Real Estate

5 Relocation Mistakes Made By Physicians

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5 Relocation Mistakes Made By Physicians

Moving your home as a physician can seem as though it’s a never-ending set of hurdles, which you and your family must jump through to make the move a success; while it’s true you will be faced with a unique selection of challenges, by understanding some of the main mistakes physicians make, you can avoid making them yourself – which is why, in this post, we’re going to look at the top 5 mistakes made by relocation physicians.

Relocation Mistake #1: Not Knowing Where to Start

Relocating can seem daunting – and the technical side of things can make things even more confusing. One of the biggest mistakes made by relocation physicians is not understanding the process involved with actually securing your dream home – and if you want to begin the moving process the RIGHT way, it’s crucial you get pre-approved before you start looking for that *perfect* home.

Pre-approved means you’re verified by the bank – it’s basically proof that you can handle a loan – and if you don’t have this document, you will NOT be able to put in a serious offer on a property…

So you could find the perfect home… at the perfect price…

But if you don’t have this document ready, you’ll have to wait to be pre-approved, meaning someone else could snap up the home you’ve set your eye on.

Relocation Mistake #2: Not Having a Concrete Plan

Of course, having a plan in place is something almost anyone does before even contemplating a move – but to make the move as hassle-free and easy as possible, it’s vital you have a proper plan in place so that you can find your perfect home fast.

For example, you may NEED 3 bedrooms… but you envisage your perfect home as having 4. Sure, it’d be nice – but is it a priority?

Build yourself a clear property profile that outlines exactly what you NEED… and what you WANT… and then look for a home that fits all of the “Needs”, with any of the “wants” being added bonuses.

This not only helps you refine the choice you’ll be faced with, but it’ll also help your realtor and loan officer hasten the process so that you can get the ball rolling as quickly as possible.

Relocation Mistake #3: Lying on a Mortgage Applications

This is hands down a complete no-no… regardless of how “small” the lie you may tell.

Lying on a mortgage application is a federal crime, and almost always results in jail time, along with a hefty fine – and your home is also likely to be repossessed.

Now, you may be reading this thinking “I’d never lie… that’s not something I need to worry about”

But even things as simple as stating your new home is going to be your primary residence – when it isn’t… or not being transparent about where ALL of the down payment money comes from counts as lying…

So ALWAYS, ALWAYS be honest with your realtor and loan officer.

The consequences of not doing so are severe.

Relocation Mistake #4: Not Understanding Mortgage Terms

You don’t need to become an expert in mortgage contracts or study like a realtor, but it does help to have a strong grasp of how mortgages work… and the various terms associated with them.

One common mistake made by relocating physicians is thinking that a deposit is the same thing as a downpayment. This is simply NOT true, and just because you’ve put down your deposit, it doesn’t mean you should go and spend your down payment.

This is just one example – but it’s a good example of why a basic understanding of your mortgage will enable you to enjoy a stress-free, more fluid move.

Relocation Mistake #5: They’re Too Careful

You find a perfect home, at a perfect price…

But for whatever reason, it’s just not quite right.

Or, it’s just a tiny bit more than you wanted to spend…

These are, of course, valid points to consider – and your new home is where you and your family will live… of course, you want it as perfect as possible…

But the fact of the matter is that today’s housing market relies on decisiveness. The people getting the best homes, at the best prices actively make offers… get pre-approved for mortgages…

And they don’t wait around ‘thinking’ for weeks on end, only to find their dream purchase has been snapped up.

It’s always wise to be careful… but avoid being too careful, or you could find yourself delaying your move by months, if not years.

Here at Physician Banks, we understand the stresses associated with moving, and that’s why we offer relocation services exclusively for physicians.

There’s no charge for our services – we recoup them from realtors – and you could earn up to $3,000 cashback just for using us…

Interested in learning more? –> Click Here

The 10 Most Common Cities Where Physicians Relocate

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Are you relocating to one of them?

