by Dan Krell
One of the top reasons for people to move to a new city is because of job relocation. Moving is not always easy, but relocating your entire family to a new city is especially a huge endeavor that requires lots of planning and assistance.
Whether you decide to relocate thirty miles away or 2,000 miles away, it is always overwhelming. One of the first things you may want to do is find out about the town you plan to live. There are many relocation resources online that can help with your planning. Websites such as Relocation Essentials (relocationessentials.com), or Home Fair (homefair.com) offer community information, school information, planners, demographic statistics, and city virtual tours.
Additionally, you may want to talk to a local Realtor in the new town , as well as friends, family, and even your Professional association to learn about the town from first hand experience. Networking can help with assisting with family needs that are not offered in your relocation package.
Another item you should be familiar with is your corporate relocation benefits. Although many companies offer a relocation package, benefits vary from one company to another. Most companies contract with a relocation company to handle relocation requests. The terms of your relocation package may vary depending on the level and tenure of your employment as well as the distance of your relocation.
Although, most relocation companies allow you to choose the real estate professionals you want to work with including Realtors, some do not. So, before you sign the listing agreement with your favorite Realtor, ask the relocation company if there are any restrictions.
Common elements of a typical relocation package include a moving allowance, closing cost help, and a buyout. Whether you are moving across the country or across town, it is not cheap and depending on the terms of your package, a moving allowance can pay for the entire cost or just provide you with a stipend. Additionally, you may be required to use a specific moving company. If not, compare reputable moving companies to see which one will be best for you.
Another common element of a relocation package is closing cost assistance. Corporate America knows that relocation is not cheap and one of the large expenses is purchasing a new home. To lure top prospects, some relocation packages offer special financing including paying all closing costs. Most relocation packages offer a stipend that may cover most of the closing costs. As lender requirements vary, make sure your lender will allow any relocation stipend.
Many companies offer a corporate buyout as an additional benefit to your relocation package. The buyout is actually performed by the relocation company that your company contracts with, and is a guaranteed sale at price that is determined by the relocation company. Depending on the terms of your relocation package, you are usually allowed to attempt to sell your home before it is bought by the relocation company.
If you are relocating for a new position within your company, you are restricted to the terms of your current relocation benefits package. However, if you are relocating because of a position with a new company, you can attempt to negotiate a custom relocation package that will offer the services and financial assistance necessary to make the move easier.
This column is not intended to provide nor should it be relied upon for legal and financial advice. This article was originally pubished in the Montgomery County Sentinel 12/26/2006. Copyright © 2006 Dan Krell .