Ready To Move Out Of State? This Guide Will Keep It Easy!

By Alvaro Moreira
9 min read

Considering a move out of state? This is the place to begin.

Get off to a good start with your hunt for a new house.

Purchasing a home in another state can be a challenging endeavor. The good news is that things aren’t nearly as difficult as they were in the past.

During the height of the Covid epidemic, it became increasingly popular to do remote house viewings, internet mortgages, and even digital closings. Homebuyers who are interested in properties located in other states therefore have access to a far larger toolset than they had in the past.

And once you’ve identified a local lender and agent to work with, you’ll have two fantastic tools on your side to assist you in navigating the process.

Are you prepared to get things going?

move out of state

How to Move Out of State in 6 Easy Steps

The following are six steps that mortgage and real estate professionals recommend doing if you are thinking of purchasing a home in another state but are unsure how to get started with the process.

1. Before Going House Searching, Do Some Research On The Communities.

“Choose a limited geographical region to concentrate your house searching efforts on. This does not exclude you from taking into account other locations; nevertheless, it will significantly increase the amount of work you have to do until you can restrict your options down, according to Alvaro Moreira, CEO of Moreira Team.

This entails investigating a certain locality or community with the use of a remote computer connection. Find out more about:

The expense of daily life

Taxes on real estate

The caliber of the respective school districts

Crime rate

Location close to several community services

Close-by shops, amenities, and recreational areas

Also take into consideration factors like the political orientation of the region as well as the potential effects that climate change will have in the future on the area.

When you first start looking at different houses, give some serious consideration to the amount of money you anticipate making in the future, how secure your employment is, and whether or not you want to expand or reduce the size of your current family.

Will the homes you’re looking at have enough space for a bigger family in the future, if expanding your family is one of your priorities? Are they situated on a large enough plot to allow for future expansion or modification? What are the conditions that cannot be met?

You may choose to seek the assistance of a financial planner and/or a tax consultant in order to assist you in determining your future monetary objectives and how a move may have an effect on those goals.

2. Find An Excellent Local Real Estate Team

Keep in mind that loan officers are required to get licenses on a state-by-state basis, and it’s possible that your present lender won’t be available in the state to which you’re relocating.

Make it one of your primary objectives, either while you are physically present in the location of your choice or while you are doing your search from a distance, to identify and engage the services of an outstanding real estate agent in the neighborhood.

It is a good idea to choose a localized agent, especially in marketplaces where there is a lot of competition.— Nina Filmanio , real estate agent

Have a buyer consultation with this agent so that you understand the process and the market, and ask for lender recommendations because it is best to have a regional agent, this is especially true in more competitive markets, suggests a real estate agent in Atlanta. “Have a buyer consultation with this agent so that you understand the market,” she says. 

3. When It Comes To Real Estate Transactions, Several Jurisdictions Have Very Strict Regulations Regarding Who May And Cannot Be Engaged

 Get familiar with the criteria that must be met in order to purchase a home in another state. According to Mr. Moreira, who is the head of origination at Mortgage Right 

“A reputable Realtor can assist you with this, but depending on the state, you may also need to seek the assistance of an attorney.” Obtain a preapproval and then begin your housing search.

After you have established contact with a local lender or mortgage broker, the next step is to apply for a house loan and get preapproved for it.

It is highly recommended that you be preapproved for a mortgage loan since this will assist you in determining how much of a property you can afford in the market that you are interested in. You will also be in a better position to make an offer that is more appealing on a house.

In point of fact, the majority of sellers and sellers’ agents in today’s competitive market won’t even consider an offer unless it is accompanied by a preapproval letter. Therefore, this step is very important.

Moreira recommends that once you have been preapproved and have a decent sense on pricing points, you speak with your real estate agent about being put up on a remote house search.

“Obtain a sense for the costs in that market and get a better notion of what you are able to buy by doing so. Take virtual tours of the homes as soon as they are put on the market. And don’t be afraid to inquire about anything that you are unsure of or don’t fully comprehend.

Start the process of being preapproved for a mortgage (Jun 7th, 2022)

4. Get Your House Ready To Sell, Then Put It On The Market.

If you have an existing house that needs to be sold before you can move into a new one, you will need to hire a different real estate agent to assist you with marketing and listing the property before you put it on the market. If you want to sell your property more quickly, you should make any necessary repairs or renovations right away.

