Relocating for work can be an enormous decision, which can be made all the more appealing if your employers offer a generous relocation package.
However, relocation can mean far more than just a new ZIP code for some homeowners. The move can also upend their finances.
Toni Frana, a career expert manager at FlexJobs, says that when considering a job that requires a relocation, it’s essential to understand all the ramifications of the move.
“Moving, of course, is expensive, but there may be additional expenses you need to consider as well,” she adds — expenses that will follow you for years after your move.
What relocation packages typically cover for homeowners
Evan Harlow, a real estate agent at Maui Elite Property, says that competitive relocation packages for homeowners should cover far more than just the moving truck.
He says that employers often pay for packing, transport, and short-term storage but can also go as far as to reimburse real estate agent commissions; cover part or all of closing costs; and provide temporary housing or paid house-hunting trips.