So, your job has asked you to relocate to a different state with a huge promotion and benefits. This can be a big decision for you and the family to make. This type of change can provoke so many questions that you will want to take into consideration before making this huge decision. Do you want to sell your house and buy a new one? Do you want to keep your house and rent? What if you don't like Timbuktu, Ohio? What about the kids? What's the wife gonna say?
Well, let's start with the first question.
Do you want to sell your house and buy a new one?
What is the equity that you have established in your current home? If you have established enough equity that it would be worth selling then the next question would be, "What is the housing market like in Timbuktu, Ohio?" If the houses in Timbuktuare selling for much more than the houses in your neighborhood, it may not be worth it to sell. If the latter is the case than you may want to consider the next question....
Do you want to keep your house and rent?
You can always rent out your house for a bit more than what your mortgage payment is, this way you can cover your mortgage payment and get a little discount on your rent.
Most rental contracts lock you in for a year. During the year you will have the opportunity to get familiar with your new surroundings, find the neighborhoods that suit you, and decide if you want to stay in the area. Then the decision on whether or not to buy in this area will be a much more educated one.
What if you don't like Timbuktu?
You won't know until you get there. If you don't like the city where your new job is located, perhaps you can find a city outside of Timbuktuthat you do like and commute back and forth.
What about the kids?
When looking for a home in the area, be sure to take in consideration the location of the schools, parks and the mall (kids love malls). Moving is always hard on kids but there are tips to make the move a little bit easier on them. Most importantly get them involved in the some of the decisions with the new house. Such as what color they would like their new room painted or where their bed should go.
What's the wife gonna say?
That one I can't answer, but may I suggest a nice dinner and glass of wine before you tell her?