 Many
people who move for work may find themselves in an awful mess.
Maybe they bought a home sight unseen in a neighborhood that’s
unsuitable to their lifestyle. Or maybe they didn’t read
the fine print of their relocation package and ended up paying
for more than they expected. Moving for work can be stressful,
so it is important to be as informed as possible to avoid any
unpleasant surprises. An article from WallStreetJournal.com gives
helpful hints on how to approach this process.
Do Your Homework
You can never do enough research when moving,
whether it’s for work or personal reasons. You should start
researching local information as soon as possible; subscribe to
the local paper and research the region’s weather, lifestyle,
cost of living, commuting and other details on the Internet. Also,
try to visit your new city at least twice, one of them on a workday.
If you have a family, make sure that they accompany you on at
least one of your visits. If possible, have a friend or acquaintance
(maybe someone in your firm’s local office) to show you
around the city.
It is extremely important not to rely solely
on your real estate agent for information about the area. He or
she will not highlight any negatives, such as weak schools or
high crime rates. Also, when your agent is helping you find a
home, make sure to ask specific questions about the neighborhood
and home. Think about your lifestyle and needs or wants and gear
your questions appropriately.
Also make sure you know exactly what assistance
your company is offering you for relocation. Some companies have
tiered programs that offer a “deluxe” package for
executives and other “critical” staff and basic packages
for other staff. Some companies also offer referrals and networking
help.
It Never Hurts to Ask
Although many companies offer a basic or standard
relocation package for the majority of their employees, it never
hurts to negotiate if you think of something you might need. If
you are too caught up with the moving process to ask your company
for assistance, you may regret it. Relocation-related problems
may cause you to resent your company or not do your best in the
career you have worked hard to build. They can also cause you
to not make the most out of a new place.
One area in which your company may help is in selling your existing
home. It’s difficult to predict how your home will sell,
and the last thing you want to end up with is two mortgages to
juggle. It is usually a good idea to discuss any assistance your
company can offer before you agree to relocate. Some companies
will make up the difference if an employee’s house sells
at a loss or below market value at the expense of a quick sale.
Others will arrange a bridge loan or references to companies that
can help.
Read the Fine Print
When you receive your relocation package in
writing (if you don’t receive it in writing, ask for it),
make sure to take time to study the fine print. You might discover
that your company isn’t paying for as much of your housing
as you thought. Or perhaps they’re only covering your move
up to a certain amount. Make sure you understand all of the terms
and conditions and that you agree with them. If you have any questions,
ask before you agree to relocate. Any negotiations should also
be conducted before you agree to anything.
When you relocate, you should come out financially
whole. If you have figured out what you need to relocate and your
company isn’t willing to provide it, consider your reasons
for moving. If you are moving just for the job and not because
you want to move, you may want to reconsider.
|
