What is an Employer Relocation Packages?
Moving for work? Make sure you know exactly how much help you can expect from your employer.
If your company has asked you to move to a new city or state for work, you’re not alone. Each year, millions of people in the United States relocate because of their jobs.
Before you start packing boxes, it’s important to know what your employer will and won’t offer in terms of relocation assistance, and how that could affect both your move and your bank account.
Don’t assume anything
Most U.S. companies offer relocation incentives for employees or new hires. If a relocation package isn’t discussed with your offer, you’ll need to start ask this employer right away. Ask for what you want, including all the services and compensation you’ll need for your move.
In 2012, companies spent an average of $19,303 to move a new hire renter and upward of $90,000 to move a current employee homeowner, according to the Worldwide ERC, the association for professionals who oversee employee transfers. Find out what your move will cost, and make sure your relocation package is adequate.
Ask Questions
All companies have different relocation packages. Some will cover just the basics, while others will transfer vehicles, provide cultural training, help pay closing costs or mortgage points buy down, or even provide employment assistance for an accompanying spouse or partner.
If you’re a homeowner being asked to relocate. You will want your company to do GBO, the relocation company hires two independent appraisers prior to listing your home. If you’re unable to sell the property on your own within a certain time period, the company will buy your home for the average of the two appraisals.
Doing it all by yourself
If your company’s relocation package doesn’t offer much incentives you will want to do it your self.
Moving all your household items using your own vehicle will be the least expensive do-it-yourself. Without professional packing and moving services, you increase the chance of your belongings being damaged.
Another option is renting a moving truck. A large-capacity truck is easier to load and unload than a car, and allows you to accomplish the task with fewer trip. You will need to buy gas to get the vehicle from one place to another, and you may be required to purchase additional insurance.
Portable storage containers, “PODS” are a good way to move with out a professional moving company. These services drop off large storage containers at your current residence. You pack and load the containers yourself, on your own timeline. When the containers are full, the moving company transports them to your new home or, if you’re not ready to move in just yet, they can take the containers to their warehouse, where they will store your belongings. This is a great way to move. I have done this myself.