If you’re relocating to Florida for work, retirement or any other reason, these are three terrifying mistakes you need to avoid at all costs.
3 Terrifying Mistakes to Avoid When You’re Relocating to Florida
You want your move to go smoothly – but these mistakes can throw a wrench in everything:
- Buying a new house before you sell your current one
- Failing to let your lender know you’re getting a new job
- Not preparing to become an accidental landlord
#1. Buying a new house before you sell your current one.
Buying a new home before selling your current one can put a tremendous amount of stress on you unless you’re financially prepared for it. If your current home is paid off, you don’t have to worry about two mortgages – but if it’s not, and it’s sitting empty on the market in your hometown while you’re elsewhere, you might be in for a rough road.
#2. Failing to let your lender know you’re getting a new job.
Switching jobs can be a huge deal to lenders, especially when they’ve already approved you for a loan based on your financial stability. Make sure you let your lender know if you’re moving to take a new job – that way, you can avoid closing-day surprises that could derail your entire real estate transaction.
#3. Not preparing to become an accidental landlord.
If you’re selling your home and buying a new one at the same time, you have to prepare yourself to become an “accidental landlord.” That can happen if your current home sits on the market for too long and you don’t get a buyer before your cash reserves for mortgage payments run out. There’s a lot that goes into being a landlord, so it’s in your best interest to prepare as well as you can.
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