Post # 1
Hi Bees, I’m looking for some perspective… I was unsure where to post this so here it goes…
There is a BIG possibility that FI will be offered a job which will require relocating. It would be the same position, but in a different organisation who performs a lot better so will have more reponsibility, hence more money.
They have not confirmed but are offering $15k more + relocation costs. ($15k jump is a LOT). I would still need to find a job, which hopefully would be on par with what i’m earning now. In terms of lodging, we would rent out our place & lease a place for the same amount which would even out.
We are currently living in FI’s home ties where i have no emotional ties, & the new town would be half way between here & the city where we would eventually want to end up (where my family is based).
What else does one need to think of when considering relocating?? What is the magic number that would get you up & move?
Post # 3
@Nic01: I’d definitely look into differences in cost of living. I’m not sure how it is in Australia, but in the US prices can be drastically different. I have a friend in southern California that makes $120k a year and can barely make ends meet. However, where we live now, Charlotte, NC, you can comfortably live on $50k a year. Even if your rent/housing is the same, I’d definitely visit the potential place and take note of price differences in gas, groceries, taxes, utilities, distance from work, etc. Other things to think about are your hobbies as a couple. Do you like to dine out, hike, golf, etc., and are these activities available at this new place? If everything is comparable, and you’re certain you can find work, I would see it as a $15k raise for your FI.
Post # 4
I’d look at costs of living and how much more you will clear after taxes. Also, if there is a city you want to end up in, does this get you closer to that? I mean in his career, not geographically? Are you confident you can find a renter? Rental properties are associated with a lot of unexpected costs, particularly if you aren’t there to run by and fix something – you’d have to send a handyman. Also I would evaluate the $15k as a percentage of his total income, assuming you will be able to keep your current salary in a new job.
All that aside, I think relocating is a fun experience and shows your company that you place high priority on your career and are willing to make some sacrifices for them. But I would ask for a little more of a bump because it sounds like they really want him for the job… it never hurts to ask!
Congrats on the opportunity!
I’ve previously relocated for a lateral move with no increase but I knew it would lead to an increase the next year and got me into the city I wanted to be in. It would take about 30% to pry me away from my current job, unless it was an opportunity to get some valuable experience. Then I may go for less…
Post # 5
Will you stay in your current setup until you find a job or will you gamble and move first? It can possibly take you a while to find a new job so take that into consideration. What does relocation costs mean? That could mean it’s a flat fee, an allowance, just the truck, or the people to pack and ship too.
Will moving jobs affect your career? Does DH want the new job? Does he like the current company a lot? Do you like the new town? How far is “halfway” – an hour or 8 hours? 8 hours is too far away to make a difference but if it’s an hour you can start networking in that town plus see friends (if you already have them).
Post # 6
We just relocated for my job a couple months ago…here’s what was included for us: Mileage/lodging for a house-hunting trip, packing all our items, moving all our items, storage of all our items and temporary housing for two weeks until we could close on our new house. We also received mileage reimbursement for the final move and a small lump sum to help with any miscellaneous expenses (meals the first few weeks, paperwork like new drivers licenses, etc).
It’s obviously going to vary widely by company though. I echo PP’s in saying that you should consider the “long-term” effects of this move; I’m guessing your FI will have to agree to work there for a set amount of time (for me it’s 2 years) since the company is paying for relocation. Look at the cost of living and tax differences, if there are any.
Also, ask yourselves the “worst case scenario” questions. What if you can’t rent out your current place? What if you hate your new apartment? What if you FI hates the job three months in? What if you can’t find work? Discussing these things in advance will make it less stressful if any of them actually occur.
Post # 7
I moved from Connecticut to Pennsylvania with fh when he decided to go to school. He had a job lined up but I didn’t for about a month. It was definitely tough but I am so happy I did it. We’ve been in pa for 6 years now and the only way we’re leaving is to go further south.
Post # 8
Also consider: If you rent, you’ll need to possibly shell out another fee for a relator (in Boston, its 4 months: first, last, one for the relator, one security). If you own, it’s the transaction costs of buying/selling.
Post # 9
Hi bees, thank you so much for replying. We will both be flying over tomorrow for the second interview – which will make it all that much of a ‘real’ possibility. I will certainly be posting back with an update / more questions!