Preparing Your New Nest: Must-Knows Before Moving in Together After Marriage
Navigating married life and real estate investments
Getting married is a life-changing experience, you are committing to a life with someone. Their presence is integral to the decisions you make and the responsibilities that you will undertake in the future.
As a real estate investor, how does a budding marriage affect how you move forward with your plans? There is a chance you may be relocating with your spouse for a number of reasons.
In this article, we look at managing your real estate investments while tackling a newly wedded life.
Why you need to plan a timeline
If you are saying goodbye to California with a summery beach wedding and taking off for the bustling city life of New York, this must be factored into your plans.
Before you make any arrangements, you need to know three important dates – the date your new home becomes vacant, the day your current lease expires, and the date of your wedding. These dates will be what you circle the rest of your plans around. It will also give you a solid timeline to work with.
Some other important items on your timeline should include contacting the movers hiring them for a specific date and getting all the packing equipment you will need.
Impact on your finances
Weddings are a costly affair, couple that with moving into a new home and you’re going to make a significant dent in your finances.
This is why it is extremely important to prepare a budget that will tackle both these major events. Moving costs include the cost of the property, movers – if you’re moving out of state it’s even more, packing supplies, and other extra costs that may arise suddenly. You also need to factor in the cost of living in the new area.
According to Forbes, an average wedding can set you back about $33,000. Naturally, that depends on whether you are having your nuptials at an urban chic venue with a gourmet dinner, and guests attending in the triple digits.
What you need to know about moving
Most of the moving process is packing belongings into boxes, but there is more to it than just that. When you start packing create an inventory of everything you own, and mark boxes so that you know where everything is stored when you start unpacking. The inventory is useful when you unpack your belongings so that nothing gets lost in the transition of homes
Dealing with your excess belongings
When you move in with someone, there are a lot of sacrifices and compromises that need to be made, that is why when you are packing it is a good time to shed unwanted items you own. Getting rid of excess can be therapeutic and can be beneficial to more than just yourself. Whatever doesn’t make the cut can be donated to charities, sold online, or you can have a garage sale.
Handling the unknowns
Sometimes the unexpected can happen. You may be ready to move into your new home, but your new home may not be ready for you. If this happens, you will have to look for an interim place to stay. Look up motels, hotels, or bed and breakfast establishments that you can hold up in until the new house is ready.
In addition to having somewhere to stay, you may also need to hire a storage unit for a few days. Some moving companies may have onsite storage units that you can use.
Moving and managing property
If your property is in the previous area you lived in, you may be wondering how to manage the properties as you are physically not in the area. You don’t need to jump to the worst-case scenario and sell all your hard work, as there are ways around this.
Managing property from afar
If you are moving away from where most of your property is based, then you may need to consider hiring a property manager. They will be able to tackle the groundwork while you are away from the area. They serve as a stand-in who will deal with the tenant’s day-to-day issues. Once in a while, you can travel to your property to check in, but property managers ultimately take care of everything in your stead.
Consider new investments
As you are in a new area you now have an opportunity to expand your real estate pursuits. You can go at it solo, or you can work in tandem with your partner to invest in properties. There are numerous benefits to investing with your partner – such as pooled resources, divided responsibilities, and a sounding board that will always have your best interests at heart.
The bottom line
Getting married is a life-changing event, with the addition of moving in together and to a whole different location requires a lot of planning and budgeting to ensure that both events go off without a hitch. As a real estate investor, you also need to make accommodations for your current investments and look toward future investments and opportunities that will be open to you.
