relocate when 5 years from retirement

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relocate when 5 years from retirement

Postby ieee488 » Fri May 03, 2013 9:35 am

I have set a target date of retiring at 55 which is 5 years from now.

I currently own a home which I purchased in 2011.

I am considering actively searching for jobs that would require relocating which would mean having to sell my house.

What are the gotchas I should be aware of? In the past when I had to relocate, I was a renter.
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Re: relocate when 5 years from retirement

Postby mhc » Fri May 03, 2013 10:15 am

One risk is having to qualify for two mortgages. For example, when I relocated for work I was younger and dumber. I had just bought a house using a mortgage. When I was on the house hunting trip, I found a house I wanted to buy. As I was driving to the lender to see about financing the new house, I realized I had not sold my original house. Fortunately, I qualified for the loan. Also, I was fortunate that I sold my first house before I had to make a mortgage payment on my new house. Somehow in the whole excitement of relocating, I missed these issues.

If the company will pay for your relocation, get a very detailed list of everything that they will pay for and make sure it is in writing. There are a lot of various expenses in moving and lots of various ways companies will handle the expenses. For example, will the company buy your old house? Pay for closing costs? Give you some misc. cash to cover incidentals? ....
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Re: relocate when 5 years from retirement

Postby MindBogler » Fri May 03, 2013 11:28 am

For peace of mind, you should rent something cheaper after relocating to the new city. For one, you'll be able to save a little extra cash. But in general I would caution anyone: don't rush into a new market and buy a house until you've spent some time in the area.
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Re: relocate when 5 years from retirement

Postby rustymutt » Fri May 03, 2013 11:55 am

MindBogler wrote:For peace of mind, you should rent something cheaper after relocating to the new city. For one, you'll be able to save a little extra cash. But in general I would caution anyone: don't rush into a new market and buy a house until you've spent some time in the area.


Our home is on the market currently. I appreciate your advise, and will do it. Rent first for 6 months at least.
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Re: relocate when 5 years from retirement

Postby core5 » Fri May 03, 2013 1:04 pm

It would be nice to be in a zero income tax state when you retire. I believe GA will allow you deduct the first 65K from income tax if you're retired, even though it's not a zero tax state.
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Re: relocate when 5 years from retirement

Postby ieee488 » Fri May 03, 2013 1:31 pm

The thing that concerns me is that most employer once they hire you they want you there ASAP.
So, I go and rent an apartment. That is generally not a big deal.
But now I have a house to sell which isn't lived in anymore.
Should I hire a company to "look after it"? There is a HOA so the lawn care is taken care of.
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