Moving to a new home is an exhilarating journey filled with anticipation and new beginnings. Amidst the excitement, it’s crucial to pause and consider the practicalities to ensure a smooth transition. Here are eight essential questions to ponder before embarking on your relocation journey.

If you plan to buy, what are your financing options?

First Financial mortgage experts are here to help you every step of the way while you begin your homebuying journey in the Monmouth or Ocean County NJ area.* They are available for phone or video calls to answer all of your questions with no commitment required! If you do decide to go with First Financial for your mortgage – we offer a $500 Home Depot gift card upon closing, your appraisal is on us! ($580 value), and we have a 60-day rate lock option with one free float down.**

What are the total moving costs?

Before diving into the moving process, it’s essential to assess the financial implications from all angles. Be sure you are factoring in the cost of movers, storage, packing materials, cleaning services, moving insurance, etc. Each of these can have varying costs, so be sure to research ahead of time and find the best prices. By understanding these costs upfront, you can better plan and budget for your move.

What is the overall cost of living?

Beyond moving expenses, consider the broader financial impact of your relocation. Will your new location entail higher rent or homeowners’ fees? You’ll also need to factor in potential increases in commuting costs, utility bills, and everyday necessities like groceries. The price of something as simple as produce can significantly differ from one state to another, so be sure to research your potential new area. Understanding the overall cost of living, ensures you can comfortably afford your new lifestyle.

How do income and property taxes differ?

Tax rates vary significantly between states, impacting your financial landscape. Researching income and property tax disparities between your current and prospective location is crucial. These insights will help you gauge how taxes may affect your finances and can assist you in making informed decisions about your move.

What is the local job market like?

If your relocation involves finding a new job, you’ll need to assess the local employment landscape closely. Investigate job opportunities, unemployment rates, and median salaries in your desired area. Consider starting your job search before moving to alleviate stress and ensure a smooth transition into the workforce.

What is the immediate impact on income?

Whether securing employment before or after your move, you’ll need to evaluate the financial implications. Compare salary differences and factor in deductions for healthcare, dental, and vision plans. Do you have a 401k with your current job and does your new job offer a retirement plan? If so, don’t forget to ask about transition options for your retirement account to help avoid costly mistakes. If you’re relocating without a job lined up, devise a financial plan to cover expenses during your job search period.

What are the travel costs to visit loved ones?

Consider the logistics and expenses of visiting family and friends post-relocation. Assess whether you’ll be a short drive or a plane ride away, and research typical ticket prices for travel days. Calculate potential gas expenses for road trips and budget for any necessary car maintenance too.

Which belongings should I take?

Moving presents an opportunity to declutter and streamline your possessions. Evaluate what items are essential and consider donating, selling, or storing any unnecessary belongings. This not only reduces moving costs, but also simplifies the transition to your new home.

By addressing these essential questions and tapping into the support of First Financial, you can embark on your relocation journey with confidence and financial preparedness. Happy moving!

For more personalized assistance and tailored solutions call 732.312.1500, visit a branch, or explore our services online.

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

**$500 Home Depot Gift Card will be issued at loan closing on any First Financial mortgage, while supplies last. Applicant to pay $580 appraisal fee up front at the time of appraisal. First Financial will credit the $580 appraisal fee back to the member at loan closing. Rate lock is available for new applications on purchase and refinance loans at a 0.50% fee for a 60 day lock, and is for members who have been preliminarily approved and are in contract to purchase or refinance a property with a closing date within 60 days. You must request the rate lock option at the time of initial mortgage disclosure. The rate lock fee is due at the time of rate lock disclosure signing. You may request a lower rate no more than one (1) time, with a maximum cumulative interest rate reduction of 0.50%. The benefit would allow for one float down for applicants to re-lock their interest rate, should rates decrease during the lock period of 60 days from contract receipt. Members will not incur any additional costs to utilize this benefit. You must monitor rates to decide when to exercise the option to lower the rate. All requests for a lower rate must occur at least seven (7) calendar days before closing. First Financial reserves the right to modify or discontinue products and benefits at any time without notice.