Relocating for work can be both exciting and stressful. One of the key elements you will have to deal with to permanently transfer from one place to another is buying and selling property.
Ask Your Employer About a Relocation Package
If you are transferring within your present company to a new location, you may be able to take advantage of a relocation package. Talk to your employer about the possibility of relocation packages and benefits. Your company could help with the cost of the move, or it could provide temporary accommodation or provide reimbursements for your moving costs related to relocating.
Be Realistic About Your Present Home’s Price to Sell Fast
Relocating will often mean you have to sell your existing home quickly. But to do so, you may have to sell for a lower price. That is not necessarily a bad thing. If a lower price enables you to sell your property fast, you need to consider it. Otherwise, you could fall into the trap of borrowing money to buy your new home while you wait for your old property to sell. That can cost you more in the long run, so weigh up your options and finances to find the best solution for you.
Buy Property through a Property Group
Moving to a new place comes with the confusion and hassle of looking for the best property. When it is a work relocation and you have limited time to settle, there is a high likelihood you won’t get the best offer. Imagine being in a new city and there are many locations for you to visit.
All this trouble and stress can all be sorted out if you hire an expert to do this for you. You can get to buy a nice residential property that will help you settle into the new city smoothly through a property group.
The advantage of a property group is that they will be able to provide quality property options. Furthermore, you will be sure that your money will be safe from fraud and conning.
Work Out Your Financial Position
Once your home is on the market, you will have an idea of how much it will sell for. You are then in a position to work out your financial position so you can know how much you can afford to spend on your new home. The purchase price could be the same cost as the property you are selling, or you may wish to take some money out of the sale to spend on other relocation expenses. The area in which you are selling and the place to which you are moving will contribute to how much it costs to buy and sell.
Calculate your financial status to figure out how much you can spend on your new home. Once you have a ballpark figure for how much your current home will sell for, subtract the following costs to determine your home sale proceeds:
· Agent commission
· Local fees
· Attorney fees
· The remaining balance of your mortgage
The remaining amount is the approximate amount you will receive in profit from your home sale. You can then weigh up the cost of living in your new location and begin searching for properties.
Are you relocating for work? St. Louis Realty Advisors can help! Give us a call at 314-270-1601 today to learn more.