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Relocation advice?

919 Views | 2 Replies | Last: 6 yr ago by jtp01
meggy09
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AG
Currently live and own a house in the Austin area and Monday will be reviewing a promotion offer from my current company that includes relocating me to Denver.

Just looking to see if any of you who have gone through this have any advice or things to look out for when selling them my house, movers, etc.

Thx
TommyGun
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AG
Home sale programs are pretty standard. Try to get the inspection done as soon as possible. Most relocation companies have specific standards and they won't purchase the home from you until you fix certain things that come back on the inspection report. One company I worked for did the inspection right up front and everything was smooth. Another company required the buyer to order the inspection and it ended up delaying the sale because I had to go back and fix some things at the 11th hour.

The main thing you want to negotiate on a move to a higher cost area is your salary and relocation bonus. I was offered a relocation to Denver last year that would have been a bump of about 30% in salary plus a sizable bonus to put towards a down payment. Home prices are ridiculous in Denver, so you should expect them to offer up the funds needed to get you to a 20% down payment. The company I was with took the sale price of the home you were looking to buy in Denver minus the sale price of your current home and gave you 20% of the difference in price so you would be at the same percentage equity wise.
fire09
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AG
Have you been house shopping in Denver? My company is based there and holy hell that market is inflated. Getting out of Austin will be the easy part, best of luck!
jtp01
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Ask about the plan for if the situation doesn't pan out. I went through this when I was relocated to a struggling facility with a guarantee to move is back to the original facility. I was told they could only make that guarantee for 1 year. 13 months later I was laid off and looking for another opportunity when they closed the facility.

This was particularly troubling because in those 13 months, I had 4 bosses who kept changing the metrics that would define success. My bonus structure was changes without notification and I found out later that the move was to simply cut any area management whose salary was 6 figures.

The whole ordeal was a blessing in disguise as I too the time to find a job I enjoyed and it's so different to work in a company who values its employees and while it was a "pay cut" with my bonus, I'm now making almost 1.5 times my previous salary.
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