Author Topic: Relocation advice  (Read 1192 times)

Mbarrier

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Relocation advice
« on: May 30, 2017, 09:32:26 AM »
Hello everyone,
I need some mustacian advice. Currently still working but have zero dept and saving lots of money and house is paid off.. I have a good job that pays well with a short commute. At current pace we're ready to retire in the next two years. Here is the challenge... currently live in Madison WI which is a great city and relatively affordable however after 25 years we've grown tired of the long winters. I have a chance to relocate with my current company to Chico CA where the weather is really nice year round. If we were to move we'd be moving to a much more expensive city and would most like have to tap in to savings (60 to 80k) to buy an equivalent home in a equivalent neighborhood. Am I crazy for considering this? The job would pay roughly the same.

RichMoose

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Re: Relocation advice
« Reply #1 on: May 30, 2017, 09:39:16 AM »
How would it affect your FIRE plans? And where do you want to live when FIREd?

I think the answers to these two questions are important. If you are on track for FIRE in 2 years, my gut says why not stay where you're at to finish your career and explore your options from there. Weather aside (and I know all about that), a good paying job in a LCOL city with a short commute is pretty nice.

On the other hand, if your FIRE plan was always to relocate to the California valley then the move makes sense because at least the company may pay for some or all of the moving costs.

Goldielocks

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Re: Relocation advice
« Reply #2 on: May 30, 2017, 11:02:55 AM »
You are in the perfect position to relocate and RENT for two years.

When you are ready to retire, choose where to live, independent of your work location, then move there.  e.g., you could decide that something 45 minutes further from your work, in a quiet area with trees could be your perfect place.

This also gives you the option to relocate to another state if you actually don't care for it, after retirement.

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The flip side is to buy a rental investment property, and live in it for 2 years, with the eye for lucrative rental.  Think basic  apartment near a college.   That is, if you want to be a landlord, and if the $'s work out.

redbird

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Re: Relocation advice
« Reply #3 on: May 30, 2017, 11:57:19 AM »
I agree with Goldielocks. Renting sounds like a good idea for your plans. You may or may not end up liking Chico so you may or may not want to retire there.

I also speak from experience when I say that it's *hard* to purchase a house from a distance so it'll be ready for you to move into when you're ready to go to the area. I bought the house I'm currently living in from a distance, but it helped that my in-laws were local and could check the place out. One's a professional architect and they've both built their own homes and renovated older homes that they've lived in throughout their lives. They know what to look for. I trust them. But even then, there were things I didn't know about the house until the day I moved in. I would not have wanted to purchase a house at a distance for an area where I didn't have someone I trust to help me.