Should you relocate if you still have a mortgage?

August 15th, 2012

Trying to find employment in this economy can be challenging. Moving to a new city or state could open up new job possibilities. But what if you have a house with a mortgage? Should you wait to sell or go ahead and make that move? Here are some things to consider.

It pays to research

Spending months or years hunting for a job can result in a hit to your financial security and self-esteem. So you may be tempted to jump at the first job offer that comes along even if it's in another state. Before accepting, be sure to evaluate the move. Is the company offering the position stable and thriving, or has it been hit with one round of layoffs after another? Do as much research on the company as possible before committing to a move.

Deciding to relocate for a job is a major decision. The best-case scenario is that you'll be able to sell before moving. If not, you'll need to decide what to do with the property. Among the considerations is to rent it until it sells. Another option is to go ahead and list it for sale and hope for the best. If you absolutely cannot sell in this market, using a refinance calculator could help determine if refinancing could ease some of the financial pressure of paying for the house and a place in the new location.

Evaluate the options for your new home

You'll also have to decide where to live in your new city. It's probably a good idea to rent awhile before looking for a home to buy. But if you are determined to be a homeowner, use a mortgage calculator to run the numbers. In particular, a home affordability calculator can help figure out how much house you can afford. Take the time to get to know your new city in order to make an informed decision about which neighborhood you want to buy a home in.

These days, when pursuing a job opportunity involves a move to another city or state, knowing how to evaluate your options can help you decide which direction to take.

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