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Old 04-25-2009, 07:49 AM
 
Location: TX
87 posts, read 255,471 times
Reputation: 52

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I have a thread started about moving to TX and not thinking it was the best decision. This is in relation to that thread.

I am going to make a go of our life here in TX, BUT if we decide to move back to Ohio I want to be prepared and know how to start planning. I figure the more information I have the better!

If we move to Ohio I will obviously try my hardest to have job lined up first. We are looking at the summer of 2010 for a possible move, which gives us two years in TX total to see if it's for us. If not, we'll start the process of moving back the summer of 2010.

Here is our financial situation. Our home should sell rather quickly. We are in a good area, and we got a great deal on the house. I really anticipate even making a little believe it or not.

I am going to base all of this on moving WITHOUT a job. If I can line up a job then I know how to do everything that goes along with that situation.

We will have about $60K equity in our home after paying realtor fees, etc. We have about $50K cash right now not including 401K and IRA's. We are looking not to touch the 401K and IRA.

We would be looking to rent a house or buy . Looking for rent of about $1000 per month. I talked to a mortgage company and there are no more loans without a job, which makes sense.

We have no debt except for our mortgage. When the house sells we will be debt free and have over 100K cash.

I don't want to blow this money on rent, so should I borrow from the 401K to buy a home or rent first?

Looking for home in the 150K to 200K range eventually.

I wanted to know of a "plan" for all of this if we decide to do it. Has anyone done something similar or know of situations like ours?

I look forward to reading your advice. Thanks!
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Old 04-25-2009, 06:57 PM
 
1,237 posts, read 2,978,331 times
Reputation: 1091
While I haven't been in a situation nor can I honestly give any guiding tips - I feel the need to say: do not touch your 401k!!

It sounds like you have a relatively workable amount of money available to you. I suggest saving up this next year as well as keeping one eye on the job market/search in Ohio. Perhaps if you know you want out of TX it might be worth the wait to find a job in Ohio before making the move if TX is bearable.
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Old 04-25-2009, 07:34 PM
 
Location: TX
87 posts, read 255,471 times
Reputation: 52
I am not going to tap into the 401K or IRA's.
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Old 04-25-2009, 08:23 PM
 
Location: Cosmic Consciousness
3,871 posts, read 15,489,899 times
Reputation: 2637
Maybe moving with no job lined up. How much to have saved?

Virtually everywhere in the U.S. saw rising joblessness all during 2008 and that rise is still continuing, so wherever you go you'll be competing with tons of people for every job there is.

Suzi Orman says to have a minimum of 10 months' of living expenses available, and 12 months' would be better.
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Old 04-25-2009, 09:54 PM
 
4,948 posts, read 16,491,226 times
Reputation: 2866
Quote:
Originally Posted by rusheib View Post
I have a thread started about moving to TX and not thinking it was the best decision. This is in relation to that thread.

I am going to make a go of our life here in TX, BUT if we decide to move back to Ohio I want to be prepared and know how to start planning. I figure the more information I have the better!

If we move to Ohio I will obviously try my hardest to have job lined up first. We are looking at the summer of 2010 for a possible move, which gives us two years in TX total to see if it's for us. If not, we'll start the process of moving back the summer of 2010.

Here is our financial situation. Our home should sell rather quickly. We are in a good area, and we got a great deal on the house. I really anticipate even making a little believe it or not.

I am going to base all of this on moving WITHOUT a job. If I can line up a job then I know how to do everything that goes along with that situation.

We will have about $60K equity in our home after paying realtor fees, etc. We have about $50K cash right now not including 401K and IRA's. We are looking not to touch the 401K and IRA.

We would be looking to rent a house or buy . Looking for rent of about $1000 per month. I talked to a mortgage company and there are no more loans without a job, which makes sense.

We have no debt except for our mortgage. When the house sells we will be debt free and have over 100K cash.

I don't want to blow this money on rent, so should I borrow from the 401K to buy a home or rent first?

Looking for home in the 150K to 200K range eventually.

I wanted to know of a "plan" for all of this if we decide to do it. Has anyone done something similar or know of situations like ours?

I look forward to reading your advice. Thanks!
If you do leave your job, the 401K will not allow you to borrow, if you do b4 leaving the job you, I think have 6 months to replace it. Many 401K's are at rock bottom, and,
under the age for a taking it out taxes, and 10 per-cent for doing it! So
I really say no to the 401 K! Also, moving, if you do have a job, why move without one? My advice is stay where you are with a job, for now, and move, if you do get one. Rent first then, and place the money from your home in a real safe place. No job, what do you do for medical insurance? If you are sure,
You may always place your home up for sale, and see what does happen! Therefore you are not up against the rock-as they say. If it does sell, place
you money in a safe place, and keep your job, and rent where you are til a job comes .

Last edited by maggiekate; 04-25-2009 at 10:03 PM..
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Old 04-26-2009, 12:33 AM
 
10,630 posts, read 23,375,841 times
Reputation: 6702
I don't think you're blowing money by renting. Go with a short-term rental, maybe, but don't touch the 401K. You could also consider putting most of your stuff in storage, doing a short-term rental somewhere small and cheap, maybe even furnished, and figure that once you have a job in place THEN you can buy a house. Not having a house will also give you a little more flexibility when it comes to a job search, or at least will mean that you can factor in your job location and commute into your home search.

I second the question about medical insurance; it sounds like you have a lot of savings, and presumably that's something you've considered, but do (if you haven't already) check out what the premiums are going to cost you if you leave your job; independent insurance can cost a fortune (as can COBRA) but you absolutely don't want to go without it.

It might take a long time to get a job. Like the others have said, if you can bear it don't move until you have one lined up. My husband and I have had to relocate several times when only one of us had a job lined up; in almost all cases it took some time to find a decent job, and this was when the economy was still pretty good. In our case it was the insurance thing that was the roughest part of the moving/budget equation.
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