The need for corporate relocation is more common than you might think. In some scenarios, you have a decision with it – to go or to stay. However, in other instances you either have to relocate or you have to find another job. If you choose not to go, will you be offered any type of severance package? If you decide to go will they help you with it?
Cost of Living
Before you give the company your decision, find out all you can about the place where you are moving to. What is the cost of living there? If it is much different than where you currently reside, will they be giving you a raise? If not, you could find yourself in a financial crunch. What is the housing market like in that new area? Will you be able to buy a home or do you need to rent until you sell your current home?
Corporate Relocation Expenses
You will often find that the business asking you to relocate is willing to help with the expenses involved. They may pay a certain dollar amount of the move and you are responsible for anything beyond that. They may pay for the entire move and even hire an entity to do it as they can discounts relating to corporate relocation moving costs.
You need to carefully read through everything they offer and ask questions if you have them. You can also try to re-negotiate anything that you aren't happy with. For example, the cost of living in a hotel while the transition takes place. You may have to go for work now but your family won’t be moving for another month to the new place.
Tax Breaks
You may not be aware that you could qualify for tax breaks if you move for work more than 50 miles from your current residence. There are some stipulations though such as you must be relocating to work full time. IRS Publication 521 or your accountant can help you to determine if you qualify and if so, what you qualify for relating to such tax breaks.
Conclusion
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