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Curious About Employer Relocation Packages?
At some point in your career, you or somebody you know will likely be offered an employer relocation package to assist with a big move. It's been estimated that about seven million people in the USA relocate each year, many for work-related reasons. A growing number of companies are willing to invest in relocating talented professionals and may be able to offer you some reimbursement for moving expenses. It just depends on the company.
Whether it's to stay employed with the same company or because you're looking at greener pastures, you'll want to keep some things in mind before packing up the home and hitting the road.
1. Make no assumptions.
You know what they say about those who assume. If a relocation package is paramount to your final decision on whether or not to accept the job and the potential new employer doesn't bring it up . . . then you should say something! Ask questions. Interviews are for the employee as much as the employer. It would be a good idea for you to have done your homework first, though. Check out current moving expenses and what the change in cost of living is going to be so that you have viable numbers to discuss.
2. Find out if there are "extras".
Your employer may be willing to cover a moving van, but nothing more. Or, you might be one of the lucky ones that gets a comprehensive package that covers a bit of everything, like transporting vehicles (if your relocation is overseas, this could be a huge expense), covering closing costs on a new home, and/or a guaranteed buyout of your existing home.
3. You can always do it yourself.
There are pros and cons to handling the entire move on your own and sometimes it's the only option. When packing up and moving your household goods on your own, you have few assurances of replacement if items get lost or damaged. That aside, a physical move is exhausting and can be taxing on your relationships with your family and any friends you've asked to help. It's important to remain appreciative rather than critical. Depending on how far you are going, you'll want to compare prices and estimate a budget to help you decide if you want to attempt to do it all with private vehicles, rent a moving van (which includes gas and company insurance), or take advantage of a portable storage container system.
4. Keep records of everything for tax purposes.
Moving costs, in addition to the traveling expense associated with the move, can be deductible if they meet IRS rules. You'll want to look into these as they involve factors such as the distance you're moving and how long you've been employed with the company. Also keep in mind that depending how the employer pays for your relocation, you may have to claim the money as income; i.e. it's taxable.
If you're considering a move to any of Central Ohio's beautiful hometowns, contact one of our agents for insder insights into the best properties available inLogan County and Indian Lake.
