It’s a Terrible Time to Relocate for a Job. Or Is It?
By Paula Santonocito
However, what that resolution entails depends on your particular situation.
If you own your home, take a look at its realistic market value, with the emphasis on realistic. Assuming your house will sell, would you be satisfied with the sale price? Your answer will depend on how long you’ve owned the home, how much money you have into it, and what you could conceivably net from a sale.
What if the numbers aren’t in your favor? Consider renting your home until the market turns around. One interesting offshoot of the housing market fallout is that more would-be homeowners want to rent. You might also consider a “lease with an option to buy” arrangement.
But there may be yet another option. ABC News reports on “swapping homes to beat the market,” indicating that several new websites match homeowners interested in trading their properties.
If you’re currently a renter, you aren’t as encumbered, at least not from a real estate standpoint.
In fact, housing choices abound, often at a bargain. If you’ve been thinking about buying, there may be opportunities in places that were previously unaffordable, like Southern California or South Florida, for example, where the real estate market has taken a particularly hard hit.
In communities that have felt the one-two punch, there are also likely to be a wider variety of rental options.
Fear of Layoffs
But the job itself, however ideal, may be of concern in the current economic environment. What about all the layoffs making news? Is it true that the last employee hired is the first to go when a company decides to trim staff?
Admittedly, these are grounds for concern. Nevertheless, it’s important to look at the job you’re considering in the context of job security. Are you one of a dozen accountants? If so, your position could be at risk should the company decide to cutback. On the other hand, if you are the new director of marketing for a company that has a large marketing budget, your position may be more secure.