Could Moving to a Different Part of the Country Increase your Wealth?

Gift-wrapped Lamborghini

Gift-wrapped Lamborghini

The days of the majority of people spending their entire life in the town they were born in have long gone. Nowadays it is so easy to move elsewhere that many of us are doing it.

You might consider moving away to live a different kind of lifestyle, to enjoy a better climate or for any one of a number of other different reasons. However, one reason you should definitely consider is to boost your financial situation. If you are stuck in a bit of a financial rut then here are a few reasons why moving to a different part of the country could help you out.

Get a Better Paid Job

To put it simply, some jobs are more highly rewarded in some parts of the country than in others. This can be due to a number of reasons but it is often down to plain old supply and demand. If people with a certain skill set are in short supply in a certain place then employers might have to pay more to entice new workers to join them. What this means is that you should do some investigation to see whether the skills you currently possess or are studying for could earn you more money in a different town or city. You might find that you don’t even need to move all that far in order to get a better wage for doing essentially the same job.

Try a New Career

Alternatively, you might find that it makes more sense to go somewhere else and try out a new career. At any given time there are always boom industries in different places which offer good wages and the chance of a new start. Not every type of industry will be right for you but you might strike it lucky and move to the right place at the right time. Making the right decision in this case is probably going to take a lot more hard work than in the previous point but it could be well worth it in the long run. Can you imagine how your life would change if you moved to a new city and started a new job in a boom industry with great wages? It might sound farfetched but it is far from impossible to do these days.  

Buy a Better House for Less

Are house prices too high where you currently live? This is a common problem now but the solution can be to look elsewhere. You might move for a job with a similar wage or even a lower one but this factor could still see your finances improve. If you decide to try life in a city where the property market offers better prices it can take a huge weight off your mind. It is a horrible feeling to know that you are going to struggle to get onto the property ladder in the place where live just now and this can be the best possible solution. Best of all, it is really easy to work out whether this is a viable option for you. First of all, you need to check out the current property prices in places you might be interested in. Then you need to see what kind of salary the local job market offers for the sort of role you feel confident of getting.  Both of these steps can be carried out online as can the last one. This involves checking an internet mortgage calculator to see how much you will be able to borrow.

Enjoy a Lower Cost of Living

The last point is a little more difficult to calculate but it can be done. Is life cheaper in another part of the country? Food, local authority charges, parking and education are some of the factors you might want to take into account here. You can find out all of the information you need online but it could take a bit of research for you to feel comfortable about making a move on this basis. Of course, the alternative approach is to find somewhere you like the sound of and give it a try on a trial basis. After all, you’ve got nothing to lose and everything to gain by seeing whether this is a way of increasing your wealth.

Would you consider moving to a new town or city based on any of the points we have covered here?

Luke Blake is a property market analyst who has moved city a number of times in his life and hasn’t regretted any of them.