Relocating to a New State? Here’s How
Colorado Springs, CO, offers a range of benefits for residents that include fresh mountain
air and beautiful scenery. It helps that the cost of living in the area is 6% less than the
national average. But before you relocate to Colorado or any other state, it’s best to know
exactly what your destination has to offer. It’s also helpful to take a few steps to reduce
stress and frustration during the move.
Carefully Compare the Cost of Living
Before you begin looking for a home in any new state, do your homework. While the cost of
living varies from state to state, it also differs from city to city. Therefore, make sure you
research home prices in your target area to determine if it’s affordable. You don’t want to
have to sacrifice your quality of living immensely to afford a home, nor do you want to
compromise your standards for a home. If you plan to rent, compare rental prices.
Research other expenses in your new state as well, such as groceries, home services,
entertainment, schooling, and other costs.
Consider Increasing Your Income
Whether you want a part-time side hustle or want to potentially increase your income and
receive all the other benefits of business ownership, think about starting a business in your
new location. Begin by researching the local economy to identify market gaps or whether
there’s room for your company if you’re choosing to open a brick-and-mortar
establishment.
Create a business plan before you start. As you write your business plan, map out key
details about your company, such as its structure, marketing, and where you’ll find funding.
You should also include information about your products or services and financial
projections. By having a plan, you elevate the likelihood your business will succeed.
According to Harvard Business Review, a business owner is 16% more likely to achieve
success with a business plan when compared to those without. This can be incredibly
important when you consider that around 20% of new small businesses fail during their
first year in operation.
Insure Your Home, Systems, and Appliances
A homeowner’s insurance policy isn’t legally mandated in any state you might move to, but
mortgage lenders typically require it. While specifics vary, you usually have to insure the
home for at least the value of the mortgage. It can protect you as a homeowner, too.
You should also consider a home warranty since insurance only covers your home’s
structure and belongings and provides liability coverage if someone gets hurt on your
property. A home warranty, however, covers your appliances and home systems like
heating, cooling, plumbing, and electrical.
With so many companies to select from, compare insurance and warranty options carefully
to choose affordable policies that meet your needs. Know what each policy covers and the
cost. Make sure to use a reputable company that pays out quickly. Most importantly, look to
their reviews to compare your options.
Make Your Out-of-state Move a Positive One
When it’s time to move to a new state, do your research and plan ahead for unexpected
expenses. Taking steps to increase your income can further help you afford more. Find your
new home in Colorado Springs, CO, by visiting Rehava today.
I am an active Realtor specializing in the Douglas County /El Paso County areas. I have experience listing and selling residential properties throughout Douglas County including: Castle Rock, Parker, Highlands Ranch, Franktown, Sedalia, and Larkspur. I am currently expanding my business to; Black Forest, Monument, Colorado Springs, Peyton, Falcon, Woodland Park, Divide and Cripple Creek.
