Speaking from experience, losing a job is one of the worst feelings in the world. But, even if you hate your job, no one enjoys the feeling of rejection, and the loss of stability is a real gut punch.
If you have recently been laid off or fired, you may feel pretty low and likely worry about your next steps and future. For example, you may be wondering what you will do to earn a living, if you can keep up in the current hiring market, how you will fulfill your financial commitments and so on.
Take a deep breath; you are not alone. Roughly 2 out of 5 Americas, or 40%, experience a job loss during their career. Among them are notably Steve Jobs, who created Apple Computer in his garage only to be later terminated from the very company he started. Jobs went on to create Pixar studios and NeXT which would later acquire Apple! Walt Disney himself was fired for not being created enough. He then started a company that went bankrupt. But he got back up and ultimately found success in a little mouse named Mickey.
The point being is job loss is hard, but you are tough, and with the right mindset and a solid plan, you can and will prevail. Here are a few suggestions for moving forward after a job loss.
Take a moment to reflect. You are entitled to your feelings and should give yourself some time to deal with these emotions. Then once you are ready, come up with a game plan and figure out your next steps. Having a plan and being prepared will give you some peace of mind.
You may be entitled to unemployment benefits depending on how you were terminated. Visit the Texas Workforce Commission to check your eligibility. Collecting unemployment will provide a cushion during this time of uncertainty and job seeking.
Assess your finances and determine what you have in savings and where you can save during the transition. Create a list of all bills, including insurance, mortgage, car payments, utilities, subscriptions, and critical necessities such as gas and groceries. Then, take a close look at what you can do without to save money.
Once you know if you will be able to collect unemployment benefits and have evaluated what you have saved and where you can cut back, create a new budget. When budgeting, remember that it takes 3-6 months on average to find a new job.
Finding a New Job
Consider what jobs you would both enjoy and have the skill set to do successfully. Evaluate if you are willing to relocate and to where. With this information in mind, update your resume, and start applying! Job sites like Indeed and Ziprecruiter allow you to filter and search for jobs fitting your specific criteria and location. LinkedIn and recruiters are also great resources. Keep an open mind and positive spirit, especially if it has been a while since your last job hunt. Remember, each application has a 5%-10% chance of resulting in a job interview, so quantity is just as important as quality. Keep pushing and stay ahead of what is to come, and you will make it through this difficult time.
Downsize if Necessary
If you are worried about budget, consider taking on side jobs like Uber, Lyft or projects on Upwork while you continue your search. If side jobs do not provide sufficient relief, downsizing may be a good option, especially if you are already open to relocation or planning a move. Between mortgage, insurance and utility bills, a home can eat up a large portion of your budget, making selling a necessity during your transition.
This realization is often disheartening, mainly when the house is truly a home. If you are considering selling your home after losing your job, look into whether or not you qualify for a special forbearance. Even if you do not, it is advisable to take the time to discuss options with your lender.
Selling Your Home
If you choose to go the route of selling, either to reduce your payment burden or to relocate, the first step is to evaluate your timeline and budget.
If you have the time and money, selling your house traditionally on the market frequently will net you the most cash. Remember that you will likely need to remove clutter, clean, repair, stage and photograph the home before placing it on the market. In addition to these costs, you will need to continue to pay the mortgage, insurance and any related bills until the property closes. An excellent way to determine how long your property will take to sell so you can best evaluate your options is to look at the average days on the market in your area and then add 30-45 days for the closing process. On top of holding costs, budget 6% of the closing price for realtor fees and another 2%-3% for closing costs. Both of these fees are deducted from the sales price of the property.
Sell to a Cash Buyer
If you do not have the time to wait or money to repair or hold the property, selling quickly is essential. The best and fastest way to sell your home is to an as-is cash buyer, like Flash Realty Solutions. These buyers are looking for homes to fix and will purchase your house without requiring cleaning or repairs from you. Even better, cash buyers do not rely on a bank, so they do not need an inspection or appraisal and can close within 24-48 hours with a clear title. This option allows you to sell quickly with the least amount of headache.
Contact Flash Realty Solutions to Evaluate your Options
If you are considering selling your home, contact us today! As a full-service, solutions-based brokerage, we can help you better understand the pros and cons of each option so that you may choose with confidence. So whether you want to sell traditionally on the market or as-is for cash, we have a solution just for you!