When the New You Needs a New City
Wherever you go, there you are, are the lyrics to a song by country great Clint Black. And to a great extent, that’s true. But moving to a different city when you want to make a fresh start actually makes a lot of sense.
Maybe you’re a history enthusiast and boat lover, but you’re living in, say, Wichita. Though that may be a great city, it’s hardly conducive to your passions. You do some research and see the Chesapeake Bay near Baltimore is a city steeped in history with lots of boating opportunities and realize it’s the perfect place for you. Now what?
You’ll want to find where to live first. If you decide to start off renting, it’s smart to see what rentals are available at prices that fit your budget before you choose your neighborhood. If you’re looking to purchase a home in Baltimore, check on the market trends in all the areas you’re interested in, making sure you’ll grow your equity by finding a place where the market is trending up.
Perhaps you’re getting a good deal on a house but find the plumbing needs upgrading. Contact one or two insured and licensed local plumbers for estimates and see if the cost of the upgrade will still give you a good return on your investment.
Now maybe you want to take that love of boating and open your own mobile boat repair business. You can operate that business from your home since you will be going to your customer rather than them visiting you, but you’ll still want to be close to your clients, which means being close to the water. Since those rentals tend to be higher than those more inland, make a detailed business plan to weigh the costs and benefits. You can lower your personal asset risk by making that business a Maryland LLC rather than a sole proprietorship and can also reduce your tax burden that way.
Though Baltimore is only an example here, the same rules apply no matter where you want to relocate. The cost of living for the lifestyle you envision, being realistic about the pros and cons that each city has to offer, and deciding if your business can thrive there are all important considerations. But so is following your heart. Like another talented songwriter, Jimmy Buffett said, changes in latitude, changes in attitude, and that could mean a much happier you in your new city.