Moving

Whether you struck oil—black gold, Texas tea—and are moving to posh Southern California (that’s a reference to “The Beverly Hillbillies,” you millennials!) or maybe you’re making a cross-country migration to work for TikTok (okay, everyone knows what TikTok is), there’s a lot to think about when pulling up stakes and settling in a new place.

Sure, moving is exciting. But a whole lot can go wrong, too.

So no matter your reason for relocating, beware of these top mistakes people make. Check out this list, and brace yourself for some tough decisions.

Mistake #1: Renting out your old home badly…

Sure, it seems smart to hold on to your old place just in case. It’s also nice to collect rent! But that’s the best-case scenario; you need to also consider the worst.

“Renting out a home can be a great investment—if you know what you’re doing,” says real estate investor Mark Ferguson of Investfourmore.com. “The problem is, many people have no idea how to manage renting a home—like collecting rent and checking on tenants.”

Other landlord duties include maintenance, managing vacancies, and anticipating expenses. “Landlords have to account for monetary outlays beyond what the rental payment covers, so some houses won’t make money as rentals,” adds Ferguson.

To avoid this pitfall, ensure you have a plan to manage your home remotely and that you can afford to keep paying the mortgage between tenants.

Mistake #2: Selling your home prematurely

Robert Palmer, host of the syndicated Saving Thousands Radio Network, talks up the opposite of renting.

“Selling years from now is going to net you more money than selling today, and someone else will have made the [mortgage] payments for you,” says Palmer. “This helps you build wealth.”

The key is the right tenant, like a friend or somebody you know. Bottom line: If your home is in a hot market like Los Angeles or New York City, it might be impossible to buy back into the market should you ever decide to return to it. Which happens more than you might think.

“In LA, it’s not uncommon for rental amounts to be more than the mortgage payments,” says Terra Andersen, director of Internet marketing at apartment-rental company NMS Properties. In that case, it might be more wise to rent out your home as a revenue stream and a fallback option.

Mistake #3: Muddling a mortgage on a new home

If you’re relocating for a new job and want to buy a home before you start working, be sure to structure your employment agreement to avoid issues with lenders.

While an executed offer of employment can serve as documentation to qualify for a new mortgage, many lenders will require proof that all the offer contingencies have been met as well, says Mary Catchur, president of Marimark Mortgage.

A solution is to work with a mortgage loan originator licensed in the state you’re relocating to and develop a plan to fulfill those requirements, “preferably before finalizing the new job offer,” says Catchur.

Mistake #4: Storing stuff for “someday”

Tempted to leave behind lots of your possessions to transport months or maybe years after you’re settled?

If you’re certain a relocation is permanent, it’s best to move everything right away.

“From a realistic standpoint, it’s easy to forget about items in storage,” points out Christine Haney, executive vice president of Global Relocation at Elliman Real Estate. “When my father was transferred to Europe, my parents stored their 1970s gold, brown, and green furniture. When they returned eight years later, their now-retro furniture had no place in their new home!”

Mistake #5: Expecting your stuff to arrive ASAP

If you do pack up and send off everything all at once, don’t push it too close to the day you start a new job or endeavor, expecting all your possessions to arrive at one time.

“It can take a few days, if not a week or two, for all your belongings to arrive at your new home, due to weather or road shutdowns,” says Ryan Carrigan, co-founder of moveBuddha.

So pack a starter kit with whatever essentials you need for a week, and always keep important documents with you.

Mistake #6: Not getting schooled on schools

“Some people move into a district without checking out the schools,” says Alina Adams, who works in school admissions in Manhattan.

What’s worse, she says, is when people move to a neighborhood with a great school without realizing that it has no more room. So play it safe: Call the school district or private school you want to find out if you can enroll your child. (Or search online for your school district.)

Mistake #7: Ignoring your new home’s layout

Often relocators try to replicate the exact same old living environment in a home with a completely different layout.

“Sometimes this can actually add to the stress, especially when the former lifestyle can’t be replicated,” says Haney. “The most successful moves I’ve seen is when families embrace the change.”

So welcome a new environment to go with your new move. You’ll be glad you did.