You’ve just gotten a new job outside the city and you’re set to think about your big relocation, what do you do with your current home? If you live in a rented home, you can easily move after settling all the terms and conditions for the lease.
But it’s a different case if you own a home. If you own a house, the best option is to sell it. Selling your house on such quick notice may seem challenging but with the right guideline, you can pull it off. So what are the options to consider when selling your house for job relocation? In this article, you’ll learn about how job relocation packages work and your options for selling your house during relocation.
Understanding Employee Relocation Packages
Most employers offer relocation packages to reduce the cost of job relocation. Employee relocation packages are usually reserved for long-term employees who live very far from their new work location. A job relocation package can be arranged in the following ways:
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Lump sum
Some employers may give you a huge sum of money to assist you through your relocation process. A certain amount of money will be allocated to you to sponsor your moving expenses.
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Reimbursement
Some employers may choose to repay your moving expenses. You’ll have to keep a record of the cost of your moving expenses so you can be adequately compensated.
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Direct billing
Some employers decide to cover the cost of your moving expenses directly. Your moving expenses could include:
- Packing and unpacking services
- Professional movers
- Transportation to the new location
- Lease-breaking penalty assistance
- Home sale assistance
- Temporary housing in your new location
- Down payment assistance
- Miscellaneous moving expenses
- Language and cultural training
Choosing Renting or Selling Your House Before Relocating
If you own a home, you can choose to sell it or rent it out before relocating:
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Renting your home:
Renting your home is a good option if the rental market is strong and you’re able to find someone to rent your home in time. However, it comes with its downsides in the sense that you’ll have to continue paying your old home’s property taxes, insurance, and maintenance expenses. Also, you’ll either need to hire a professional property management company or continue taking on the role of a landlord.
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Selling your home
Selling your home saves you the stress of performing the responsibility of a landlord from a distance. Also, you won’t have to continue paying property taxes, insurance and maintenance fees, and other expenses. After selling your home, you can use the profit to get a new home in your new location.
What Are Your Options for Selling Your Home?
If you’ve decided to sell your home, you can use any of these methods:
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Traditional Home Sale
To sell your home traditionally, you need to list your home on the market. This process involves a long process which includes:
- Conduct a pre-listing home inspection
- Clean, declutter, and stage your home
- Spruce up your home’s curb appeal
- Take professional photos
- List your home on the market
- Host open houses
- Review and negotiate offers
However, there may not be enough time to complete this process before you move. Also, the selling process may be a long one and you may not be able to meet up before you finally move.
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Short-Sale
A short-sale is when your lender agrees to accept a mortgage payoff below your remaining balance. In a short sale, you won’t make any profit from your home; hence you might not get any profit to purchase a new home. This option only comes in handy when you’re facing a possible foreclosure.
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Sale-Leaseback
Sale-leaseback programs allow you to sell your house and rent it back. You can sell your house to a cash house buyer and rent it back once the sale is complete. You can continue living in your home after the sale until you’re finally able to relocate.
Conclusion
Relocating can be an exciting yet rigorous process. If you want to sell your home for relocation purposes, you can try out any of the methods listed above. Discuss with your employer and figure out the best relocation package for you.
However, to avoid any complications along the way, a sale-leaseback program would be the best solution for you. To do this, you need to sell your house to a reliable cash house buyer.
If you’re looking to sell my house fast Philadelphia, you can count on us at Home Cash Guys. We buy houses at the best price and we can work out the best residential sale-leaseback program for you. Don’t waste your time trying to sell your house any other way. Selling to a reliable cash house buyer is fast and more reliable.
Contact us at Home Cash Guys to experience our fast and reliable service.
