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Wookin Pa Nub

I have been asked to relocate to a new city. It is a good opportunity but obviously some risks. Also got kids to uproot.

 

 

As of right now, my boss has only said it would be "financially rewarding". My questions is what should the my company increase my pay for or cost reimburse for? Cost of living is about the same.

 

 

1. Movers - no brainer

 

2. Selling expenses?

  • Landscaping
  • storage (pods)
  • regular cleanings for showings
  • Other minor repairs, cosmetic fixes

3. Realtor commissions? I just bought my home in 2012 and the realtor commissions will take a decent chunk out of proceeds.

 

 

4. Private schools in new area are 2X the cost to our current schools.

 

 

5. We put down deposits for kids schools in current area. Not sure if refundable.

 

 

Anything else to consider?

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Wookin Pa Nub
Your wife's opinion and input, if you have one.

 

Yes, obviously, but looking at more from what are reasonable expectations from employer.

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MidwestUSA
Yes, obviously, but looking at more from what are reasonable expectations from employer.

 

Ah, she may have some suggestions on things you can inquire about.

 

But, you shouldn't have to be asking. That they haven't offered a list implies they aren't going to offer much of anything. Unless they're in the precess of putting a package together. I'd say you need to go back to the source.

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d0nnivain

The most important thing is whether you will have any job if you stay put. While I expect your employer may pay for the mover, all the other things you seek are unreasonable. Companies were not paying for those expenses when times were good. If you can negotiate those reimbursements, good for you but I'd be shocked if any employer would pay for them in these lean corporate times. It'd be cheaper for them to hire a local person at the new location.

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Miss Peach

Most companies I've worked with have a budget for relocation. They often have a list of what they'll reimburse and a time limit (i.e., corporate apartment for max of 1 month) so it's good to ask IMO. I think the last offer I had with relocation offered something like up to $10K for relocation.

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Find out what they are offering you. Sometimes it is just the moving costs, other times it is the whole kit and kaboodle. So that would include realtor costs, closing costs, listing costs, airfare to visit new area, schooling (usually this is only for ex pat situations) spousal impact - if working, etc.

 

The should give you a relocation letter detailing everything. They may work with a relocation company or give you the funds to use the vendors you want to. If you are given straight funds you want to ask about grossing up to cover the taxes. Also knowing that it hits you at tax time as your income goes up significantly.

 

Also I would take into consideration the increase in base and (bonus?) and what that will do for you (if COL is similar).

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  • 2 weeks later...
NewLeaf512

Tiered Relocation Policy

Relocation/Employment Agreement

Sale of Current Residence/Home Marketing Assistance

Independent Home Sale

Rental/Lease Cancellation

House Hunting

Temporary Living accommodation (ask for 6 months, and rental insurance)

Equity Advances/Bridge Loans

Closing Costs on Destination Residence

Transportation of Household Goods

Shipment/Transfer of Cars, Boats, and Unusual Items (or petrol if you drive yourself )

Pet movement

Storage of Household Goods

En Route/Final Move Expenses

Relocation Allowance/Moving Bonus

Maximum Dollar Limit on Relocation Expenses Covered

Submission of Expenses for Reimbursement

Spousal/Elder Care Assistance (headhunter expense to help spouse find work in new location)

Short term nanny if required

Tax Implications/Gross-up (also called "make whole" payment)

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Under anything else to consider:

 

- Could you keep the house and rent it out instead?

 

- Why is the relocation good? Is the money so good for the job that you couldn't earn it in your current location? Is it not possible to progress locally to the same level and beyond?

 

- Moving isn't just about tangible finances, it is about emotional cost too, losing contact with friends, uprooting children. Is it really really worth the risk?

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