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Old 06-29-2017, 04:45 AM
 
12,906 posts, read 15,723,708 times
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Quote:
Originally Posted by GlobeGuy View Post
One thing I want to add to what Old Guard has said, remember that when it comes to Tax breaks government doesn't care if you are living in a high COL area. You may start losing tax breaks you enjoyed at around 100k once you start making more in a high COL area.

This is the story of my life.
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Old 06-29-2017, 06:02 AM
 
59 posts, read 53,116 times
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Quote:
Originally Posted by ChristineVA View Post
This is the story of my life.
Which ones bit you, if you don't mind me asking? (seeing what to look out for!)
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Old 06-29-2017, 08:38 AM
 
1,533 posts, read 2,278,489 times
Reputation: 1654
Looks like you've been debating a move for some time. I would not buy if you move here, or at least not for a year+. You have 3 children and for the most part your day to day living will not change significantly no matter where you live. Weekends and vacations will allow you to explore another part of the country, but aside from this, what has you considering moving here?
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Old 06-29-2017, 08:49 AM
 
12,906 posts, read 15,723,708 times
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Quote:
Originally Posted by rpe290 View Post
Which ones bit you, if you don't mind me asking? (seeing what to look out for!)
Child care credit (which you don't need)
American Hope (??) college tuition credits
Medical Expenses (these are a percentage of your income)
Job Expenses (my husband is required to buy a lot of special tools/clothing that would be deductible at certain levels.)

There might be more...But we are dual income and I can't quite remember when I lost those credits but it was YEARS ago when I was making nearly what I am now. But COL definitely impacts many of these credits and deductions.
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Old 06-29-2017, 09:04 AM
 
Location: Falls Church, VA
540 posts, read 794,036 times
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Quote:
Originally Posted by ChristineVA View Post
Child care credit (which you don't need)
American Hope (??) college tuition credits
Medical Expenses (these are a percentage of your income)
Job Expenses (my husband is required to buy a lot of special tools/clothing that would be deductible at certain levels.)

There might be more...But we are dual income and I can't quite remember when I lost those credits but it was YEARS ago when I was making nearly what I am now. But COL definitely impacts many of these credits and deductions.
Student loans
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Old 06-29-2017, 09:11 AM
 
59 posts, read 53,116 times
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Quote:
Originally Posted by Middlin View Post
Looks like you've been debating a move for some time. I would not buy if you move here, or at least not for a year+. You have 3 children and for the most part your day to day living will not change significantly no matter where you live. Weekends and vacations will allow you to explore another part of the country, but aside from this, what has you considering moving here?
Career opportunity, and its on the acceptable state/area list (initially) to me. (for example, some jobs out in certain areas in California, New England, and most places north--I would never want to move to those spots, personal preference) I have other places I would rather live, but not with the career options (doesn't everyone!).

I just hate how much renting costs in sunk costs and having to move 2X...but I can't say that I didn't consider the market dropping after rates get upped some more, so it was somewhat attractive, I just never try to be a "market-timer."
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Old 06-29-2017, 01:12 PM
 
1,533 posts, read 2,278,489 times
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Well, consider the flip side. You and your family ended not liking it here and want to move again. There goes all the transactions costs. I work for a major corp and we get transplants all the time from our mid west offices. People fall into the love it or hate it column with not a lot of people feeling neutral.
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Old 06-29-2017, 01:34 PM
 
59 posts, read 53,116 times
Reputation: 55
Quote:
Originally Posted by Middlin View Post
Well, consider the flip side. You and your family ended not liking it here and want to move again. There goes all the transactions costs. I work for a major corp and we get transplants all the time from our mid west offices. People fall into the love it or hate it column with not a lot of people feeling neutral.
Well, that sounds very relevant, at least...can you describe what you would think the big difference between the ones that hate it and the ones that love it is?

Yeah, I know the flip side, protecting for moving/realtor and closing costs would be most of the point of renting at this point in my life. Of course I have a spreadsheet set up for those costs so I can check how long and the sensitivities

Thanks!
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Old 06-29-2017, 05:14 PM
 
1,533 posts, read 2,278,489 times
Reputation: 1654
Thinking about it, I believe it tends to be the people that have lived in one place most of their adult lives. To move up in our company, you really do need to relocate and some of them come with the mind set it's not forever and make the tradeoff's with no issues, where others just don't like how different it is, never mind the positive aspects.
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Old 06-30-2017, 06:38 AM
 
59 posts, read 53,116 times
Reputation: 55
Quote:
Originally Posted by Middlin View Post
Thinking about it, I believe it tends to be the people that have lived in one place most of their adult lives. To move up in our company, you really do need to relocate and some of them come with the mind set it's not forever and make the tradeoff's with no issues, where others just don't like how different it is, never mind the positive aspects.
I would imagine that is the case with every relocation, not just NoVa, correct? Or if you think there is something unique to the area that would cause that, please expound...I would be curious.
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