Having to relocate and sell your house at the same time could cause the best of us to break out in hives. It’s a lot of work to manage. A job relocation is task in and of itself; having to move the family, find new schools, meet new people, find a new home, and the list goes on.
To make the process as easy as possible we’ve created a 7-step job relocation checklist for you to follow to help keep you sane and organized.
Selling a House & Relocating to Another Location
1st Consider Any of These 9 Methods to Know What Your Home is Worth
Having to relocate for new employment can happen faster than thought. So knowing ahead of time of the fair value of your house or property is critical to attracting potential buyers and maximizing profit. However, determining the worth of a house can be a complex process that requires careful consideration of various factors. Here are some of the best methods you can use to establish a fair value for their house, as well as some recommended websites and tools to refer to:
- Contact Gary at garybuyshouses.com for a free home valuation. Gary is a professional real estate investor with 10 years of experience in the industry. His expertise can help you quickly and effectively determine the fair market value of your house and help you establish the best price possible because you can discuss your situation with a real live human with years of experience instead of a robotic site or system.
- Hire a professional appraiser – A certified appraiser can provide an unbiased assessment of the property’s value by considering its location, size, condition, age, and other relevant factors.
- Check recent sales in the area – Researching recent sales of comparable homes in the area can give you an idea of the market value for your property.
- Consider the cost of any renovations or improvements – Any improvements or renovations you’ve made to the property can increase its value, so be sure to factor these into your assessment.
- Use online tools – There are a variety of online tools available that can provide estimates of your home’s value based on public records, recent sales data, and other factors. These include Zillow, Redfin, Ownerly and Realtor.com.
- Consult with a local real estate agent – A local real estate agent can offer valuable insight into the current market conditions and provide a professional opinion on the value of your property.
- Check with a mortgage lender – Some mortgage lenders offer free home value assessments as a service to their customers.
- Review property tax records – Property tax records can provide information on the assessed value of your property and its historical value over time.
- Consider the replacement cost – If your home was destroyed, how much would it cost to rebuild it? This can be a useful way to estimate the value of your property.
2nd Ask Your Former Employer About Relocation Package
You don’t want to be in a situation where you end up paying to own and maintain a vacant house for 2 years. That gets expensive and it doesn’t have to be that way.
Although the real estate market is relatively stable right now, things can change in the blink of an eye. We’ve heard some serious horror stories over the past couple of decades. Unless you’re filthy rich, you probably can’t afford to wait it out.
Fortunately, about one-third of employers offer relocation packages to help alleviate some of the financial burdens you will have associated with moving. I suggest you should check with your employer about these packages to make the most out of your relocation experience.
A relocation package typically includes various benefits that can significantly reduce the costs of moving. For instance, your employer may offer to cover your transportation expenses, such as airfare, train tickets, or gas and mileage costs saving you $1,000’s.
Additionally, the relocation assistance may cover temporary housing and storage fees, as well as real estate agent commissions, and closing costs. This can save you immensely on out-of-pocket expenses, which can make the move more feasible and less stressful.
Additionally, many employers offer counseling services to help you and your family adjust to the new environment, provide education assistance, and even offer spousal employment support to help your partner find work in the new area. This can make the relocation experience more comfortable and reduce the stress of starting over in a new place.
Overall, as the breadwinner of a family, checking with your employer about relocation packages can help reduce the financial and emotional burdens associated with moving. It is crucial to ensure that the package offered by your employer includes the necessary benefits to make the move feasible and less stressful. The relocation package can make the transition more manageable and allow you to focus on the new job opportunity without worrying about the costs of moving. So, before deciding to relocate for work, always check with your employer about the relocation package and what it includes.
Relocating Options And Steps
3- Tax Deducting Job Relocation Expenses
As of 2023, tax laws around job-related moving expenses have changed, and it’s essential to understand what expenses you can and cannot deduct. Here’s what you need to know:
- Generally, moving expenses related to a job relocation are not tax-deductible unless you are an active member of the Armed Forces permanently relocating due to a military order.
- Prior to 2018, you could deduct moving expenses if your new home was at least 50 miles closer to your new job than your old home was (the distance test), and you’d been working that job full-time for 39 weeks within the first year after you moved (the time test).
- However, the Tax Cuts and Jobs Act of January 2018 excluded all but active military members from the opportunity to claim this deduction. So, unless you’re in the military, you cannot claim moving expenses as a tax deduction.
- It’s essential to understand the difference between job-related moving expenses and job search expenses. Job search expenses, such as travel expenses incurred while looking for a new job, can still be tax-deductible. According to the IRS, job search expenses are deductible as long as you are searching for a job in the same field and the expenses are not reimbursed by your new employer.
- It’s always a good idea to consult with a tax professional to determine what expenses you can and cannot deduct on your taxes. They can provide guidance on what documentation you need to keep track of and how to claim any eligible deductions.
- IRS Publication 521: Moving Expenses
- Tax Cuts and Jobs Act of 2018
4 – Write Down Your Post-Sell Plan
Here are 7 tips to help you create an effective plan after you’ve sold your house due to your job relocation:
- Determine your relocation timeline – Knowing when you need to be in your new location can help you establish a plan for packing, moving, and settling in.
- Create a moving checklist – Create a detailed moving checklist to ensure you don’t forget any critical tasks, such as forwarding your mail, canceling utilities, and arranging for transportation for your pets.
- Research your new location – Before you move, research your new location to get a better sense of the area and what it has to offer. Look for schools, parks, grocery stores, and other amenities that may be important to you and your family.
- Establish a budget – Create a budget to help you manage the costs of moving and settling in your new location. Make sure to factor in any expenses related to the move, such as transportation, temporary housing, and storage fees.
- Hire a reputable moving company – Consider hiring a reputable moving company to help you with the move. Look for companies with good reviews and references and get multiple quotes to ensure you’re getting a fair price.
- Stay organized – As you prepare for the move, stay organized by keeping important documents, such as your lease agreement, contracts, and receipts, in a safe and easily accessible location.
- Stay in touch with your employer – Stay in touch with your employer to ensure a smooth transition to your new position. Make sure you have all the information you need about your new job and any required paperwork.
Did You Know You Can Sell NOW and Move Later?
If you weren’t already aware of the possibility of selling your house now and moving later, yes, that is an option. And a very helpful option for many might I add. Contact me here and I’ll be happy to discuss your specific situation and help you customize the perfect relocation plan for you and your family!