Moving to a new area for a new job? That’s an exciting time in anyone’s life. If you’re moving because of your job, some companies will pay you some sort of relocation package. While relocating is a great opportunity to get to know a new area or city, many people aren’t sure how to take full advantage of their relocation benefits.
Follow these four tips to make the most of your relocation.
There’s a reason that companies have human resources departments. Don’t be afraid to ask questions! Most of us will only move once or twice during a career, so it is natural to have questions about the process. Some relocation packages are more generous than others, so as a new employee, it is important that you understand what you qualify for in your new position.
Never Rush a Decision
It’s exciting to get a new job in a new city, but remember to take your time as you make decisions. These choices are going to affect you many years down the road. You’ll have lots of housing options, whether you want to buy or rent. Spend time researching homes in the area you want to live in so that you don’t make a decision that costs you tens of thousands of dollars. Long-term housing decisions should never be rushed.
Think About Taxes
Relocation benefits vary greatly from company to company. No matter what you’re offered, relocation benefits are taxed differently from your normal income. Because those packages offer, there is no cut-and-dried rule where taxes are concerned. If your relocation package is large, it is probably best to seek the advice of a tax expert. The worst thing that could happen to you as a new employee is to get hit with a big tax bill that you weren’t expecting! Do your homework so you can be prepared for this unknown tax liability.
Never assume anything! Since company packages vary so widely, make sure you read the fine print so that you know exactly what you qualify for. This helps you avoid having to pay for services you thought you were qualified for, but weren’t.
Some companies also ask employees to pay back relocation benefits if they leave the company during a certain time frame. This can be tens of thousands of dollars, so know in advance how your relocation package works.
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