You get the memo from your employer. They are pleased to
inform you that your position is not being eliminated. They
are happy to have you as an employee and hope you will be
able to remain in your job. However, that job will now be
located in.... Fill in the blank with the name of some locale
to which you cannot commute from your present home. You must
pick up your family, find a home, find schools for your children
and move to a strange place. In addition, your spouse, who
may be happily employed near your current home, must quit
his or her job and start anew.
If you follow the news, you know this is not an unusual scenario.
Companies often decide that they can operate more efficiently
in another town and either hire a new staff in that town or
take their employees along. If your employer offers to take
you along, you must decide if you would rather relocate or
look for a new job. There are many practical factors to consider:
cost of living in the new town, quality of life, and job opportunities
for your spouse. There are also personal factors: leaving
family, friends, and all things familiar. I cannot help you
with that. What follows are resources that can help you with
the practical issues. These resources can help you compare
the costs of living, find apartments, find houses, and organize
your move.
"I've Been Transferred... We have to move..."
These very words can strike fear into even the most self-assured.
Whether you have been faced with a transfer or a move across
town, this information can help. Most transferees must contend
with the unexpected challenge of selling an existing home
while finding a new home in an unknown community-and having
to do it pronto. What can you do when faced with a transfer
or a move? To shake off the relocation jitters and achieve
a smooth move, you need to consider a few strategic steps:
- Take advantage of company relocation benefits. One of
the benefits that your new or current employer provides
you is relocation and housing assistance. Relocation counselors
can help anticipate aspects of the move and effectively
manage the process. They can also aid you in decision-making
and help you approach the move with a positive attitude.
- Do you rent or do you buy. Well you can only answer that
question if you know where to find the answers. An Orange County
Castles representative has experience in answering this type of question
and can provide you with the tools and detailed information
specific to your needs.
- Owning should be less expensive than renting. Here's a
guideline that may change the way you view your seemingly
cheap monthly rent. In order for you to see how expensive
a home you could afford to buy while having the same approximate
monthly cost as your current rent, simply do the following
calculation:
Take your monthly rent, multiply by 200
= purchase price of home
Example: $ 750 x 200 = $150,000
- In this example, if you were paying rent of $750 per month,
you would pay approximately the same amount per month to
own a $150,000 home (factoring in tax savings). Now your
monthly rent doesn't sound quite so cheap compared to the
cost of buying a home, does it? As a renter, your rent is
fully exposed to increases in the cost of living, the annual
increases in rent is 4 percent per year.
- Identify real estate professionals in a quality company.
Using Orange County Castles Agent Interview Questions
and our Nationwide Network of prescreened Real Estate Agents,
you will be assured of finding an agent who will meet all
of your needs.
- Familiarize yourself with the real estate market in your
target area. One way to do this is to scan the real estate
section of back issues of the newspapers circulated in your
target area. A better way to become more familiar with the
real estate market is to contact a Orange County Castles
Agent who can provide you with detailed and up-to-date statistics
on the current market.
- Evaluate your new community. Read through the abundant
and current information provided to you by your Orange County Castles
representative on such factors as commuting; school systems;
parks; libraries and community facilities; property tax
rates and other taxes; crime rates; cost of living; current
and historical property values; age and character of neighborhoods;
recreation; outdoor activities and arts; community organizations
such as churches, charities and sports clubs; shopping;
health care; and other amenities, services and costs.
Keep in mind that neighborhoods within the same community
can vary greatly. Never choose a home without some firsthand
knowledge of the neighborhood.
- Determine your price range. Working with a Orange County Castles
Real Estate Professional or relocation specialist, estimate
the price range to which you will confine your search. Many
advisors recommend that your debt ratio be no greater than
36% of your gross monthly income. In other words, when combined,
a car loan, tuition loan, credit card debt, property taxes,
insurance, mortgage and other debts should not exceed 36%
of your gross monthly income. The best way to determine
your price range is to obtain pre-approval from a home mortgage
lender. As an added benefit, buyers may take you more seriously
with this written commitment from a lender. Don't be afraid
to speak with a lender to find out where you stand, as most
preliminary evaluations are free. You may even find out
that you can afford to buy the home that you NEVER thought
that you could!
- Communicate with your real estate professional. Because
an agent may represent the seller, the buyer or both, find
out where you stand. Then, verify that your real estate
professional knows exactly what you need and want. Take
photographs of your current home or clip pictures from magazines
to illustrate the kinds of features you'd like in a new
home. Good communication can result in a faster home sale,
more quickly identifying a new home and a quicker, easier
relocation. When negotiations begin, let your real estate
professional know that you want to hear the good news along
with the bad. If you don't understand what's going on, don't
hesitate to ask questions.
- Most important of all, approach your relocation with a
positive attitude. Moving can be painful or joyous, depending
on whom you consult, how well you plan, and how openly you
approach the task. Through a process of sound decision-making,
you can banish the relocation jitters and ensure a smooth
start to a new life.
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