5 ways to avoid a tree change mistake
Updated: 4 days ago
Moving to a regional area is a great way to spread out and take a breath of fresh air. Yet the reality of a tree change may be significantly different from your expectations. If you’re thinking of moving to a regional area, we set out the important things you need to do before you start packing.
1 Consider your lifestyle
Moving out of the city to a regional or rural setting can mean fewer people and a slower pace of life. Fewer people can mean that access to medical centres and hospitals will be harder to come by. The same goes for specialist doctors, a service you may require as you get older.
Also, the things you like to do for fun should align with your chosen surroundings. If bush hiking is your passion, then you’ll be right at home living outside the city. But if you like sampling new restaurants or attending cultural events, your choices will be more limited.
2 Give it a go before you commit
If you’ve got someplace in mind, it’s worth spending extended time there. You may be able to do an extended home swap or hire a home through something like AirBNB to see what the reality of day-to-day life is like. Ideally, you’ll do it more than once, testing out life in different seasons and getting to know the people who will become your neighbours.
3 Think about your network
When you leave one area, you’re leaving behind the relationships you’ve built with everyone from friends to colleagues to neighbours. While technology makes it easier than ever to keep in touch, distance impacts relationships. Think carefully about how you’re going to make new friends.
4 Choose a suitable property
Regional properties may look idyllic but it’s also important to consider the practical aspects.
Severe weather events in the last few years have highlighted the impacts of bushfires and flooding. Would you be able to manage if you had to evacuate quickly? What about the costs of insurance? Similarly, heating and cooling costs can vary greatly based on your location.
Getting older means that accessibility and easy maintenance are a priority. And as the range of trades and materials that you’re used to may be more limited in a regional area, select a property that will be suitable for your long-term needs.
5 Have a backup plan
Moving your whole life can be expensive. Moving it back if you change your mind can be a financial disaster. Ensure you have a backup plan in case things don’t go the way you expect. You may not be able to sell your property in the new community as quickly as you’d like, or you may be priced out of the market back in the city.
Having a comprehensive plan for your financial future can be invaluable not only in plotting out your money but also in preparing for unforeseen eventualities. This can prevent a minor hiccup in your plan from turning into a tragedy.
Talk to your financial advisor
If you’re considering a tree change, talk to Serendipity Wealth as a helpful sounding board. We can explore your financial options and put in place plans to protect your wealth and wellbeing.
What you need to know
This information is provided and produced by Serendipity Wealth Advisors. The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation, or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product. Information in this document is based on current regulatory requirements and laws, as of 1 June 2022, which may be subject to change.