Relocating for Job or Home?
Homeowners –Should You Relocate For A New Job?
When you’re a renter, relocating for a new job isn’t too difficult. You give your current job your two-week notice, your landlord a 30-day notice, put down your deposit on your new place and within a month you have a whole new life.
But things aren’t as easy when you’re a homeowner. Indeed, one of the biggest perks of owning a home is that you can set down roots, so it makes it more difficult to move to a different location and settle down again.
As exciting and welcoming as the new career may seem, as a homeowner, you might start to wonder whether it’s the right choice or whether it’s worth it.
Our office often hears from others in situations just like this –weighing their options for selling their home and relocating for a new job. Here are some things to think about before you decide for or against relocating for work.
Is Relocating for the Job a Good Idea in the First Place?
New city, new career, new home. It all sounds pretty fantastic but remember that there more to life than just work.
- How would relocating effect your spouse or partner?
- What changes can you expect for schooling for your children? What about daycare?
- Does living in a new place move you further away or closer to loved ones –how does that make you feel?
- If you’re unable to find a home right away, will your new employer provide temporary housing?
- Will they help with the cost of relocating?
- How does the move affect your cost of living? Does it fit in your budget?
The decision to relocate your life shouldn’t be made hastily. Try to separate yourself from the romanticism of it and consider all the ramifications that this change would have on your life, as well as the lives of your family.
Should You Sell Your Home if You Relocate?
If relocating makes sense and you’ve decided to take a new position, it’s time to decide what to do about your existing home.
One option is to buy a second home and keep your first home as an investment property. There are specific location requirements when it comes to having two mortgages, one for your primary residence and the other for your investment property. However, since you are relocating, meeting location requirements will unlikely be an issue and applying for a loan for your new home begins the same as the first time around.
What may end up being a problem is the actual management of the property. Managing a rental property in a different location can be difficult. While it comes at a cost, you may want to use a property management company to take care of it for you.
The other option and the one we most often recommend is to sell your first home. Read on to see how to get started.
Tips for Buying A Home and Relocating Quickly
Buying a home comes with a sense of urgency, but when combined with a work relocation, the anticipation doubles. Here’s how you can prepare and make a move quickly and easily.
- Get pre-qualified as soon as possible.
- Look for a mortgage professional with a history of closing on-time. You’re on a tight timeline so closing on time should be your lender’s priority too.
- Respond quickly to requests for documentation such as tax returns, bank statements, and W2′s. Take advantage of electronic submission whenever possible.
- Travel light. Go through your household and personal items with a critical eye and donate as much as you can to charity.
- Make a spreadsheet of who to notify about the move such as your bank, credit card companies, utilities. This will help to minimize disruption to service.
Are you relocating or do you know someone who’s relocating?