It's a Terrible Time to Relocate for a Job. Or Is It?
by Paula Santonocito
Paula Santonocito is a business journalist specializing in employment issues. She is career editor of SingleMindedWomen.com, AIRS News editor, features editor of Online Recruitment Magazine, contributing editor to TalentManagementTech.com (TMT), and author of nearly 1,000 articles that have been featured in many global and domestic publications and information outlets.
Email Paula Santonocito
SingleMindedWomen.com
Home prices keep falling, fewer employers pay relocation costs, and company layoffs dominate the news. It all suggests staying put is the best move right now. But, surprisingly, for some people, it may actually be a good time to relocate.
Ultimately, It's about You
Like so much in life, relocation depends on your circumstances as well as how motivated you are to make a change.
Have you been offered a job that seems like an ideal opportunity? Is it in a place you've always wanted to live? Are you willing or even eager to make a new start in a different community?
If you answered yes to all these questions, relocating for a job may be for you.
Still, if you're a practical person, like most single-minded women, you probably have several concerns holding you back from jumping at the job offer.
Ye Olde Homestead
For many people today, a major issue related to relocation is real estate. As the housing market has declined, so too has the principle asset of a lot of Americans. Whether you can move may be tied to whether you can sell your house.
At one time, it was fairly common for companies to pay relocation costs, and it generally went beyond paying for a moving van. For high-level positions, relocation packages often included companies buying employees' houses or brokering home sales.
Except for the most senior-level positions these kinds of arrangements have gone by the wayside for the simple reason that companies don't want to be in the real estate business, particularly in a housing market that still hasn't bottomed out.
What does this shift mean to you? Basically, that unless you're being courted for a CEO position, housing is your issue to resolve.
However, what that resolution entails depends on your particular situation.
Homeowner How-To
If you own your home, take a look at its realistic market value, with the emphasis on realistic. Assuming your house will sell, would you be satisfied with the sale price? Your answer will depend on how long you've owned the home, how much money you have into it, and what you could conceivably net from a sale.
What if the numbers aren't in your favor? Consider renting your home until the market turns around. One interesting offshoot of the housing market fallout is that more would-be homeowners want to rent. You might also consider a “lease with an option to buy” arrangement.
But there may be yet another option. ABC News reports on “swapping homes to beat the market,” indicating that several new websites match homeowners interested in trading their properties.
Renter Relocation
If you're currently a renter, you aren't as encumbered, at least not from a real estate standpoint.
In fact, housing choices abound, often at a bargain. If you’ve been thinking about buying, there may be opportunities in places that were previously unaffordable, like Southern California or South Florida, for example, where the real estate market has taken a particularly hard hit.
In communities that have felt the one-two punch, there are also likely to be a wider variety of rental options.
Fear of Layoffs
But the job itself, however ideal, may be of concern in the current economic environment. What about all the layoffs making news? Is it true that the last employee hired is the first to go when a company decides to trim staff?
Admittedly, these are grounds for concern. Nevertheless, it's important to look at the job you're considering in the context of job security. Are you one of a dozen accountants? If so, your position could be at risk should the company decide to cutback. On the other hand, if you are the new director of marketing for a company that has a large marketing budget, your position may be more secure.
Still, it's impossible to know. Changing jobs, whether around the corner or across the country, is always a gamble. Only you know if the potential reward is worth the risk.
About Place
Finally, when a job involves relocation, it's extremely important to consider the place you will live. You'll want to choose a location that's right for you, regardless of the job opportunity.
Consider using the online tool FindYourSpot to hone in on what's most important to you and how different locales measure up. CitySearch guides can also help.
All kinds of things factor into a person's decision to relocate: schools, medical facilities, recreational activities, the arts, weather, and a community's profile, among other issues.
It's also essential to look at the new place in terms of long-term employment opportunities. The job sounds ideal, but what if you relocate and decide you don't like it? Are there other jobs available?
Is the city a hub for a hot industry or industries? Do your skills fit with the environment?
If the answer to these and the personal questions about place is a resounding yes, you'll feel a lot more secure about relocating based on a job offer--because, in actuality, you're not moving for a better job, you're moving for a better life.
This article originally appeared at SingleMindedWomen.com and is used with permission.
© 2008 SingleMindedWomen.com All rights reserved. Permission to reprint this article must be obtained from SingleMindedWomen.com.
Paula Santonocito is a business journalist specializing in employment issues.
