We are nearing the end of this series on Relocation is NOT for Dummies. I hope you find it useful in your own relocation. In case you are just joining in, here are the links to the first articles in the series:
Part 1 - Emotional and Psychological Issues
Part 2 – Selling your Current Home
Part 3 – House Hunting from a Distance
Part 4 – The Move Itself – packing, kids, pets and more
In this section I want to share some thoughts with you if you have a relocation package from your employer to assist you in the move to a new Carlsbad home, or wherever you may be going. There may or may not be a relocation company or specific relocation services involved. Your relocation program may be a lump sum payment, an offer of temporary housing assistance, and/or a myriad of other offerings.
RELOCATION PACKAGES
These can be great to have, and may provide a financial break on your relocation and coordination with the move itself. And certainly the employers that offer them are banking on attracting new employees with these packages who might otherwise not be able to afford to make such a move.
Here are some thoughts on relocation packages and issues to consider:
Receiving a relocation package may result in a tax burden. You will want to check with your tax professional early on (perhaps even before you accept the new job offer) so you understand the tax implications (for example, you may be given a lump sum payment to help with relocation costs, and this will likely be treated as income for next year’s taxes).
If there IS a relocation company involved, do you know what your relocation company does for you? Find out early on so there is no confusion and you follow the protocol. Companies have different requirements regarding paperwork, approvals, reimbursement procedures and much more. You may not be able to select the actual moving company, for example, or you might need to pay for expenses out of pocket and then get reimbursed.
Knowing what the relocation company does is also important in terms of understanding the sale of your current home, the purchase of a new one, and who can help you do this. You may or may not be able to choose the real estate agent on either end of the transaction. Find out before you get too far along (by the way, agents, this is good for you to know as well so you don’t commit to a buyer and spend lots of time helping them in their search, only to find out they must use a designated agent for the transaction).
And some other questions for you...
Does your relocation package include closing costs?
Does your relocation package include an equity loan?
Does your relocation package include a buyout, in the event your home does not sell?
Like anything else in real estate, doing your due diligence up front will reap benefits down the road.
Stay tuned for the final article in this series on relocation.
If you need any help with YOUR relocation to the Carlsbad, California area, please don’t hesitate to let me know.
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ALL ABOUT THE CALIFORNIA RELOCATION DUDE
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Randy - agreed. It's tough in some areas where houses are not selling well and especially if the homeowner has not been in the home long and may be underwater if they sell.
Jeff
Thanks, Chris. I'm pleased to hear!.
Jeff
That is such an important point, Lenn. Seems that you HAVE to be on their list in order to work with a relo (in many cases, not all). I suspect most folks don't realize this.
Jeff