(STL.News) If you are offered the opportunity to move to a new city by your employer, there are a whole host of factors that will determine whether or not this is the right step for you.
Homeowners will of course need to consider the costs of moving, and whether they will be able to sell their current property for a good price in the desired timeframe.
This is where a relocation appraisal comes into play, essentially allowing you to get an accurate idea of a property’s likely sale price when a whole heap of variables is taken into account. To help you navigate this process with minimal stress, here are some important things to bear in mind.
Relocation appraisals are all-encompassing
This is perhaps the most important aspect of what a relocation appraisal offers when compared with other methods of determining the value of a property.
Rather than simply looking at the base level price that a seller can expect, this type of appraisal will be calculated according to a multitude of other influences, such as the state of play in the local housing market at that point in time.
For example, if the market is experiencing a spike in demand, with many homes selling for more than the asking price, then this will be taken into account. Likewise, if the market is moving sluggishly and properties are either sitting unsold for longer periods or sellers are having to accept lower offers, then an appraiser will note this in their report.
Time is of the essence
Tied in with this idea that relocation appraisals are far more connected with the dynamic movements of the housing market, you also have to remember that they are also applicable for a fixed time span, typically lasting no more than four months.
This might sound like a limiting factor, but in reality, it is a benefit, since the relocation process is better handled as swiftly and efficiently as possible, so any major hold-ups are to be avoided.
Appraisals occur almost immediately
Speaking of the speed of corporate relocations once the ball is rolling, when you do decide to sell up and move elsewhere with your employer’s backing, you will find that the relocation appraisal is something that takes place very early on.
This is in contrast to traditional mortgage appraisals required by lenders, which will normally be scheduled only after you have accepted an offer made on your home by the buyer.
Clearly, you may have less time to make any improvements to boost the value of your real estate in this scenario, but as mentioned the more in-depth nature of a relocation appraisal will make up for this, and you should get a more realistic and accurate valuation as a result.
Employer assistance is essential
Another of the perks of using a relocation appraisal is that it should give employers a better idea of how much compensation should be provided to those team members that they are offering relocation opportunities to.
Relocation packages need to be desirable, rather than costing employees cash and causing them anxiety, so by having a precise and genuine home valuation carried out, companies will know what to expect and how much assistance an employee will need.
In the case that the property market is weighted towards sellers, then this should be less of a concern, but if home sales are taking longer than usual and sale prices are at the lower end of the spectrum, relocation packages have to reflect this.
Anyone in this situation should think carefully and get expert assistance if they are in any doubt about whether relocation is right for them.