If you are faced with relocating your practice, no matter if you’re just starting your medical career or a seasoned veteran, your next job can take you to another city. Buying a home in an area you’re familiar with is a big enough challenge, but relocating to a new city to start a new position makes for some big obstacles. The reality is, doctors, relocate all the time. If you’re just starting out as a physician it might entail moving to a new city or state, and buying a new home during the same period. This article will discuss tips you can take to minimize stress when relocating your practice while buying a home.
Start Making Your Relocating Lists Now
Once you start working in your new practice most of your free time will disappear, as you’re probably aware of. When you do have spare time, you’ll want to spend it relaxing with family and friends. As soon as you know you’re moving make a to-do list and new home wish list.
Things to think about for your new home:
- How big of a kitchen do you want?
- How much entertainment space will you need?
- How many bathrooms and bedrooms do you prefer?
- What size yard do you want?
- What type of home fits your lifestyle?
- How much garage space do you need?
Consider what area you want to relocate your practice and new home to:
- Downtown, suburb, or country?
- Short commute, or do you mind a longer commute?
- Do you want to be near restaurants, schools, parks, and other amenities?
Understand Your New Community
Get a feel for the real estate market in the area you’ll be moving to. A cost-of-living calculator lets you compare how your new market compares to your current one. This will help alleviate financial surprises during your transition.
Start scanning real estate listings in your new market, looking to answer these questions:
- What is available?
- What is the pricing in different neighborhoods
- How much will you need to spend to get what you want?
Compare Different Physician Mortgage Loans
If you’re not already aware, doctors have access to exclusive loans called physician mortgages. These loan products are designed to help meet the unique financial characteristics of doctors. They take into consideration:
- Student debt
- Income and history
- High salary potential
The biggest benefit doctors get with a physician mortgage loan is the ability to get a home with no money down, and no private mortgage insurance (PMI).
Consider the Total Cost of Ownership
There are more costs to relocating your home than just the mortgage payment. During your research and planning, you’ll need to factor in:
- Property taxes
- Homeowners insurance
- Utilities and maintenance
- HOA fees
Also, take into account the factors that impact your home’s reselling value. The quality of the school districts can really help or hurt your home’s value.
