Congratulations! You scored that out-of-town job offer you’ve been dreaming of! The Federal Census Bureau tells us that you’re in good company, as roughly one-fifth of those people who have recently relocated have done so for job-related reasons. You might be moving across the world or maybe just across the state, but either way there’s quite a bit to think about.
The first expense you’ll need to consider is the out-of-pocket costs for the physical move itself. AMSA (American Moving & Storage Association) reports that on average, an interstate move can cost over $5,600. Your new employer may or may not pick up most of those expenses, but it’s still something good to consider.
Don’t forget to also compare the costs of living from your current location to that of your potential new home. If you’re moving from a smaller city to a large metropolitan area, you may have some sticker shock. Making $100K in Cleveland might be a comfortable salary range, but take that same $100K to Manhattan and you’ll struggle. A lot. You’d need to make at least $225K, an increase of 125%, to have a comparable standard of living.
You’ll find a number of very helpful cost of living comparison calculators online that can give you an idea of the differences in everyday living expenses, from dental cleanings to a pound of coffee. Use a cost of living index to compare everything from relative home prices to the cost for one pound of potatoes. Don’t forget to take other job benefits into consideration. Taking a hit on your current standard of living might be worth it if the move is to a good company with better career opportunities.
When you get a great job offer, the temptation is to immediately put in your notice with your current employer and get packing. Now is the time to think strategically. Is the new employer offering to defray moving costs? How much and which expenses will they cover? If you need to sell or rent your current home or leave in the middle of a lease, consider the potential of having to pay double your usual housing expenses for a while. Don’t forget about living expenses during your travel time, movers insurance, meals and hotels.
The more time you have to budget and prepare, the easier the financial burden may be to plan for and budget.
Take an inventory of your current furnishings, from sofas to bedroom sets. You may find that the cost of shipping your 15 year old mattress or your 10 year old recliner would be better off not making the trip. Bulky bedroom furniture, dining sets and the like may be saleable, with the profits going toward new furnishings.
And don’t forget to take new commuting requirements into consideration. While you needed your car to make the 25 minute drive to work living in Ohio, you might want to sell it and make use of New York City’s ample public transport options. Potentially paying for parking, insurance and maintenance expenses could be an avoidable expense.
If you end up deciding to take the plunge and make that move, one last consideration for you is DIY vs professional movers. And should you decide to let someone else deal with the logistics, packing, moving and storage, and even unpacking, think about Brandon Transfer. We’ve been making moves for nearly 100 years, and our family-owned business would be happy to help you make the transition as painlessly as possible. Call us today for a free quote!