Of course, you’re not quite there yet. Although it’s not as much fun to tie up loose ends at home, this is an important step in deciding whether or not to take that great new promotion. Depending on where you live and what the current housing market looks like, you’ll need to take these important factors into consideration.
> Selling vs. Renting: Selling a home and moving to a new city can be a huge undertaking, especially if the housing market isn’t in a great place for sellers right now. Not only can you end up losing out on quite a bit of money by being in a hurry to sell, but it might take months for your home to get through closing—months you don’t have to spare. Take a look at the housing market and determine whether it’s best for you to sell your current home or hold onto it for a few more years. If selling your home isn’t a realistic choice, you can always rent it out, find a subletter, or place it with a property management company.
> Double Rents/Mortgages: It’s not always ideal, but you can pay the rent and/or mortgage on two properties at once…especially if your company is willing to chip in on your housing costs. If your corporate relocation package includes a housing allowance, it might be worthwhile to continue paying your current mortgage out of pocket while using the allowance to cover the costs of your new home. This kind of investment can pay out in the end, though it’s best to run it by your financial advisor first.
> Moving Home Someday: Is your relocation a temporary situation? Do you plan on someday settling back in your hometown? You may wish to hold onto your home for these reasons, especially if you’re reluctant to sell or move an entire home’s worth of possessions just for a few short months.
> Family Separations: One aspect of corporate relocations that many families encounter is the need to run two separate households for a while. When one spouse works or when there are children involved (especially if you don’t want to remove from school in the middle of the year), it sometimes makes sense for you to go on to the new job/new city while the other half of your family ties up loose ends at home. While this isn’t always easy, it does give you time to evaluate and leverage the current housing market.
> Stick to Rentals: If you often find yourself being shuffled around for work, it might not always be ideal to buy homes. Instead of investing in property, you might be better off sticking to rentals and putting your money into a more easily portable investment.
Before you put a home on the market or decide to relocate for work, consider all your home buying and selling options. Oftentimes, services exist to help you sell your home while in transition, especially if your company is accustomed to handling these types of moves.