A long-distance move for a job relocation can be an exciting but stressful process. There are usually a lot of unknowns, especially if you’re moving out of state.
One of the most significant decisions will be where to live and how to get you and your family there. If you own your home, then the timing of selling your home can be a complicated and stressful component. The timeline of a traditional sale may be difficult to juggle alongside everything else. Many people in this situation find it easier to sell to a cash buyer, which allows them a quicker process and more flexibility on closing dates. If you are interested in the cash-buying process, please contact us today.
Review Employee Relocation Package
If you are receiving an employee relocation package, there are a few things you’ll want to understand about the contracts you receive in order to make the most of what your company is offering.
Moving Services
Identify whether your company allows a moving company to help pack and transport your belongings to your new location. Review what is covered to make sure you have an understanding of what is and is not covered. For example, some contracts will cover moving but not packing/unpacking, while others will include everything. You’ll also want to understand whether you must provide additional insurance for lost or stolen goods or whether the movers/company will cover that expense.
If you are moving into temporary housing, you must also consider where you’re storing your belongings. Many moving companies will store your items for you, but you’ll want to check and see if your company’s moving services cover this.
Home Sale Assistance
Home sale assistance can be a great resource to help you sell your home quickly. Most companies will offer professional realtors services to help sell your home quickly or reimburse money lost on a quick sale. Using a cash buyer is a great way to sell your home quickly and hassle-free in this case, significantly if your company can subsidize some of the loss in market value.
Housing Search
Many companies will help you find a home in the new city. Assistance can include paying for a trip before the move to view different neighborhoods/homes. Many companies will also provide professional assistance to help you secure a house or a temporary rental. In some cases, the company may pay for your accommodations in the short term (30 days).
Travel Costs
Companies may cover the cost of travel for you and your family to move to your new destination. Automotive travel is generally paid back based on mileage driven, while train or air travel may be reimbursed based on costs.
Reimbursement Method
Lastly, you’ll want to consider how and when you’ll be reimbursed for expenses. This is important for managing your cash flow and understanding who pays moving vendors. Generally, there are four methods:
- Lump sum advance: where they provide you with a lump sum payment to cover relocation expenses. In this case, you’re typically responsible for allocating the funds yourself.
- Reimbursement: where you can submit your receipts for reimbursement, usually up to a specific amount.
- Direct billing: where the employer will pay for expenses directly.
- Third party: where they utilize a third party to help with the moving services, who will then bill the company directly.
Family Assistance
Family assistance may also be a consideration if you have a partner and children. Some companies will assist you in finding employment for your spouse in the area. If you have children, you’ll want to see if they will help you enroll in childcare facilities or local schools. You’ll also want to consider whether you’ll need childcare during this time and review whether your company will cover these expenses.
Miscellaneous Fees
Your company may also cover several other expenses, which can include:
- Driver’s license fees
- Pet registration
- Utility hook ups
- Furniture
- Cleaning
- Paid and/or unpaid days off
Repayment Clauses
Many companies will include a repayment clause in their relocation agreements, which typically requires the employee to repay relocation expenses if they leave the company before a set period of time. This is added to protect the company from losing an employee shortly after paying for their relocation. It also improves the retention rate within the company. Be sure to understand how long this period lasts to protect you and your family best.
Selecting a New Neighborhood
Moving to a new area has several challenges, including deciding where to live. Picking a neighborhood that meets your and your family’s needs can be daunting. Here are a few things that you’ll want to consider when selecting a neighborhood:
- What you like/dislike about your current neighborhood
- Proximity to work
- Proximity to childcare/schools
- Quality of schools
- Proximity to parks
- Proximity to amenities/ shopping
- The walkability of the neighborhood
- Safety/crime statistics for the area
- Local transit infrastructure
Establishing what neighborhood to move to can be difficult. While employers will generally include one visit to the new city to look for a home, you may want multiple in order to visit many neighborhoods or to really spend time in an area. A few good ways to get a sense of the neighborhood include:
- Walking around using Google Maps. Google Maps Street View allows you to “walk” or “drive” around an area, using real photos to provide a visual representation of the area. You can even go back in time and see how the neighborhood has changed over the years.
- Join local community social media groups. Many cities have local community groups on social media platforms like Facebook that you can join. This allows you to get a sense of the goings on within the community. You can even ask the community questions if you’re comfortable.
- Google things to do in the city. Typing in “things to do in [city]” into Google can give you lots of great insights to what local attractions the city has to offer. You can also Google “things to do this week in [city]” which often will give you a calendar of local events. This can be a great way to determine if the pace of the area matches with the type of lifestyle you’re after.
How to Sell Your Home and Move Out of State
Traditional Sale
Selling your home on the open market is often the best way to maximize your net proceeds. While it requires considerable effort, many homeowners find that the extra steps lead to a higher sale price. In a traditional sale, the home is listed on the Multiple Listing Service (MLS). During this period, the home must be kept clean and uncluttered as potential buyers schedule viewings throughout the week. Additionally, real estate agents may hold open houses on weekends. Before listing, it's important for the seller to address any deferred maintenance or necessary repairs, as these issues will likely be discovered during the inspection, potentially leading to a lower purchase price if not resolved. Some sellers might also consider making renovations to make the home more appealing and modern. Once a buyer makes an offer, the escrow process begins, typically lasting 30 to 60 days. During escrow, inspections, appraisals, and loan processes are completed, and the seller will need to fill out disclosure forms and sign various documents. During this time, there is a possibility of the buyer canceling the deal or renegotiating terms.
A traditional sale may not be the best for a relocation as it may be difficult to time the sale to line up with your moving plans. For example, you may not have the typical 30 to 60 days before you need to move. You may also need the funds from your house sale to fund the move or the purchase of a new home. It can also be very stressful trying to move while also dealing with a homesale which can often include multiple showings and lots of back and forth communication with your agent.
Sale-Leaseback
Some sellers opt for a sale-leaseback arrangement. In this case, the transaction closes, and the seller receives the proceeds but continues living in the home for a set period. This option is beneficial for sellers who need the proceeds to make a deposit on a new property, cover moving costs, or bridge the gap if their new residence isn't ready yet. Typically, the seller pays rent and may need to provide a security deposit to the buyer. Often, the rent is deducted from the sale proceeds to ensure the buyer receives it. It's crucial to agree on the sale-leaseback terms at the time of the sale, as not all buyers may be open to this arrangement.
This is a great option to address some of the timeline concerns of a traditional sale. However, it may be more difficult to find a buyer that will agree to a short-term leaseback agreement. Additionally, a leaseback agreement doesn’t address the hassle of the sales process.
Sell for Cash
Selling your home to Haven Homebuyers offers the most convenient way to sell quickly for cash, on your timeline. Haven Homebuyers can purchase your home for cash and close in as little as five days. Our proven track record shows that we create win-win agreements with homeowners. We can also close according to your timeline, whether you need cash quickly to purchase a new home or need to wait for a spot to open in a senior care community. We’re here to accommodate your needs.
This method is especially attractive if your employer offers home sale assistance that will bridge the gap between our cash offer and the market value of your home. Also take into consideration that selling to Haven Homebuyers doesn’t charge commissions or fees.
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