What's the true cost of moving?
If you’ve ever moved (and who hasn’t?), you know that moving is a pain. But did you know that it also costs a LOT of money? This Globe and Mail video does a great job of explaining just how much.
Unless you have to move frequently (for work or other reasons), it’s best to avoid it if at all possible. From a mortgage perspective—and just a general household finance perspective—every house you buy should ideally last you a minimum of five years. That means buying a home with enough bedrooms if you foresee yourself expanding your family within the next five years, or avoiding making the move to an enormous mansion if that mansion is going to be an empty nest in the near future.
Not only does this strategy save you money in moving costs, but it allows you to make a significant dent in your mortgage—and weather any real estate market fluctuations. Granted, it’s not always possible in every market, but it’s definitely something to strive for. Especially since, finances aside, moving is really not that fun. At all.
If you are thinking about moving, drop me a line to discuss your mortgage options. While some mortgages are portable, others may end up costing you, depending on your situation. It’s always best to know those costs upfront when timing your next move.