She is career editor of SingleMindedWomen.com, AIRS News editor, features editor of Online Recruitment Magazine, contributing editor to TalentManagementTech.com (TMT), and author of nearly 1,000 articles that have been featured in many global and domestic publications and information outlets.
Paula can be contacted at paula@paulasantonocito.com. For more career articles for single women, visit the SingleMindedWomen.com Career channel at www.SingleMindedWomen.com.
Ultimately, It's about You
Like so much in life, relocation depends on your circumstances as well as how motivated you are to make a change.
Have you been offered a job that seems like an ideal opportunity? Is it in a place you've always wanted to live? Are you willing or even eager to make a new start in a different community?
If you answered yes to all these questions, relocating for a job may be for you.
Still, if you're a practical person, like most single-minded women, you probably have several concerns holding you back from jumping at the job offer.
Ye Olde Homestead
For many people today, a major issue related to relocation is real estate. As the housing market has declined, so too has the principle asset of a lot of Americans. Whether you can move may be tied to whether you can sell your house.
At one time, it was fairly common for companies to pay relocation costs, and it generally went beyond paying for a moving van. For high-level positions, relocation packages often included companies buying employees' houses or brokering home sales.
Except for the most senior-level positions these kinds of arrangements have gone by the wayside for the simple reason that companies don't want to be in the real estate business, particularly in a housing market that still hasn't bottomed out.
What does this shift mean to you? Basically, that unless you're being courted for a CEO position, housing is your issue to resolve.
However, what that resolution entails depends on your particular situation.
Homeowner How-To
If you own your home, take a look at its realistic market value, with the emphasis on realistic. Assuming your house will sell, would you be satisfied with the sale price? Your answer will depend on how long you've owned the home, how much money you have into it, and what you could conceivably net from a sale.
What if the numbers aren't in your favor? Consider renting your home until the market turns around. One interesting offshoot of the housing market fallout is that more would-be homeowners want to rent. You might also consider a “lease with an option to buy” arrangement.
But there may be yet another option. ABC News reports on “swapping homes to beat the market,” indicating that several new websites match homeowners interested in trading their properties.
Renter Relocation
If you're currently a renter, you aren't as encumbered, at least not from a real estate standpoint.
In fact, housing choices abound, often at a bargain. If you’ve been thinking about buying, there may be opportunities in places that were previously unaffordable, like Southern California or South Florida, for example, where the real estate market has taken a particularly hard hit.
In communities that have felt the one-two punch, there are also likely to be a wider variety of rental options.
Fear of Layoffs
But the job itself, however ideal, may be of concern in the current economic environment. What about all the layoffs making news? Is it true that the last employee hired is the first to go when a company decides to trim staff?
Admittedly, these are grounds for concern. Nevertheless, it's important to look at the job you're considering in the context of job security. Are you one of a dozen accountants? If so, your position could be at risk should the company decide to cutback. On the other hand, if you are the new director of marketing for a company that has a large marketing budget, your position may be more secure.
Still, it's impossible to know. Changing jobs, whether around the corner or across the country, is always a gamble. Only you know if the potential reward is worth the risk.
About Place
Finally, when a job involves relocation, it's extremely important to consider the place you will live. You'll want to choose a location that's right for you, regardless of the job opportunity.
Consider using the online tool FindYourSpot to hone in on what's most important to you and how different locales measure up. CitySearch guides can also help.
All kinds of things factor into a person's decision to relocate: schools, medical facilities, recreational activities, the arts, weather, and a community's profile, among other issues.
It's also essential to look at the new place in terms of long-term employment opportunities. The job sounds ideal, but what if you relocate and decide you don't like it? Are there other jobs available?
Is the city a hub for a hot industry or industries? Do your skills fit with the environment?
If the answer to these and the personal questions about place is a resounding yes, you'll feel a lot more secure about relocating based on a job offer--because, in actuality, you're not moving for a better job, you're moving for a better life.
This article originally appeared at SingleMindedWomen.com and is used with permission.
© 2008 SingleMindedWomen.com All rights reserved. Permission to reprint this article must be obtained from SingleMindedWomen.com.
Paula Santonocito is a business journalist specializing in employment issues.
She is career editor of SingleMindedWomen.com, AIRS News editor, features editor of Online Recruitment Magazine, contributing editor to TalentManagementTech.com (TMT), and author of nearly 1,000 articles that have been featured in many global and domestic publications and information outlets.
Paula can be contacted at paula@paulasantonocito.com. For more career articles for single women, visit the SingleMindedWomen.com Career channel at www.SingleMindedWomen.com.