Going, Going, Gone: Relocation Basics
By Todd Anten
When the job market is tight, job seekers are willing to go that extra mile to get the jobs
they want -- literally.
And when it comes to moving, there's more to figure out than just boxes and tape. Cost of living, relocation assistance and finding a job are all considerations. Here are some tips every mobile job seeker should use.
Making a Move ... Without a Job
Most people agree: It's easier to find a job in a city if you already live in or around that city. This is one of the primary reasons people move without having work.
This path, however, requires a financial security blanket. The average job search takes anywhere from three to five months. So, if you're planning to move without a job, be sure you that you can financially support yourself for at least that amount of time. Also, use these tips to find a job faster:
- NETWORK: Let friends and family know which city you're moving to. Ask them if they know of any opportunities or contacts there.
- ESTABLISH A HOME BASE: Obtain a local address and phone number as quickly as possible, even if it's at a friend's house. This way, you can immediately begin giving potential employers your contact information.
- USE ASSOCIATIONS: If your industry has an association, find the local branch in your new city and ask them about job opportunities.
- FREELANCE: Consider freelancing or consulting to supplement your income. Temping is also a good way to earn quick cash.
- INVESTIGATE SPOUSAL ASSISTANCE: If you're relocating because your spouse has gotten a new job, your spouse's employer may have a program that will help you find work.
Calculate Your Cost of Living
In some cities, you can stretch a dollar much farther than in others. Housing prices, transportation expenses, bard costs, taxes -- all vary from city to city. It's cheaper, for example, to live in Kansas City than in New York City.
So before you accept a job, check out the cost of living. This is as easy as using a cost of living calculator, like this one:
Cost of Living Calculator
The calculator tells you how much you need to earn in your future city to maintain the same lifestyle.
Using the example above, the cost of living calculator computes that you would have to make $80,000 in New York City (if you rent an apartment) to maintain the same lifestyle a $50,000 salary would provide in Kansas City.
Can I Get an Employer to Pay for My Move?
Many companies offer relocation to help employees offset moving costs.
Almost three-fourths of companies surveyed by Atlas Van Lines have some kind of formal relocation policy. Ninety-four percent of big firms (those with more than 5,000 employees) have such policies.
These programs vary in terms of benefits. Many include a stipend to pay for movers, short-term corporate housing and a reimbursement to cover realtor fees.
Be sure to ask if a company covers some or all relocation expenses before accepting an offer. Every little bit helps.
Give Me a Break! A Tax Break
You can write off your job relocation expenses on your taxes ... if you're eligible.
To qualify for a relocation tax deduction, you must fulfill certain requirements:
- Your new workplace must be at least 50 miles further away from your old home than your old workplace was. So if your old job was 10 miles away from your old house, your new job must be at least 60 miles away from that same old house.
- You must work full-time at your new job for at least 39 weeks during your first year.
If you qualify, here are some examples of what you can deduct:
- The cost of packing and transporting your stuff
- The cost of shipping your car and pets
- The cost of lodging while in transit
To see the IRS's full explanation of these requirements, click here:
Internal Revenue Service
One cautionary note: It's a very good idea to consult an accountant if you are planning to take advantage of these or other tax breaks related to your relocation.
|
