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Negotiating Moving Packages with Your Company


By Relocation.com

If you have to move for your work, then getting a relocation package with your firm is a good move. Moving can be expensive, and if you’re moving for work, you should be compensated for it. Aside from the actual moving itself, there are so many more costs you may not have anticipated, so make sure you negotiate a goo package. To help you get started, here are some tips and things you need to know when working out your relocation package.

Relocation packages vary from company-to-company and employee to employee. It really depends on the situation – is your company asking you to move? Or are you interviewing with a new company in another city or state? This will determine how much leverage you have. In the first case, if you don’t really want to move but you have to, then you have a lot of leverage. In the second case, you can still ask for a relocation package, but you may not have as much wiggle room.

Perhaps you’re thinking “How much do I need and how much do I have to push for a package?” However, before you even decide on moving, you’ll have to consider the salary, benefits and cost of living. For example, your salary may allow you to live comfortably in Topeka, Kansas, but if you’re moving to New York City, you may need twice what you’re earning to have the same lifestyle. This is the same case with your home. You may be living in luxury in a $150,000 home in the suburbs, but that may not even be enough to buy you a studio apartment in Manhattan. So, it’s important to know these things in advanced.

When it comes to the actual moving expenses, don’t forget that there’s more to it than just paying the moving companies. Consider the other incidental expenses that you may incur:
  • Time off for packing, moving, house hunting and transferring schools for your kids.
  • Selling your old home and moving into a new home, including real estate agent’s fees, closing costs, taxes etc. In many cases, you may not be able to sell you old home for it’s current value – how will the company compensate you for this loss? Can they purchase the home from you? Can they make up the difference? Also, when you buy a new home, can they help you pay for the home or at least provide you a low interest rate for a loan?
  • Travel expenses – this includes plane tickets, taxis, car rentals, lodging at hotels or apartments, and even the food costs incurred.
Tax Benefits:
You can get some tax benefits when you move for a job, but at the same time, you can also be penalized for the benefits your company gives you. Make sure you check the latest tax rules, and try to work with your company to find a way to minimize the taxes you have to pay and maximize your deductibles. Of course, moving for work really entails a lot of questions you have to answer. Is it worth it? Will you be happy in your new location? Are you being compensated fairly for the move? Before you make any decision, make sure it is what you want and it will benefit you and your family.
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