How To Budget For Relocating To Nanaimo

Posted on April 28, 2015 |

Did you know that every year one out of five Canadians relocate, with British Columbia being one of the most attractive destinations?

Some moves are made because of a job, others are done for family reasons, and many people decide to relocate to Nanaimo for a better quality of life.But there's a catch: If you make the same amount of money and move to an area that has a higher cost of living, you are going to feel poorer, while moving to an area that is cheaper to live in can make you feel like you have more money.Here are four ways to help you budget for relocating to Nanaimo

-First, take a hard look at what your current lifestyle will cost. Read the local newspapers a few months before your move to see what grocery stores are charging, what cars are selling for, and read the classified ads for employment and housing - even if you aren't looking for a job.

Next, go online and see which real estate agents are most active in the area. Contact them to get real time market information about renting and buying. A good realtor will also help you to consider other factors besides price.

You'll want to learn about the pros and cons of different neighborhoods, the school districts, parks and recreation, and home owner's associations.Third, research 'hidden costs' like property taxes, insurance and transportation.

Higher property taxes could mean better schools and libraries, and better city services. On the other hand, an area that is prone to flooding or a neighborhood of luxury homes might mean a higher insurance expense.

The availability of good public transportation may let you get rid of your second (or first) car - along with the car payment, cost of gas and automobile insurance.

Lastly, take a look at what activities your new place will offer that are low cost or free. A community like Nanaimo has vast expanses of parks for walking, hiking and bike riding and for winter sports.