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By Brittany Fisher
If you find the hustle and hubbub of urban life are beginning to wear, it may be worth considering moving to a smaller, slower locale. Towns and minor cities often provide much of the same amenities but with less traffic, people and intensity – they can also make for great investment locations. Here are some tips to consider as you plan your move.
Finances
One of the key advantages when transitioning to a less populated town or city is the lower cost of living. It’s always worth carrying out some research into the prices of food, housing, transportation, child care, health care, and other necessities to ascertain whether you need to adjust your budgets. Often, a week’s spending in a major city can last you two weeks in somewhere more rural.
You may also want to look into local real estate markets and assess the viability of the investment. Remote working has shifted priorities for many buyers, and towns with multi-residential properties are beginning to see the appreciation. With new waves of gentrification, even the most unsuspecting communities are experiencing huge influxes of affluent and high-spending residents. You might even consider investing in farmland as a way to protect against inflation.
Meeting People
Whether you’re moving on your own or with dependents, it’s important to quickly ingratiate yourself within the local community. Take every opportunity you can to introduce yourself to neighbors and speak with those who work in customer-facing roles. You should also aim to spend money with local businesses – this will help you to generate goodwill and strike up new connections.
If you’re struggling to meet people out and about, consider jumping on social media and seeking out groups centered around mutual interests. Whether you’re a bookworm, hiking enthusiast, sportsman, dancer, or gamer, you’re bound to find a community you can call your own.
Exploring Culture
As you settle into a new area, it’s important to learn about and respect its unique way of life. Oftentimes, small-town living comes with different rules, etiquettes, and cultures. A good way to educate yourself about these is by getting hands-on – either by volunteering or attending events. Many towns have their own festivals or commemoration days with food, music, and art exhibitions – don’t be afraid to reach out to organizers and see if they need some extra help setting up.
It’s also important to be aware of the culture you’re bringing with you to this new area. This is especially true if you’re moving from one of the major cities (LA, New York, etc.) to a more rural setting where the way of life may be slower and the people more cordial. Remember that you are still a newcomer to this locality and it’s important that you don’t come off too pushy or aggressive.
Moving
Once you’ve confirmed a move, your next consideration should always be the logistics of getting from A to B. Take the time to browse through movers and find one with trustworthy reviews, testimonials, and plenty of experience. It’s often worth meeting with the company first, to get a quote and discuss your needs. If you’re looking to cut down on costs, it may be possible to find a service who are offering deals or credits.
Moving locations is always a challenge regardless of where you came from and where you’re going. To ensure things go as smoothly as possible, it’s important to do plenty of prior research and be sure to arrive with an open mind.
The Old Dawg’s REI Network was founded by Bill Manassero — The purpose of the Old Dawg’s website, blog, newsletter, and podcast is to provide valuable information and resources for others who seek real estate investing as their means to fund their retirement years. Learn more, at: www.olddawgsreinetwork.com
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