In the flurry of activity interviewing and traveling for a position you really want, you might overlook the housing quotient of your new career move. Housing prices are at record highs, and sadly your new job location may put you in the housing poor house, even if your compensation is also at record highs. Moving from a smaller market to a major metropolitan area can inflect major sticker shock when it comes to purchasing a new home. What's a potential transferee to do? Be prepared to do some research to arm yourself in salary and relocation negotiations. -Ask your recruiter if you are working with one, or the human resources contact at your potential new company to provide housing statistics on the area your moving to. Look for average sold home prices and commuting times. -Spend a considerable amount of time on real estate web sites looking at available properties. Realtor.com offers the largest data base. You'll have a good idea of where you fit into a new housing market and how close or far you'll be, considering how much you can afford to pay for a home. -Direct your recruiter to not share your plans for a potential job move with either local real estate agents or those in the destination city. You have enough to juggle without agents looking to appraise your current home or meeting with new ones where you might be moving. Don't go house hunting until there is a formal written offer on the table. -If your new to corporate relocation, this is an experienced business model. Basically the employer is trying to contain costs moving you, but at the same time understands happy transferees and content families make better employees. -Costs and expenses that can be covered by a relocation policy include; 1-3 all expense paid familiarization trips to destination city, home sale and purchase assistance, temporary housing in destination, and storage of household goods. -When looking for a new home in a market new to you, be diligent about local real estate market conditions. Ask how long the average home is on the market before going under contract. This will provide you with information if you need an exit strategy sooner than later. -Read and study your relocation policy carefully, all your benefits will be outlined in detail. Procedures typically must be followed to receive all financial compensation under a policy. -If you are moving for a first job or moving to a new company in a new location, there might not be any relocation benefits for you. Factor all the costs if you must bear them. Sales costs on your existing home, purchase costs on your new home, moving and transportation costs, temporary housing, and household goods storage costs. |
