So you’ve been offered your dream job—the only problem is that it’s not in the same city where you and your family have a home. The good news is that more and more companies are starting to offer relocation packages post-recession. But you may need to negotiate to get sufficient coverage for your move, since moving an entire family can costs tens of thousands of dollars. Here are three things you should consider requesting, from corporate housing rentals to specific payment methods:
- Ask for Home Sale Assistance
If you own a home in your current city, you’ll need to sell it quickly. But if you haven’t been anticipating a move, there may be a number of steps that need to be taken first. You can ask your new company to pay for the repairs, improvements, marketing and real estate representation that can help you sell your home right away without listing it below its true value.
- Ask for Corporate Relocation Housing
If your new employer wants you to start right away, you may not have time to find permanent housing in your new city first. Or, if you’re still trying to sell your old house, you may need to wait for the proceeds of that sale before you can put down a new down payment. If either of these are the case, you should request corporate relocation housing.
Corporate housing often offers the luxury of a hotel with the relaxed feeling of a home, and is suitable either for just you (if your family is staying in your old house until it sells), or your entire family. Typically, corporate housing companies offer fully furnished apartments stocked with everything you need so there’s no packing and unpacking necessary.
- Ask for Direct Billing of Moving Expenses
There are several ways an employer might pay you for the benefits you’ve negotiated. One way is in a lump sum, an amount of cash you can pay out as you see fit to cover moving expenses. The downside of this option is that any sum will be seen as earned income by the IRS, and you’ll be paying hefty taxes on it. Other companies may offer reimbursement, but this can leave your savings depleted—or you thousands of dollars of debt—in the meantime.
The best solution is to ask for direct billing. In this scenario, your employer will simply pay the companies who provide services to you. Not only is this the best financial choice, it also gives you one less thing to worry about when you’re already stressed about the move and your new job.
Have you negotiated a relocation package? Were you able to get home sale assistance and corporate relocation housing included? Share your tips in the comments. Read this for more: elitecorporatehousing.com See more. Refernce materials.