Traveling across the country for a new job may be just the adventure you’ve been waiting for. Like all adventures, relocating for work comes with its share of challenges. Being honest about the benefits and drawbacks of moving for work can save you time, money and family struggles down the road.
Show Me the Money
One big relocation incentive is a pay increase. But extra zeroes may not make much difference when the boxes are all unpacked. Ask yourself these questions regarding price vs. rewards before relocating:
- Can I sell my home and break even or make a profit? If you can’t sell your house in a timely way and make enough from the sale for a down payment on another home in the new location, the difference in salary may not be worth the move.
- Is the pay substantially better than where I am? Although the pay may look like enough to make moving worth the effort, some serious number crunching can help you get a clearer picture. Compare utility costs, fuel costs, taxes, as well as the cost of food in the new location. Are there added perks to the new job, like a car that could save you money? Take time to compare 401k plans, profit sharing and potential bonuses between your current job and the new offer. Adding everything together helps you get a clear picture of how much more you will make if you relocate.
- Will the new company help with moving expenses? Moving across the country is expensive. Calculating how much the move will cost and whether your new job will to pay for it is an important part of your decision-making process.
- Will the company cover temporary housing? If you are moving to a large city like, say, Phoenix, finding the right neighborhood for your family can take a lot of time. Many companies offer a short-term housing allowance to cover apartment rentals to give you and your family time to find the right house, neighborhood and school district.
The Relationship Factor
No matter how good the job offer, relocating can be difficult on relationships. Spouses, significant others, children and extended family are all part of the equation. Consider the impact your move will have on those you love by asking yourself these questions:
- How will the move affect my spouse’s career? If your spouse has achieved certain career goals or is working toward them, relocating for your job may not be in her best interest. Be willing to say “no” to a new offer for the sake of your spouse.
- What about the children? Moving can be harder on children than anyone in your family. Changing schools, making new friends, getting used to a new neighborhood can be devastating for children if not planned intentionally and strategically. Consider carefully how relocating will impact your children and, if they are old enough, get them involved in the conversation.
- How will my extended family react? If you live near aging parents, consider how moving will impact them. Do they need help with their daily routine? Will moving mean multiple trips back and forth each year to meet their changing needs? Do your parents provide support like babysitting? How will your family replace this in a new town?