Has your job offered you an opportunity to relocate to another city or state? You may qualify for a job relocation package through your company to help you pay for some or all of your moving expenses.
If your company is asking you to relocate or if they have a flexible relocation program, you may be offered a job relocation package. Here’s what you need to know about job moving packages.
What exactly is a job relocation package?
A job relocation package typically includes money for typical moving expenses and services. There is no standard for this type of package and it is not offered by all companies. There is also no standard for how you’ll receive these expenses.
Some companies might ask you to pay the costs up front and they’ll reimburse you for either the full cost or a percentage of the cost. Others might offer you a lump sum of money up front, while others may pay vendors directly on your behalf. Lastly, if you have a company credit card, you might be allowed to handle these expenses similarly to travel expenses.
If your company does offer a relocation package, here’s what you should expect to be covered (or what you should negotiate) with your boss:
Moving Transportation Costs
Transportation costs include transporting all of your belongings on a moving truck, shipping your vehicles, and even airfare for you and your family. They also typically include movers to load and unload your belongings. You’ll want to find out upfront which costs your package covers so you can budget your expenses.
For instance, if your company won’t cover airfare, but will ship your vehicles, it may be cheaper for your family to rent a car to make the commute, instead of paying for airline tickets.
Some relocation packages offer packing services, so you’ll want to find out the full details from your job. Many times packing services are provided by the same moving company who will be loading, transporting, and unloading your belongings.
If they offer packing or unpacking services, you’ll want to find out early on to decide if you’d like to take advantage of this option. Be aware that if you decline packing services, the transportation company likely will not insure your items in case of damages, since they cannot vouch for how they were packed.
House Hunting Trips
Another service that many relocation packages include are house hunting trips. Most companies will allow you to visit your new location at least once to explore the area and look out homes in person.
You’ll want to do research ahead of time to make the most of this trip, especially if they only offer one visit. If you’re buying a home, working with a qualified buyer’s agent is the best way to organize house showings.
Temporary Housing Expenses
If you’re moving out of your old home before your new home is ready, some companies offer temporary housing expenses. This could cover hotel stays, an extended hotel room, Airbnbs, or month-to-month rentals, depending on your specific situation.
Find out your company’s policy before agreeing to any move-out or move-in dates.
Budget for Real Estate Relocation Agent
If you’re selling a home, buying a new home, or both, you’ll need to find both an experienced seller’s agent and a talented buyer’s agent who know the local markets. Some companies will help cover the costs your listing agent receives at the time of closing, so be sure you find out their policy on agent expenses.
If you don’t already have an agent, Clever can connect you to a top buyer’s agent in your new area. Clever can also help you find a low-commission seller’s agent to ensure you receive top dollar for your current home.
There are always unexpected moving expenses that can be difficult to predict until they happen. For instance, you might need to pay for storage for a month, pay to transport your pets, or fly your family out to your new home at separate times. Read all of the details of your relocation package agreement and find out if any unforeseen expenses can be charged back to the company.
Connect with a local Clever buyer’s agent today and get started on finding your dream home.