You really meant to retire. You had the party, the cake, the gifts, the whole celebration, in fact. And then, just a few months after you retired a former business associate of yours came to you with an offer too good to ignore. He needed a finance leader to monitor the transition of a new company that they purchased in Chicago. It was a six hour drive from Omaha, but the option of weekly one hour plan trips were also available. It was a temporary position so your friend thought of you first. A great job with great compensation and it should only last six months. And, just like that you are no longer retired. At least not for the next six months.
If a too good to pass up job opportunity has you looking for a temporary rental situation, corporate housing companies have several options. Whether you are looking at luxury apartment communities complete with furniture or a more simple apartment rental, corporate housing companies can offer possibilities in a variety of price ranges.
On average, 45 million Americans move every year. Some of these moves are permanent relocations, and some of these moves are short term leases for a temporary job or contract. Often, corporate housing companies work to find transition housing for a family who has been transferred because of a job. These renters often have the rental fees covered by the new employer if a move needs to happen quickly. Waiting for an original house to sell while also looking for a home in a new location takes time. These are decisions that often cannot be rushed so the new employer offers a transition package to make the move more manageable.
Some new employees see a move as an opportunity to move away from a cumbersome home loan and move toward a more flexible apartment rental. These rental decisions also take time and advanced financial planning. Consider the following:
- Many leases are available for a 12 month period. If you are in a job that requires you to move often, an apartment lease may be a better option than buying a home.
- Apartment rental deposits are often equivalent to one month’s rent. Since this amount is usually significantly less than the minimum 5% down payment on a home, getting into an apartment can be much cheaper than getting into a home.
- Renter’s insurance costs on average $12 a month. When compared to $25 to $80 per month for homeowner’s insurance, renting is a less expensive option.
If it is time for you to relocate because of a job, you new employer may offer you the services of corporate housing companies. This kind of transition service is a perfect time to reevaluate the pros and cons of renting versus buying a home.