The encouraging news is that as a result of the robustness of the property market, many vendors are not having any problem locating eager purchasers. In addition, a variety of homes are changing hands at prices that are far more than the asking price. Therefore, while relocating out of state may have presented more of a challenge in the past due to the need to rapidly sell your house, this should present less of a problem in today’s market.

5. Take The Possibility Of A House Sale Into Consideration.

When homeowners move out of state, one potential obstacle they may encounter is being required to make the purchase of their next house dependent on the selling of their current one.

Your new home purchase will only go through if you are able to sell your present house by a certain date, which is what is meant by the term “home sale contingency.” These restrictions are often necessary to prevent the buyer from simultaneously owning two properties and being responsible for two mortgage payments.

It is not true that just because you have a home sale contingency that you have to stop house seeking until your present home has been sold. You can get approved, but you won’t obtain what is known as “CTC” until the other property is sold and finances are verified, as Moreira explains.

Naturally, if you are handling contracts in two states at the same time, the logistics might get more problematic.

Therefore, before you start serious about house looking, make sure you have a conversation with your lender about whether or not the purchase of your new home would be contingent on the selling of your existing property. If so, what the implications of that are going to be for your timeframe.

6. Make A Bid, But Don’t Neglect To Have An Inspection Beforehand

To make an offer from a distance, collaborate closely with your agent. Do not give in to the temptation of waiving your professional inspection contingency; instead, exercise caution and perform a thorough assessment of the property in search of flaws and warning signs.

“If you are planning to return to the region at some point, you should schedule your trip in such a way that it allows you to be there during the inspection period. Moreira suggests that you take advantage of this opportunity because it is typically your last chance to enter the house before the final walk-through.

After your offer has been accepted, your representatives will schedule a date for the closing, which, if you are unable to be physically present at the time, may be something that may be done remotely. During the Covid pandemic, digital shutdowns grew more prevalent, and they are now far more widespread than they were previously.

Right now is the time to start making arrangements for moving services and getting your family ready for the move out of state.

Check to see whether you are eligible to buy a house and move out of state. Start here (Jun 7th, 2022)

Possible Difficulties Encountered When Shopping In Another State

Purchasing a home is already a challenging endeavor, and doing so in a state that is not your own can be an additional obstacle to overcome. However, if you have a fantastic lender and buyer’s agent, this process will go much more smoothly. Put your faith in your real estate agent to help you through any obstacles that arise during the transaction.

Also, keep in mind that moving may end up being more expensive than you anticipated.

Put aside at least $5,000 to cover unforeseen expenditures associated with moving and fees associated with relocating.

“I strongly suggest setting up at least $5,000 in order to cover the expenses of moving. According to a real estate agent, “there are unexpected costs associated with relocating to another state, including the cost of new furniture, moving transportation, and moving company fees.”

When you finally settle into your new home, make sure you give yourself enough time to properly adjust to the environment there. When moving to a new location, it may take some time before you feel settled in and are able to meet new acquaintances.

“When you relocate to a different place, you frequently find yourself in situations that are much outside the scope of your prior experience. Even seemingly innocuous aspects of daily life can take unexpected turns, so it’s important to have an open mind and exercise patience, recommends Orefice.

Candidates who would be successful in a migration to another state.

Over twenty percent more people in the United States relocated in 2021 compared to 2020, according to a research that was just released by North American Moving Services. A significant number of those individuals made the decision to move to a new state.

According to the same survey, the states of Texas, Florida, Tennessee, Arizona, and the Carolinas are the most popular places for people to migrate to.

According to Pozek, “lower taxes, nicer weather, and a more affordable cost of living are some of the key reasons why potential buyers consider purchasing a property in a different state.” 

He goes on to say that the millennial generation has shown themselves to be the generation that moves the most, particularly throughout the epidemic.

He argues that because millennials are less likely to be married or have children, they are more likely to be receptive to the idea of uprooting their lives and relocating to a new region.

“Professionals who earn promotions and/or growth possibilities with relocation are also strong prospects,” says Moreira, “as are many college grads.” “Soon-to-be retirees” are another group that makes for outstanding prospects.

According to Orefice, anyone who is able to work remotely, “in addition to those who can find employment just about everywhere, such as teachers and health care employees,” should also consider migrating out of state.

Your Next Steps

Purchasing a home in another state may appear to be a daunting prospect. But if you take things one step at a time and rely on the guidance of the professionals you’ve engaged to assist you along the road, it’s not an impossible task at all.

You should get in touch with a mortgage lender as soon as possible if you are ready to get serious about purchasing a house. They will help you evaluate your budget and get your move off on the right foot.