make new friends, and broaden your horizons. 

Good news: If you're buying you can beat a great deal of the stress with preparation and a strong support system.

  • Do your research on the local area economy and tax rates to determine how your finances will be impacted. What is the average cost-of-living? How much house can you afford based on your income? Dive deep as the more you learn, the more successful you'll be as a homeowner.
  • If possible, visit your new location several months prior to your move and stay for two or three days. Before your visit, find a reputable local-area real estate professional who can help determine the best neighborhoods for you based on price points, commutes, school districts, and your lifestyle. Be picky in choosing your agent as they'll be your eyes and ears when you return from your visit and will likely be touring homes for you and providing feedback. Trust is key.
  • Find a reputable lender who knows real estate transactions in the state you're relocating. They'll be important in guiding you through the process.
  • Do your best to attend the home inspection. Photos and checklists from inspection reports are fine, but you want to get the full picture. It's best to be there in person, ask questions about how key appliances and systems work, and raise red flags about anything you see that's concerning. Take this opportunity to learn more about the house and ask questions from a professional.
  • If you can't be present for the closing, that's OK. The inspection is more important and remote closings are quite common these days.  Be sure to lean on your agent for all questions related to the closing.

You've got this. Do your homework and rely heavily on your real estate agent. You'll soon be ready to pack your bags and your adventure will begin.

Learn more about buying, owning and renting a home at My Home by Freddie Mac®.