Managing a move in Alberta

Alberta offers numerous employment opportunities throughout the Province. As such it is not uncommon for someone to move away from Sherwood Park as a result of a receiving a job transfer or new employment offer. While there is usually much excitement that comes with any new position there should also be much planning. If you are wanting to buy a home in your new city, like Edmonton or Calgary,  you’ll want to look at the details closely as there can be some serious land mines waiting if the move is not managed correctly. Here are a few examples:

  • A married man is offered a job with a new company that would provide his family with more money and hopefully a better quality of life for his children. He is ready to accept until he learns that he would be considered a probationary employee for six months. Would he be able to obtain financing for a home in the new city with this clause in his offer of employment?
  • A professional woman receives an offer she can’t refuse with her current company but needs to transfer South within thirty days. She currently owns her own home already and once she moves does not wish to rent in the new town. Is it possible for her to buy something without having her current home sold?
  • A young family is excited about the opportunities that lay ahead with their new employers. They are positive that buying something won’t be an issue and hope to port (transfer) their existing mortgage to the new house. So of course they’ll be able to avoid costly penalties with their current mortgage provider, right?

There is no ‘one size fits all’ answer to someone who is moving for a better offer. In each of the scenarios above the borrowers assumed there would be no issues and forged ahead anyway since each of the employment options provided them with more income. Each of the above scenarios also created more obstacles as they neglected to get proper advice in advance. This decision resulted in more complications and stress. Ultimately all the customers were able to move ahead with their plans but the transition could have been much smoother. Be sure to talk with your home advisor in advance of making any permanent commitments to ensure you have a proper road map going forward.

Source: Brandon Scott is a Sherwood Park / Edmonton Mortgage Broker and the author of a weekly column entitled Real Estate Solutions in the Sherwood Park News. This article was originally published on November 29, 2013

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