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Moving is never about any single issue. But moving, especially if a homeowner, is not cheap. You expect to save +\- $5,400. The cost to move with real estate fees, legal fees, moving fees etc. on a home adds up real quick. Assume a $500,000 home sale, you are looking at approximately $30,000 to $35,000 of expenses easy.
So it will take 6 or 7 years to work your way out of the $ hole. Somewhere else I thought you said most of the savings is property tax related. If so, and you have marginal Federal tax rate of 28%, that pushes payback up to close to 10 years.
Obviously if your employer is picking up real estate fees than the analysis changes dramatically.
Not the only issue by any means, but...
Not if you're getting more than fairly compensated for relocation.
Moving is never about any single issue. But moving, especially if a homeowner, is not cheap. You expect to save +\- $5,400. The cost to move with real estate fees, legal fees, moving fees etc. on a home adds up real quick. Assume a $500,000 home sale, you are looking at approximately $30,000 to $35,000 of expenses easy.
So it will take 6 or 7 years to work your way out of the $ hole. Somewhere else I thought you said most of the savings is property tax related. If so, and you have marginal Federal tax rate of 28%, that pushes payback up to close to 10 years.
Obviously if your employer is picking up real estate fees than the analysis changes dramatically.
Not the only issue by any means, but...
This insinuates one should never ever move, even within the same town or state, once they own a house.
A government employee shouldn't be comp'd for relo. Wow.
I assume he is referring to comment he, and wife, will be paid approx. 20% more.
Personally, I would imagine if his government job is a lateral move (i.e. no promotion/ greater responsibilities) the only way there would be a 20% bump in pay is to compensate for higher Cost of Living. Which everything I understand about greater D.C. area would suggest over CT (certainly CT other than lower FFC)...
I assume he is referring to comment he, and wife, will be paid approx. 20% more.
Personally, I would imagine if his government job is a lateral move (i.e. no promotion/ greater responsibilities) the only way there would be a 20% bump in pay is to compensate for higher Cost of Living. Which everything I understand about greater D.C. area would suggest over CT (certainly CT other than lower FFC)...
Quote:
Originally Posted by Wilton2ParkAve
A government employee shouldn't be comp'd for relo. Wow.
I am a government employee. She is not. She is likely going to be provided a generous relocation package.
The bump in my pay likely has to do with my job being in New Haven County, which has a much lower cost of living than where we live in western Fairfield County.
Learn to read. I said people move for all sorts of reasons, but the main premise of OP was Cost savings so I addressed that issue.
Did you read where he said he's a spreadheet guy and has been running the numbers and will be saving money? From the sounds of it, he itemized everything.
I've got to say, this is one of the rudest "we're moving" threads I've ever seen! It's not like we're talking about some 16 year old with no job. This is someone who's been researching a long time, has made a decision and is happy about it. No matter what anyone feels about CT, this is a positive move for Kid. Can't believe so few others see that.
Did you read where he said he's a spreadheet guy and has been running the numbers and will be saving money? From the sounds of it, he itemized everything.
Literally - everything. Right down to the weekly grocery bills, monthly utilities, gas to/from the community we're looking at, etc.
That's something everyone should do before relocating.
Did you read where he said he's a spreadheet guy and has been running the numbers and will be saving money? From the sounds of it, he itemized everything.
Nice save. Not.
I don't know whether OP included costs to move or not in spreadsheet. The fact of my point (which had one unlike both of yours) was that moving is an expensive proposition and the fixed costs associated with it are important to factor into cost savings.
It's not going to be easy, and it's gonna be stressful, but in the long run, once you're in your new home and everything settles down, you'll have no regrets. I'm leaving NY for greener pastures myself at the end of the month, and I can't wait to be rid of the tolls, crappy air quality, bottle deposits, lack of parking, high gas prices, etc...
Best of luck to you and your family.
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