I’m Relocating & Need To Sell My House In Alberta

We’re in a globally connected economy – you can find a job anywhere in the world. And while getting a job somewhere across Canada (or even across the ocean) is incredibly exciting, it can lead to a lot of headaches if you don’t plan your move properly.

This is the most comprehensive guide you’ll find on the internet about relocating from Alberta. We’re going to discuss the steps you should take before you move, the costs of relocation (and how you can finance it), and the options that you have when relocating. We’ll cover all kinds of details, from the tax implications of relocating to unexpected expenses you might encounter.

Ready? Let’s get moving.

Before you move

Find out how much your home is worth

Moving is expensive. The price of living in your new home might be more than it is here, or it may be less. In order to make the best financial decisions regarding your relocation, like whether to rent or buy, you’ll need to know the value of your existing home.

When selling your home, you want to ensure that the sale price will pay off the value of your mortgage as well as any moving expenses. Equity will, of course, play an important role in these calculations – the less equity you have, the less money you’ll have left over once the mortgage is paid off.

There are a number of ways to determine the value of your home. You can talk to a real estate agent, or use an online home valuation tool. There are advantages and disadvantages to both these methods. Online tools are often inaccurate, while real estate agents may give you a solid valuation – but one that will require you to keep your home on the market for months.

At Solution Home Buyers, we buy houses for cash – perfect if you need to move fast. We’ll give you a valuation on your home, and we can make an offer shortly thereafter. When you need to move quickly (which is often the case when relocating), we may be the perfect choice.

Store or sell any belongings

When moving, you have three options with your belongings: Store them, move them with you, or sell them.

You may be surprised at how much value you can get from selling old belongings – the sales from stuff you don’t need anymore can help you finance your move, all while lowering your moving costs.

Any items that you don’t take with you, sell, or donate will need to be stored. Storage costs can be quite high, and you should consider them a part of your monthly budget when determining what you can afford when you relocate.

Analyze the market

You’ll want to examine both the market you’re leaving and the market you’re moving to. Numbeo is a great tool for this; like any online tool, it’s not perfectly accurate, but it will help you estimate your costs. Look in particular at the real estate market in both areas – how much you can sell your home for and how much it will cost you to buy or rent a new home in the new market.

Financing your relocation

Understanding the expenses related to relocation

We’ve already discussed the biggest costs related to relocation: Paying off your mortgage and purchasing or renting a place in the area you’re moving to. These expenses include:

  • Trips to the new location to look for a place to live
  • Moving expenses (including insurance, vehicle transportation, gas, and more)
  • Temporary living expenses
  • Professional house cleaning
  • And more

Depending on where you’re relocating, it can cost hundreds (or thousands) of dollars (locally), several thousand dollars (nationally), or even up to five figures (internationally). International moves have a wide number of other associated costs, like obtaining visas.

There’s also the issue of capital gains tax. Here in Alberta, capital gains tax isn’t levied when you sell your principal residence, as long as you’ve been using the home as your principal residence for the entire time you’ve owned it. Not sure if your home qualifies for the capital gains exemption? Speak to an accountant.

The relocation package offered by your employer

All of those costs can seem pretty daunting, but there’s good news – most employers will offer a relocation package to help you cover the costs. Relocation packages vary widely from employer to employer, so we highly recommend you read the fine print. Discuss the costs you anticipate paying with your employer, and calculate the compensation they offer in your overall budget.

Tax benefits offered by the Government of Canada

Canada may (occasionally) levy capital gains taxes when you sell your home, but they don’t leave you completely out in the cold when you move. You can claim moving expenses on your income tax in the year you move. Talk to your accountant to get a better idea of how much you can claim.

Cash advances offered by Solution Home Buyers

The costs of relocating can be steep, and some of the methods you can use to ease the financial burden, like claiming moving expenses, can’t be used until after you’ve moved. You may also need to move before you can close a sale on your home.

We can help alleviate these problems in a few ways. When you sell your home with Solution Home Buyers, the process is streamlined, so you’ll rarely have to move before you close. Even if you do, however, we offer cash advances to help you cover all of your moving expenses.

Your options when relocating

Buy a home before moving

You’ve got several options for managing your dwellings when you move; the first of these is to buy a home before you move. For those who can afford it, this is often one of the most practical options – there’s no hustle to find a home after you’ve sold yours. To do this, however, you’ll need to be in great financial health and able to obtain a mortgage before even selling your place.

This isn’t an option for everyone, but for those who can juggle two mortgages for a few months, it can alleviate a lot of stress.

Move out, then find a home

This is the option that most people pursue when they relocate. You’ll scout the market, find leads, then arrange to store your belongings in a temporary location (or a monthly rental) until you find the perfect place.

This option is best for people who can’t afford or obtain two mortgages simultaneously. By partnering with Solution Home Buyers, you can use our cash advance to move before the closing date, establish yourself, close, obtain a new mortgage, and buy a new place.

Rent a home

Alternatively, you can also opt to rent. By renting, you can move before or after you sell your home, then opt to purchase a new home whenever you want. This option is great if you’re not sure you’ll want to stay in the city you are moving to.

Sell, rent, or maintain your existing home

You’ve got three choices for the home you leave behind: Rent it, sell it, or continue to pay the mortgage and insurance on it with no passive income.

The last option is obviously the worst unless you’re very well off. That leaves us with the other two options: Renting or selling.

Renting is a great option for some folks, but it’s not for everyone. You’ll have to find tenants, respond to emergencies, and risk damage (and depreciation) to your home. Some of these problems can be mitigated through the use of property managers, but you’ll never be off the hook for everything. You can rent out your place, but be ready to work for your money.

The option most people pursue when relocating is to sell their homes. While it’s often seen as the best option, selling on the traditional real estate market can be tricky, as you may need to leave your home on the market for months. Relocating often happens on a short deadline, and if you don’t want to pay two mortgages and two home insurance premiums, you’ll need to sell fast.

Sell your home quickly with Solution Home Buyers

We pay cash for houses in Edmonton – and that means we don’t need to wait for financing. That makes us an excellent choice for people looking to relocate quickly. Interested in relocating and selling your home? Get in touch with us! We’ll structure several deals so you can sell your home and move on up in the world.

Congratulations on the offer, and happy relocating!