There’s plenty of reasons to move from one State to another. There’s the usual drivers of needing to relocate due to your job, move in with your new partner, wanting a lifestyle change, or taking the opportunity to buy in an area where you can get better value for money.
I have moved States six times, and have now lived in four States and spent plenty of time in all the others. The reasons for my moves include all those listed above. I actually moved from my home city of Sydney to Brisbane, via Perth, to ensure I could buy a property I wanted to live in (the ‘via Perth’ thing was due to a love interest : – )).
So, I’m quite the expert in making the really big moves from one State to another. More and more we’re seeing clients make this type of move and it requires a different approach to your search than just selecting your suburb and attending the occasional viewing.
We recommend you consider the following key phases to ensure you achieve a successful relocation outcome.
Your ‘life’ issues
This includes considering issues such as your job if you will still require an income after your move, plus friends, schools, services (gyms, doctors, hairdresser), social and special interest requirements.
What can you achieve within your budget target
We work with our clients on this quite a bit. However, it’s smart to do your own preliminary research to understand exactly what you can achieve for your budget in a new State – that is – can you purchase a four bedroom house by the beach or will it need to be a two bedroom unit closer in to a main suburb. It’s also important to speak to a broker or at least understand what kind of borrowing power you have.
If you’re living in your home, do you need to sell first or can you buy in your new location and keep the property you already have? Once again, we often help our clients with this step but at a basic level you should ensure you have a realistic appraisal on your current property’s sale value along with rental returns. Frequently, our clients are finding they can live on the rent from their current home while transitioning to a new home. If your plan is to sell, then you will need to map out the timeframe for the sales period and investigate options for a transitional period of rental.
The property market in all States is currently running pretty fast so if you’re not really familiar with the area you want to move to, it’s a good idea to visit a range of suburbs and speak to some locals before you kick off your search. In most cases, you won’t have time to jump on a plane to view a property before you buy it, so you’ll need a good understanding of what you need in an area and the outcome you’re wanting to achieve. We help our clients understand the detailed personality mix of each area we’re working on for them, but there’s nothing like seeing it for yourself before you have to make the final property choices.
Search and select
If you want a successful move, you shouldn’t be trying to search, select and negotiate on interstate properties by yourself. Work with people who really know your target area well, and who can conduct onsite viewings for you. Remember onsite viewings are not only about the property you’re looking to buy, it’s also about checking out the street and neighourhood. Make sure the service provider you’re working with can support you through the full phase of the purchase process including attending any building and pest inspections, and pre-settlement viewings. You guessed it – this is definitely a part of our service.
When it comes time to get moving, keep in mind you will need to book removalists approximately four weeks in advance. If you’re planning to move into your new purchase right after settlement, ensure you have someone who can collect the keys for you and coordinate any repairs or preparation items like cleaning. You’ll also need to think about what possessions you might want to sell before you move and what you’ll need to buy to set up in your new home. We can provide you with a checklist which includes the key items to think about including booking into schools, connecting services such as electricity and opportunities to catch up with locals / your new neighbours.
Let’s check in
If you’re thinking about a fabulous interstate move, I hope the list above gives you some clarity. If you want to ask questions about your specific situation, book in for a Property Clarity Call here.
About the author
Debra Beck-Mewing is the Editor of the Property Portfolio Magazine and CEO of The Property Frontline. She has more than 20 years’ experience in buying property Australia-wide and has extensive experience in helping buyers use a range of strategies including renovating, granny flats, sub-division and development. Debra is a skilled property strategist, and a master in identifying tailored opportunities, homes and sourcing properties that have multiple uses. She is a Qualified Property Investment Advisor, licensed real estate agent and also holds a Bachelor of Commerce and Master of Business. As a passionate advocate for increasing transparency in the property and wealth industries, Debra is a popular speaker on these topics. She is also an author, podcast host, and participates on numerous committees including the Property Owners’ Association.
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Disclaimer – This information is of a general nature only and does not constitute professional advice. We strongly recommend you seek your own professional advice in relation to your particular circumstances.