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Indianapolis, IN – Hidden Costs for Relocating

house and dollar signWhether you are moving because you just sold your Indianapolis, IN home or you would like to move to Indianapolis, IN there are several things to consider regarding your relocation. Some of the costs may seem obvious but there are some other not-so-obvious costs with moving to a new town. Before you move, weigh the following costs as some may fall heavily on your monthly budget.

Transportation. After housing, transportation is the second biggest expense for most households. Costs can be high whether you drive your own car or use public transportation. Consider how you will commute to and from work and other obligations and figure that into your monthly budget. Financial experts urge homeowners to keep their housing and transportation below 45 percent of their income.

The commute beyond work. Many home-buyers opt to buy further out from city centers to be able to afford more home for their money. In the long term, this savings may not materialize to much. Not only may you need to commute further for work but also daily errands, schools, and medial offices may be further from your home too. Consider the compactness of your future neighborhood and how far you would need to drive to reach these daily necessities.

Insurance and utilities. Home-buyers should contact their insurance agent to receive new quotes for the cost of car insurance and homeowners insurance in the new city. You may find your monthly insurance could go up significantly depending on where you plan to move to. Cost for utilities also needs to be considered. If you can, ask the home-sellers for a copy of their recent utility bills. It will give you a good idea what your utility bills will be compared to your current living situation. If you are purchasing more square footage you may find your heating and cooling expenses will go up significantly.

If you are still searching for that perfect Indianapolis, IN home, let a local expert help you out. Buying a home is an exciting and complex adventure. We pride ourselves in being local experts and would love to help you get acquainted with our city. Contact an Indianapolis, IN real estate agent when you are ready!

Rodney & Amanda Heard
Heard Real Estate Team

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