As soon as your boss explains that they want you to relocate to a swanky new office in another state, you might start daydreaming about new coworkers, a new office, and an exciting local culture. Unfortunately, unless you take the time to negotiate your relocation package, you might come across a few unpleasant expenses along the way. Here are two things you should ask your company to pay for so that you can get off on the right foot:
1: A Home Hunting Trip
If you are a homeowner, it might be stressful to find a new place in a foreign real estate market. To help you to get the ball rolling before you pack your bags and drive to that new city, some employers will pay for home hunting trips. These trips typically include airfare for you and your partner to your new city so that you can meet with a real estate agent and start searching for a new home. However, since home hunting trips are typically your first taste of your new environment, some employers add these perks to entice you to move:
- Childcare: Who wants to take their kids on a business trip? To make the experience as serene as possible, some employers will reimburse you for childcare expenses while you are away. Most companies set a specific dollar limit per day, which means that you can choose a childcare provider you feel comfortable with as long as they charge within the allowable limit.
- Meals: Home hunting trips are a great time to check out the local culture, which is why most companies offer a generous reimbursement for meals. While you are on your trip, you can enjoy great food and drinks on your company's dime—which might turn your home-hunting trip into a mini-vacation.
- Entertainment: To further incentivize you to transfer to that new branch, some companies will even pay for entertainment such as plays, movies, and park admissions in your new city.
If one trip to your destination city doesn't seem like enough time to find a home and check out the area, ask your employer if they will pay for two. Although the traditional home finding trip spanned from 3 to 7 days, more and more companies these days pay for two trips so that you can better familiarize yourself with your new surroundings.
2: Expenses Tied To Selling Your Home
Moving might sound fun after enjoying that home hunting trip, but have you calculated the expenses tied to selling your home? Since you didn't choose the timeline associated with your move, you never know how easy it will be to unload your old place so that you can afford a new one. Fortunately, some employers will cover expenses tied to selling a home, including:
- Loss On Sale Protection: If your home is worth less than when you purchased it originally, you might take a huge hit if you sell your place in today's market. However, an estimated 71% of employers offer loss-on-sale protection, which means they will make up the difference for you. For example, if you purchased your home for $200,000 but it is only worth $150,000 in today's marketplace, your employer might give you the extra $50,000 so that you can afford a new place.
- Closing Costs: Since closing costs are typically 2 to 5% of the sale of your home, they can eat through your profit in no time. For example, if you sell your home for $300,000, you might have to pay between $6,000 and $15,000—just to finalize the deal. Fortunately, some employers will pay for closing costs so that you can move free of charge.
By asking your employer to cover extra moving expenses, you might be able to enjoy your new surroundings without worrying about money.
For additional help, you can pair up with a relocation service, such as those found at http://www.midwestmoving.com, to make the transition smoother.