Author Topic: Effective job change  (Read 6643 times)

gdborton

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Effective job change
« on: October 26, 2012, 01:13:37 PM »
I'm currently working at my first full time position.  I've been here over a year and the people/environment is great, but there isn't any room at all for growth and there are basically no worthwhile benefits.  I'm also currently considering a job offer that would allow me to make 50% more, get a fancy 401k match (4%), paid holidays, and a Medical/Life insurance plan(!), plus a free gym membership.  All of that and it would have a SAFE (no more multilane highways and even a bike trail) bike commute.

I'm not sure how to act on this though.  My current apartment lease isn't up until next March, and the commute from here to the new job would be about 41 miles.  How do people manage timing when switching employers?  I can't exactly call them and ask them not to consider others until March, and I really hate the idea of paying rent on multiple apartments.

cbr shadow

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Re: Effective job change
« Reply #1 on: October 26, 2012, 01:20:50 PM »
What will it cost you to break your lease?  If the apartment is the only thing holding you back from taking the job, drop the apartment if you can.
Otherwise, as much as it would suck to do, I'd make the 41 mile commute until the lease was up.

swick

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Re: Effective job change
« Reply #2 on: October 26, 2012, 01:28:46 PM »
Would finding someone to sub-lease your current apartment work?

gdborton

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Re: Effective job change
« Reply #3 on: October 26, 2012, 01:35:43 PM »
Subleasing might be possible, but I've never liked the idea of my financial health in someone else's hands.  I guess I should fine tooth the lease, but I think the ceiling on cost would be the remainder of my owed rent (~4*$835, new rent will also be cheaper)... commuting my in anti-facial money truck would be in the ball park of $550 a month not counting my lost time.

Mactrader

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Re: Effective job change
« Reply #4 on: October 26, 2012, 01:39:38 PM »
So.... what's the problem? Sounds like a slam dunk!

grantmeaname

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Re: Effective job change
« Reply #5 on: October 26, 2012, 01:53:15 PM »
Take the new job no matter what it takes. It's too immense, and the apartment cost too puny in comparison, to let that hold you back.

gdborton

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Re: Effective job change
« Reply #6 on: October 26, 2012, 02:03:11 PM »
I guess there really isn't a problem, just wondering how people normally handle these types of situations.  Is it generally economical/viable to time a new job with the ending of a lease?  Do people take short leases (more monthly) so they can bail at shorter cost?  Or are they restricted only to local opportunities?

Mactrader

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Re: Effective job change
« Reply #7 on: October 26, 2012, 02:07:49 PM »
Depends on the situation. I commuted 1.5 hours for 6 months when i got a promotion into an area I was trying to get into for 3 years. Then I bought a house 15 miles away and brought it down to something much more reasonable. I would have probably broken a lease if I didn't own a home in the old area. It has to do with your tolerance for driving, the opportunity, your current situation, etc. Sure sounds like no matter what option you pick (as long as you take the job) you'll come out far ahead. Don't fall in the trap of MaxiMinning the situation. :)

Good work!

Matte

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Re: Effective job change
« Reply #8 on: October 26, 2012, 02:12:06 PM »
Is the 41 mile commute highway or city? i commute about 22 miles and it takes me 30-45 minutes its not ideal but does not kill me.  if there was a freeway or more rural it would be cut substantially.  economical car, then when the lease is up move.  good jobs and career opportunities are hard to come by, there may even be people you work with that you could carpool with, i am doing that.

jpo

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Re: Effective job change
« Reply #9 on: October 26, 2012, 02:12:58 PM »
You could take the new job and commute until your old lease is up. That would give you plenty of time to apartment-hunt closer to your new job.

Also, if you break the lease early, the apartment complex will refund some of your until-end-of-lease money if they rent it out again before your lease expires.

Angelfishtitan

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Re: Effective job change
« Reply #10 on: October 26, 2012, 02:21:38 PM »
I agree with everyone else here, do the math for whether staying or moving works out better. Either way take the job because it will be easier for you to move than continually upgrade your job in the are you are in.

However...

...commuting my in anti-facial money truck would be in the ball park of $550 a month not counting my lost time.

Get a more fuel-efficient vehicle and suddenly it might make more sense to stay where you are for five more months. Plus, you should get rid of it anyway no matter what you choose so now is the perfect time.

Use it up, wear it out...

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Re: Effective job change
« Reply #11 on: October 26, 2012, 03:19:28 PM »
Here in NYC, it's normal to break leases - people do it all the time. Landlord will usually only hold you to it if they can't rent the place out again right away.

gdborton

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Re: Effective job change
« Reply #12 on: October 26, 2012, 03:40:28 PM »
Quote
Here in NYC, it's normal to break leases - people do it all the time. Landlord will usually only hold you to it if they can't rent the place out again right away.

It's probably more common than it should be pretty much everywhere, but that doesn't make it a good idea.  Do landlords have an obligation to rent out mine right away?  My apartment complex surely has a few vacancies all the time as it is pretty big... What's to stop them from renting mine out last?

KingCoin

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Re: Effective job change
« Reply #13 on: October 27, 2012, 11:51:50 AM »
1) Take the job. Obviously.
2) See what breaking the lease is going to cost you. If it's too costly,
3) Sublet the apt. Try to get 1mo rent upfront and 1mo security deposit. That leaves you at risk on 2mo only, and $1600 is chump change compared to the benefits of switching jobs. If there are other empty units at the same price in your complex, you might have to sublet it at a more attractive price (say $700) but again, taking a small monthly hit is probably better than a 41mi commute.

Your new employer might even cover some of the costs of moving, though 41mi might be considered too tight a radius.

maryofdoom

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Re: Effective job change
« Reply #14 on: October 27, 2012, 04:36:56 PM »
The new job sounds great!

Depending on how long you've been at your current apartment, your landlord might be willing to cut you a deal. I had a similar situation when we bought our house - the apartment lease wasn't up until August 15, but we purchased the house at the end of February. I called the landlord, explained my situation, and asked if I could leave April 1. They said that was fine, though they said they'd be showing the place to other people in the interim, which led to a little bit of weirdness sometimes when I was home hanging out in my jammies and heard a knock on the door, followed immediately by people coming in to see the apartment.

If you are a model tenant (and I'm sure you are), then talking directly to your landlord may enable you to work something out.

mustachecat

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Re: Effective job change
« Reply #15 on: October 27, 2012, 05:52:28 PM »
You could find a replacement tenant to assign the lease to. As long as you find someone who's similarly qualified, your landlord may be happy to let you walk away.

Alternately, you could offer to let him/her keep your security deposit or last month's rent to break the lease.


mlipps

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Re: Effective job change
« Reply #16 on: October 28, 2012, 07:42:31 PM »
Calculate your breakeven point in months. Boyfriend and I are doing something with the same timing, but we're moving half way across the country. We're both getting raises, the benefits are pretty much 6 of one, half a dozen of the other, and then saving (after Feb. 28), $500/month on rent, $100/month on public transport costs, and $200 in gas. The lease breaking+costs of moving=about $7500. Even with that, we'll break even in around 6 months. That doesn't even account for the fact that all our savings is going into paying down my student loans, so we're also saving a lot of interest in the long run by paying it down faster. Do a similar calculation and see if the break even point is something you can stomach. My guess is the answer will be yes.