When a great opportunity for a new job comes your way, it can be tough to even consider it due to how daunting it can be to pick up and move to a new place. There are so many factors to consider, both in terms of your career and your life. Here are a few tips for relocating to a new city:
Do Your Research on Your Potential New Stomping Grounds:
Being offered a job in a new city is exciting, and if you’re seriously considering it, it is likely a promotion or a great opportunity to do something new and exciting. It’s easy to get caught up in the prospect of this new opportunity without looking at all of the other factors. What do you know about this city? Have you visited? If so, how many times? What is the economy like? What are the schools like? What’s the average house price? Will my friends and family visit me here? What type of community is it? If you haven’t had the chance to visit much, or at all, in the age of blogs and social media, start following locals on Instagram, Facebook, Snapchat etc. This can give you a great window into the local community in terms of culture, events, food and nightlife. Another way to connect is through mediums like Meetup – an app for your phone where you can connect with all kinds of groups in your new city. In Kitchener-Waterloo, for example, there are social clubs, tech clubs, foodie groups, singles groups, and hiking groups, just to name a few.
Ask Questions of Your New Company!!
It’s important to understand the outlook for you new company. What has their growth pattern looked like in the past? Where are they projected to go? What opportunities for advancement exist if I take this job? If your company is paying for relocation services, make sure that you understand everything that entails. Do they let you select your own agent, or do they have the agents pre-selected? Some companies will pay for your moving expenses, while others will include the costs associated with selling your home in your current location and any associated penalty fees.
Make a Realistic Budget
Before you fully commit, it’s important to create a budget based on the adjusted cost of living for your new city. If you are buying a house, what’s the maximum amount you are willing to spend on a mortgage each month, while still having money left for car payments, groceries, activities for the kids, etc. If the cost of living is higher, you will have to cut some extras from the budget. This may prove difficult, since you want the transition to be as smooth and enjoyable as possible. If the adjusted cost of living is too far outside of your comfort zone, you may decide to turn the job down. The opportunity must be weighed with the lifestyle components for you and your family.
Is the Timeline Flexible?
This is important for many reasons. From a real estate perspective, is this a good time to sell your home? If it’s the dead of winter, and a slow time for real estate in your area, is your company willing to wait, say, a month or so for the market to pick up so that you have the opportunity to get a better price for your house? If not, what concessions could they make in order for you to start the job sooner? If it’s getting close to the end of a school year, it would be worth it to ask your new employer if they would be willing to wait until the end of the school year, to make the transition easier on the kids. If this is not an option, it would be worth considering and negotiating a subsidizing of your expenses for a few months, in order for you to start the job when they want. For example, let’s say you are offered a job in April, and they need you to start right away. You might start your new job while your family stays to get the house ready for sale, and finish out the school year. If the company is not willing to pick up the tab on the moving expenses, that fact alone may greatly influence your decision. What if you just bought a house, and the penalties for breaking your mortgage are $15,000. If you add the cost of selling and the cost of moving on top of that, it may not make financial sense for you and your family. The time at which the job starts could be a deal breaker, so make sure you fully understand the implications of when the employment is set to begin.
What’s most important in considering a transfer is to weigh all of the pros and cons – both for your career and your life. If you need to sell your home in a hurry, let us know! Our system for selling will allow you the opportunity to net the most money in the least amount of time. Call us today for an evaluation on the value of your home!