Depending on how far away you’re moving (and we sure hope it’s somewhere warmer than Metro Detroit!), relocating for work can be a big job that requires a lot of time, effort, and money. Your new employer may help pay for the cost of the move, but there are a lot of financial factors to consider.
Here’s a general breakdown.
Costs of Selling
If you are planning to sell your current house by going the traditional route – on the MLS through a real estate agent – you should expect to spend 7% to 10% of the sale price of your home on preparing it for potential buyers, commissions, and closing costs. On a $250,000 home, that’s up to $25,000. If your home needs a lot of repairs to pass inspection, then this cost will obviously increase. Also keep in mind it can take 3-6 months to prep and close on the sale of a home, from start to finish, so be sure to budget for mortgage payments during that time – even if you’ll also be paying to live in your new location.
Costs of Moving
Moving itself can also be pretty spendy. The cost here will depend on how far you’re moving and how much stuff you’re going to take along. You will likely need to rent a truck, hire a moving company, or transport vehicles you own. There’s also the value of your time off work that will be required to pack and physically make the move. The company you are moving for may offer to help with these relocation expenses, but it’s smart to negotiate this into your new work agreement.
Costs of Settling In
Don’t forget to budget for the costs of settling into your new home. Whether buying or renting, there are always some upfront costs for that – everything from shower curtains and grocery staples to new décor and furniture if your old stuff doesn’t fit into the new space. Whether you’re downsizing or upsizing, this can really add up.
Mitten Made Properties can actually help eliminate one of these costs and the biggest stressor – selling your existing home. We buy houses as-is, fast, for a fair cash price. That means no repairs, no staging, no open houses – and no waiting. We can close in as little as two weeks, and we’ll pay all closing costs. Give us a call at (248) 883-3340 to see how we can streamline your transition!