In today’s job market and economy, many workers face relocation. In fact, the average employee changes jobs around 10 to 15 times over the course of their professional life. Companies are also likely to move experienced workers around to fill hiring needs or train workers at a new location. Whether you’re relocating to find better opportunities or have been transferred by your current employer, moving is often a stressful and complicated process.
Like most major life choices, relocation comes with many changes that must be managed carefully. Whether you’re moving to a new state, city, or even country, here are some important things to consider when relocating.
Some companies offer incentives or assistance to help employees who are relocating. Take the time to find out what your company’s policy is, and make use of what is offered. Common forms of relocation assistance include packing and moving services, paying for the trips you take to find new housing, and help finding a job for your spouse.
If your company doesn’t usually offer any assistance for relocation, it might be worth your time and effort to try and negotiate. Research how much this move will cost you in typical moving expenses, such as renting a U-Haul or hiring movers, and present this to your employer. They may reimburse you, which can help reduce your financial strain when moving.
Housing and Mortgages
Chances are, if you’re being relocated, you’re not just moving down the street. Down payments, security deposits, fees to activate utilities, and new furniture are just a few steps in the process to moving into a new place.
Furthermore, more than having to find new housing and temporary housing during the moving process, many relocated employees have to deal with their old home as well. Depending on your situation, you may need to break your lease, attempt to sell your house in a soft housing market, and/or carry the cost of two mortgages on two homes.
Calculating an Adjusted Cost of Living and Moving Costs
Hopefully your moving costs are subsidized in some way by your employer, whether it is by incentives, increased pay, or relocation assistance. Hiring a moving company and renting a truck or storage unit are just a few of the typical moving expenses.
However, one important added cost to consider is the cost of living in your new place. Take the time to look at your salary, make adjustments in your budget, and know what expenses to expect from the different economic environment you’re moving into.
Spouse and Children
For most, moving is a major family affair. Consider the impact relocating to a new place will have on your spouse and children, and put forth effort to figure out new schools and work opportunities for them.
Figuring out new housing, moving costs, and managing family relationships are just some of the important aspects to consider when relocating. If you need to sell your house fast in order to make your big move, consider turning to Elite House Buyers for help.