Weigh the pros and cons of moving for a new job

DAVID FRIEND When the seemingly perfect job opportunity became available in Calgary, Daniel Hoang had to decide if uprooting his life for a new career across the country would drain his savings.

The Markham resident would be moving away from his family for the first time, saddled with new expenses and starting fresh in another city. On the other hand, he would also be taking his “dream job” as an urban planner.

Financial advisers say it’s a tricky to decide whether restarting your life in another province makes financial sense. Part of the equation involves tangible things that can vary by circumstance, while the rest comes down to the less quantifiable factor of emotion.

Hoang considered both before he bought a plane ticket for Calgary this month.

“I think it’s a great time for me to establish my independence, live on my own and experience a new part of the country,” he said.

Hoang started by laying out a financial plan, which considered the additional expenses he would incur by living in a new place. While this might seem obvious, advisers say it can also yield plenty of surprises, ranging from moving costs to vastly different local taxes.

“If you’re going to an urban centre like Toronto or Vancouver, they have a much higher cost of living that people think,” said Brett Strano, a financial adviser at Edward Jones.

Transportation costs can fluctuate wildly depending on where you live.

Advisors suggest making a list of your longer-term objectives that’s separate from your basic financial plan.

For example, if you’re going to rent for now, consider whether you eventually plan to buy a home. If so, take a look at the local market to get an idea of home prices in the region.