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Relocating your primary residence
Relocating your primary residence

This article describes selling your primary residence and purchasing a new home.

Nancy Gates avatar
Written by Nancy Gates
Updated over a week ago

You can model relocating your home to a new state. This is the best option if you plan to purchase another primary residence. State tax modeling will update to your new state at the time of the relocation.

  1. On My Plan > Home & Real Estate, open the "Future changes to primary residence" section

  2. Press "Model a future change to your primary residence"

  3. Select "Relocate" when asked what type of change that you would like to model

  4. Enter the age that the primary user will be at the time of relocation

  5. Select an account for any relevant sale proceeds or down payment

  6. Enter the state of your relocation

  7. Enter the Estimated Purchase Price of the new home in future dollars

  8. Enter the Mortgage Balance, or the amount you intend to borrow

  9. Enter the estimated Interest rate on your Mortgage

  10. Enter the estimated Term on your Mortgage

  11. Make sure to add a one-time expense in My Plan > Expenses for seller's fees and taxes you'll need to pay as a result of this sale. We don’t include these items as we don’t know the cost basis of your home and whether you might qualify for any exclusions.

  • If your relocation requires a downpayment, you will see a savings drawdown in the Insights > income and Expenses > Estimated Income, Drawdowns and Debt Chart. This represents any savings used to fund the purchase.

  • You will see same amount in Insights > Income and Expenses > Expenses Chart labeled "Relocation."

  • If your relocation results in a net gain, you will see income labeled "Relocation" in the Insights > income and Expenses > Estimated Income Chart.

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