A recent study was undertaken by Medical Economics and Doximity revealed the ten most popular cities that physicians are relocating to…

And if you’re looking to relocate – but don’t know where too – or need inspiration…

Then the following “top ten” list could be worth checking out.

Here’s what Medical Economics said about the study:

“The Doximity study evaluated how many open physician positions were advertised on the company’s network in large U.S. metropolitan areas in 2016 and 2017. It found that physician job postings have grown significantly year-over-year in many of the largest metropolitan areas.”

Here’s a breakdown of what the top ten most popular cities for relocating physicians look like:

    1. Boston
    1. San Francisco
    1. Chicago
    1. Washington, DC
    1. New York
    1. Denver
    1. Seattle
    1. Philadelphia
    1. Miami
  1. Los Angeles

You may not see yourself living in the cities listed above – but there are clear reasons behind them being the most popular destinations for relocating physicians…

And who knows… maybe you’ll end up moving to one of the above!

Want Help Relocating?

We operate a relocating service exclusively for physicians, and we’ll help you find your perfect new home, in the perfect city for you and your family.

We do everything from researching the neighborhood, to shooting video tours around potential houses…

And best of all?

Our service is totally free.

We recoup our costs from realtors – meaning there’s no costs, fees, or hidden charges payable at ANY time.

(Plus, all physicians that choose our relocation service can earn up to $3,000 in cash back!)

To learn more, and find out how YOU can relocate with the stress, complete the short form below and a member of our team will be in touch. 

Physician Relocation

Lower Taxes While Protecting Assets

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2 Things Any Physician Can Do Right Now To Lower The Amount of Tax They Pay, While Protecting (and even growing) Their Assets!

As one of the country’s most popular relocation service-company for physicians, it’s safe to say we know a thing or two about physicians and their finances…

And two topics continue to appear, both intertwined; lowering taxes, and protecting assets.

Of course, we all want to lower the amount of tax we pay, and as a physician, you work extremely hard – so it’s only natural you want to pay less while protecting your assets.

Below, we look at three methods you can use right away, to begin lowering your tax-rate and protect your assets.

#1: Form a Physician Corporation

One of the most effective ways at lowering taxes, forming a physician corporation will allow you to use the corporation to pay for various expenses, rather than your normal expenses coming from your salary or own pocket.

Best of all, since these types of expenses are paid before you draw your salary, they’re also deductible from your overall income, meaning they’re not taxed at all.

What’s more, a physician corporation presents even more benefits (with the ability to pay yourself a salary yet another benefit), and while – of course – the amount of money you take from the corporation is up to you, a corporation helps you to draw it at a sensible rate… one that cuts tax costs.

(The reason for the lower taxes is because you are not required to pay FICA taxes on the dividends you draw from the Physician Corporation, unlike your regular, current salary.)

#2: Contribute Towards Retirement Accounts

Contributing regularly towards a retirement account helps both lower taxes and secure your assets, and we’ll look at why, below.

First, in regards to tax… retirement plan contributions are not subject to income or FICA taxes, so even if you decide not to form a Physician Corporation as we discussed above, it can help to lower your tax bill.

In regards to protecting your assets, retirement accounts aren’t subject to levies in the result of a civil judgment, so in simple terms, the more you contribute to these retirement plans, the more your assets are protected.

If you’re not yet contributing to a retirement plan it’s a good idea to start soon, as, aside from the tax and asset-protection benefits we’ve looked at above, it also helps you to plan for your future, allowing you to retire earlier, and work less!

Of course, you should always consult with a trained tax expert in your local area, but following the tips above, you can drastically cut down on the amount of tax you pay each month, while also helping protect your assets.

Who Is Physician Banks?

We’re one of America’s largest and most reputable physician loan and relocation experts, and we help physicians with every step of their move, from helping them find suitable properties and homes to connect with the best realtors around, and securing mortgage loans.

