Relocating to a new city? What you might be forgetting to consider before you move

Relocating is more than a farther move — it’s setting up a whole new life in a different local economy.

It’s likely that change was a financial decision in the first place, whether it be pursuing cheaper rent or property, or landing a new job in a different area. So budgeting for this major life change needs to go beyond just researching moving costs, said Calvin Hexter, a Realtor with the Calvin Realty Team at eXp Realty, in Edmonton.

Your first concern is wrapping up your obligations in your current city or town.

“I think a lot of people get surprised when it comes to terminating their mortgage,” said Hexter. “They are two years or three years [into a mortgage term] and didn’t realize that, and sometimes it could be a $10,000 to $15,000 penalty.

“If you’re starting from ground zero,