Financial Factors to Consider When Moving

When it comes time to move, there are significant financial implications to consider, said Gary Painter, PhD, academic director of the real estate program at the University of Cincinnati’s Carl H. Lindner College of Business and professor of real estate, to USA Today.

On the one hand, it’s important to consider moving costs when budgeting for a new home purchase.

“If you buy a new home, you need to factor in closing costs on your mortgage. It’s essential to consider the total cost of moving halfway across the country,” Painter said. “Moving costs can be substantial depending on the distance of the move, the amount of belongings to be moved and the time of year, as more people move in the summer. »

If an employer pays moving expenses, it is considered income and is taxable.

“Even if your new company pays for the moving expenses, you will have to count the reimbursement as part of your gross income and will have to pay taxes on that amount,” Painter said. “If they don’t compensate you for moving expenses, it’s important to keep in mind that those expenses are not deductible.”

See more articles from USA Today.