We have realtors in all areas of the country and will work with you to find the best possible home for you and your family.

Best of all, we recover our costs from the realtors themselves, so there’ no charge to you whatsoever.

— Find out more by clicking here

Physician’s First-Time Homebuyers Guide

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First-Time Physician Homebuyers: 3 Things To Remember

Buying your first home is one of the biggest decisions you’ll ever make in your life.

Finding your dream home – and actually purchasing it – is a daunting challenge for many, but it doesn’t have to be.

In this post, we’re going to take a look at three ways you can make your first home-purchase as easy, simple, and hassle-free as possible, and they’re tailored to physicians’ needs.

#1: Remember That Your Real Estate Agent Is NOT Your Friend

That may sound a little strange, but when you think about it, it’ll begin to make more sense.

One of the biggest problems physicians have, when buying their first home, is that they are relatively inexperienced in the home-buying process, and think that a real estate agent is there to be their friend.

At the end of the day, your agent is there to make money – and that’s why you should always maintain a friendly, but professional relationship with them. Doing so will enable you to keep a clear head when making important decisions, and it will also ensure that in the case of things going wrong – or if you simply don’t feel as though they’re doing a good enough job – you can cut ties easily, without it becoming an additional stress in your life.

When looking for a real estate agent, it’s worth reaching out to ones that specialize in helping medical professionals find houses. While the core job of any realtor remains the same, those who specialize in helping physicians are likely to have a better knowledge of how the home-buying process works (in regards to getting mortgages, funding, and so forth) than a non-specialist.

If, after you choose a realtor, things don’t feel right, don’t be afraid to let them know. If you feel as though they’re not pulling their weight – and are hampering your efforts of finding your dream first home – then you’re well within your rights to fire them, and use someone else.

This is YOUR life – and you should never feel bad, or be forced into working with an agent who you don’t think has your best interest at heart.

Here at Physician Banks, we can help you find a real estate agent who does have your best interests at heart – and if you’d like to find out more, click here to get in touch and we’ll show you how we can help!

#2: Know Your Loans

The financial side of buying a home is undoubtedly the most daunting of all, and while you may think you’ve got a good knowledge of the home-buying financial side of things, it’s worth getting things ready well in advance, and things often can – and do – go wrong.

In fact, it’s not uncommon for loans to end up taking a lot longer than you expect – and this is the last thing you want if you’ve found your dream home, but only have limited time to get the funding sorted out.

One of the biggest problems that arise for physicians buying their first home, is the dreaded black mark on your credit file. You may think you have a perfect file… but just one accidental late payment can destroy your chances of getting a mortgage with fair interest rates…

So for the year leading up to your application, you should try to take a somewhat militant approach to paying off any credit cards or bills you have.

The best advice is to simply avoid any form of credit in the year before you want to purchase your home – and this will ensure that you never get yourself into a scenario where you get black marks on your file in the first place.

#3: Don’t Become Emotionally Attached

One of the biggest mistakes you can make is to become emotionally attached to a house, before the agreements, contracts, and financial arrangements have been finalized.

One of the unfortunate facts of life is that things can go wrong – and buying a house is almost never as straightforward as it sounds. You may find an offer you put in didn’t pass inspection, due to insecurities with the house itself – and this is just one example of where the deal can fall through.

Always try to keep an open mind, and keep an eye out for other properties. Until everything is finalized, and set in stone, assume that you may not get the property you want – and while that won’t be the case a lot of the time, it helps to enter with this mindset, as it will ensure you avoid any unexpected, devastating changes in circumstance later down the line.

That’s just a few of the things to be aware of when buying your first home. Above all else, it’s important to be prepared. Make sure you know exactly what you’re getting yourself into – and if you’re ever in doubt about something, don’t be afraid to ask questions, or seek advice.

The most important thing is that you’re happy in your new home – and it’s worth spending the extra time now to ensure that everything goes as smoothly as possible, to avoid problems later down the line.