Planning a Successful Career-Related Move

If your company is relocating to a new city or a different state, you may be forced to uproot your family and move to an unknown locale. So what can you do to prepare yourself and your loved ones effectively in order to avoid stress and to save both time and money? Depending on your situation, here are a few tips for a smooth relocation, courtesy of KJH Financial Services.

Relocate Your Business

If you’re a business owner and are relocating your company to a different state, you’ll need to re-register your LLC or corporation. To avoid costly lawyer fees, you can file the paperwork yourself or use a formation service that will help you understand and follow the rules applicable in your state, as well as obtain all the licenses and permits you may need to legally operate.

Try to plan your move several months ahead and get in touch with a local accountant to review your paperwork and inform you of possible tax incentives, as well as to prepare for unforeseen expenses. And if you need to find a new brick-and-mortar location for your business, spend some time in your new city to find a neighborhood where your target market likes to shop and find retail space in that area that fits your budget.

Additionally, if the new job isn’t what you were hoping or planning for, don’t panic. There are plenty more opportunities out there! To give yourself an advantage over the competition, here’s a free resume builder that you can use to professionally highlight your skills.

Find a Place to Live for Your Family

In an ideal world, you would have plenty of time and opportunities to visit your new state or city, explore different neighborhoods, inquire about the best–and worst–schools in the area and find the perfect home for yourself and your family. But sometimes, a career-related relocation leaves you with barely enough time to pack. So try to optimize the time you have by doing a lot of research based on the needs of your family.

If you have school-aged children that will be enrolled in public institutions, find a house or apartment located in the school district that best suits your children’s educational needs. And if you’re concerned about spending too much time away from your loved ones, find a rental home close to your new place of employment to reduce your commute time. Two bedroom/two bathroom homes in the Boston area start at around $2,400 per month, so do your research. Certain areas are more desirable than others, especially when you take school districts into account. Once you know the area better, and if you want to put down roots in your new city, you may start looking for a place to buy.

Create a Budget for Your Moving Costs

Some companies will offer to pay for some of your relocation costs, so make sure you keep all your receipts handy. Contact a few moving companies in your area and have them come to your house in person to assess the cost of moving your household to a different city or state, and get several estimates in writing. You may be able to save money by packing your belongings yourself, but make sure to allow enough time to do so, and don’t forget to keep track of how much you spend on packing boxes, tape, and bubble wrap for your fragile items.

When creating your moving budget, be sure to include upfront costs such as internet, utilities, rent, and security deposit, as well as your travel expenses like gas, hotel accommodations, and meals. It adds up pretty quickly. Make a list of everything that will need to be turned off at your old house (cable, gas, electricity…) so you don’t end up paying providers you no longer need and don’t forget to notify the post office, your bank, and your insurance company that you are moving.

Relocating can be a wonderful thing if you’re looking for a change of scenery, but make sure you and your loved ones have a soft place to land. That means making sure that your kids have great schools to go to, that you live in a safe neighborhood, and, if you’re a business owner, that your company can thrive in its new location.

Building your career requires many strategic moves and a lot of work. If you’d like guidance on the financial planning aspect of your growth, contact KJH Financial Services. We can help you manage your money and invest in ways that will secure your future. Visit us online to learn more.

Do You Have the Cash to Cover Common Home Repairs?

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If you’re in the process of buying your first home, you probably already know that you have to save for a down payment, put money aside for furniture, and fund an escrow account. However, there are many other expenses that you may not have considered. One of these is the cost of home repair and maintenance. Popular money blog Generation X Finance explains that “unexpected expenses that can really put a hurt on your budget if they aren’t accounted for.”

 

Before we get into specifics, let’s talk about ways you can protect yourself from overspending. First, maintain your home. This means having your major systems serviced annually, cleaning, painting, and repairing issues on the exterior as they arise, and treating your home and appliances with respect. You also have to be on the lookout for less-than-honest contractors who might dupe you into paying for repairs you don’t really need or, worse, cause damage to your property that they can conveniently fix for the “low price” of X extra dollars. Before bringing any repair professional into your home, do your research. Look online for reviews, and interview at least three service providers for each new home repair or improvement project.

 

How Much Do I Need?

 

No universal dollar amount is guaranteed to cover all of your unexpected home repairs. However, it is generally accepted that you should put aside approximately 2 to 4 percent of your home’s value specifically for this purpose. For example, if your home is valued at $350,000, plan to have at least $7,000 stashed away. And remember, your homeowner’s insurance won’t cover issues related to general wear and tear or negligence.

 

Common Repairs

 

Perhaps one of the most expensive home repairs you’ll encounter is installing a new roof. If you have plain asphalt shingles, you may be able to get away with adding a second layer if the underlying structure is in good shape. Eventually, however, you’ll have to do a complete replacement, and that can cost $10,000 or more. If your roof has missing shingles, damaged flashing, or you can see visible evidence of flooding, such as discolored or water-stained walls, you may need a new roof sooner rather than later.

 

Your HVAC unit is another significant expense that can range from about $3,700 to $15,000 depending on the size of your home and type of system you need. Hyde’s Air Conditioning, a California-based HVAC company founded in 1972, explains that even a well-maintained air conditioner will only last approximately 15 years. If yours is more than 10 years old or doesn’t keep your home comfortable from season to season, it may be time for a replacement.

 

Your electrical panel is, fortunately, something you can expect to last for many decades. However, they are not without faults, and an upgrade may be necessary if the home has been added onto or if you notice signs of faulty wiring, such as discolored power outlets, flickering lights, or a burning smell. A new 200-amp electrical panel costs between $1,300 and $3,000.

 

The plumbing system is another moving part that may require periodic repairs. Leaky faucets, clogged toilets, and busted pipes can cost hundreds of dollars each incident. If you have to replace your hot water heater, you can expect a bill of up to $1,500 depending on the type and size of the unit you need. More extensive repairs, such as replacing your incoming water pipes or outgoing mainline, can cost as much as a small car.

 

Don’t let unexpected expenses turn your dream home into a nightmare. Plan ahead for major repairs, and take your time when choosing a contractor. Your situation may be urgent, but you’ll be in far worse shape if you make a rash decision now.

 

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