Mortgage Blog
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Relocating? Here’s How to Budget for a Whole New Life
November 19, 2025 | Posted by: Angela Robinson
Moving to a new city isn’t just a change in scenery — it’s entering a brand-new local economy. And when it comes to relocating, your financial planning should start long before the moving truck shows up.
Here are the key things to consider:
???? 1. Understand the cost of leaving your current home
Many homeowners are surprised by the price tag of exiting a mortgage mid-term. Penalties can reach $10,000–$15,000, depending on your lender and term. Before you make any decisions, talk to a mortgage professional (like us!) to understand:
• What penalties may apply
• Whether you can port your mortgage
• Whether a refinance or blend-and-extend could save you money
???? 2. Plan for hidden moving costs
If your move-out and move-in dates don’t align, you may need:
• Temporary storage
• Hotel/Airbnb stays
• Extra travel or gas costs
• Replacing furniture that isn’t worth transporting
These expenses add up fast — include them in your relocation budget.
???? 3. Test the lifestyle before you buy
If possible, rent first before purchasing in a new city. Every community has different:
• Support systems
• Commute times
• Childcare options
• Ongoing home costs (e.g., septic systems, property taxes, heating costs)
Trying before buying can save you thousands in resale and closing costs later.
???? 4. Bigger city doesn’t always mean bigger budget
Some major cities have better transit, lower heating bills, or affordable neighbourhoods. Rural properties can come with higher maintenance costs. Do the research — or let us hhelp you compare homeownership costs across regions.
???? 5. Build your relocation budget with expert help
A mortgage professional can help you understand:
• Local affordability
• Mortgage options in your new market
• How your current mortgage impacts your move
• What you can comfortably afford based on your lifestyle
Let Alberta Mortgage Professionals help you run the numbers and build a plan that makes your move smoother — and more affordable.
