Relocating to advance your career? Be Prepared to Rent

http://www.washingtonpost.com/wp-dyn/content/article/2009/06/19/AR2009061901260.html

You now have an even bigger decision when determining whether to relocate for a job that advances you or your loved one's professional career. Beyond leaving a community where you have planted roots,consider what kind of mortgage you can get should you wish to buy a home in your potential new neighborhood.

Unless the salary of the new jobcan get you solely approved for the loan amount you need,or you pay cash for a new home,you are likely to be renting a home before buying. Are you ok renting if partner doesn't have a job lined up? What are the odds of two people in the same household having jobs lined up in a new area before they relocate? Sounds challenging to me.

To make jobs more attractive to out of towners,will more companies offer creative packages,like PROVIDE corporate housing...free housing for several months as the new employee and his family get settled and landing a job for the person's spouse/significant other? Will companies get into the head hunting business to make it easier for spouses/significant others to land jobs in advance so they can get the mortgage they need in order to move,not stress about the other person finding a job so they can get approved for the loan they need? Will companies offer creative packages/incentives such as helping on closing costs for the new hire? Time will tell.

It seems to me that lenders are going to lose some "relocation business" in the short term at least,with what could be a trend of increase renters. The real estate agents who work with people relocating to the area will probably being seeing a shift in their business,to working more rentals than sales. If the person is happy with his/her new job,and if there is a spouse/signficant other who gets and they were happy with the realtor who found them a rental property,they will likely call that realtor for repeat business when they are settled in,ready and willing to buy a home.