There are so many people in the world today who have moved for a job, whether with a new company or for a new position/task. If you’re willing to relocate but are unsure as to whether it is the right move for you, here are some tips to consider before it’s time to make your final decision.
- The company may cover moving expenses. The IRS is no longer deducting moving expenses for a job (this is to last from 2018-2025). However, private industries appear to be doing well and many are now offering to pay moving costs for employees that have to relocate. Many businesses, both small and large, have relocation reimbursement policies…some firms even change their policies on a frequent basis for competition. The amount you’re offered for moving will depend upon your role in the company, how much the move will cost, and the amount you have requested from them. Currently, it is cheaper to relocate a renter rather than a homeowner.
- Renting may be the best choice for now. Buying a home is a lengthy process and your company will most likely not have time to wait around for the task to be completed. Rent could help you save money in a new town or city. If you were previously a homeowner, a history of mortgage payments could help you get a great deal. The landlord may also be willing to negotiate a lower monthly price, a reduced deposit, or a shorter lease term, as renting has declined from previous years. Maybe you could talk to him or her into letting the first month be free!
- Stay flexible. Most companies give employees and/or prospective candidates two weeks to accept or turn down an offer with four weeks to fully relocate. It can be stressful trying to not only pack up for the move and prepare for this new chapter but to also list your current home for sale. Talk to a realtor about alternatives in regards to how you can sell your home as quickly as possible.