Post by twistedcruller on Jan 26, 2015 11:17:42 GMT -5
We had a full relocation package 2 years ago:
Full service movers - packing, loading, truck, etc. - plus storage for 1 month in new location if necessary Transportation of 2 cars (or 1 car + gas & milage if we drove one, which we did) Realtors, closing fees, lawyers, etc. for selling our old home and buying the new one. 1 weekend trip to new location before job offer was accepted 1 week-long house-hunting trip 1 month in temporary housing (or cash equiv. if we could move right into our house) Tax assistance so we didn't owe (much) $3k for incidentals not covered under the plan
This was all done through a relocation company contracted by my husband's employer, so it was really easy. They arranged everything.
Will you use a broker to find an apartment? That ate up a huge part of my relo allowance when I moved to NY (and since I had very limited time to look for an apartment and didn't know the city well, was somewhat necessary).
Post by schrodinger on Jan 26, 2015 11:29:43 GMT -5
My relocation package (6 years ago) covered a lot:
Loss on sale (I was underwater ~$20k) Lump sum (25%) Full service movers on both ends House hunting trip Transportation of car Temporary housing All fees for buying/selling in both cities
In the end, it was probably $60-80k. The tax part that killed me was the lump sum and loss on sale paid out in two different years since I moved at the end of 2008. Each time it was enough to put me into a new tax bracket and disqualify me from making Roth contributions.
Will you use a broker to find an apartment? That ate up a huge part of my relo allowance when I moved to NY (and since I had very limited time to look for an apartment and didn't know the city well, was somewhat necessary).
I highly doubt it, unless we're facing a major time crunch.
The job he's interviewing for is in Chicago. We know it OK and have a bunch of friends in the area who can also give us advice on neighborhoods. I just did a quick CL search and found several decent options with only a few minutes of searching. And I'm sure that if push came to shove, one of our friends could check out an apartment for us to make sure it's not garbage (hi, SJ!).
MAKE SURE YOU RECIEVE TAX ASSISTANCE ON ANY AMOUNT THEY GIVE.
We've moved twice with relocation packages. Once was a direct bill scenario where they just paid for the moving, hotels, etc. the other, they cut us a check for $60k. Both times, they provided tax assistance, which was huge.
The full service move the first time cost $10k and the second time was around $6k. We would never move without packers at this point. If you're selling a house, think of all the costs associated with that. Not just realtor fees, but getting the house ready to sell.
OK, no offense, but it's like you didn't even read my OP.
But thanks for the tip about tax assistance. I vaguely remember moving costs having tax implications from law school, but that class was at 8:30 in the morning so I remember jack shit.
I read that you weren't asking for assistance with buying or selling a house. Your post didn't explicitly say that you were renters, so I still thought it was worth mentioning.
Also, I mentioned the 2 costs of moving because the first time, we were moving out of a 1300sq ft townhome and the second time, we were moving out of a 3100 sq foot SFH. Distances were about the same, but the COL was much higher the first time. $5k might not be enough. Moving companies offer free quotes, so that may be a good place to start.
Post by CrazyLucky on Jan 26, 2015 11:42:28 GMT -5
We haven't relocated in 10 years, but I had an interview last week and am hopeful.
When we relocated, it was 2005. We sold our house within a week of putting it up. If we had not sold it, the company would have purchased it from us after three months. They would have also reimbursed for the double expenses (like mortgage, electric bill, etc). The two big things that I LOVED were they paid for the movers to come pack all our crap and they covered closing costs. So that 6% commission? We didn't have that coming out of our pockets. They also gave us a lump sum to cover house hunting costs. They provide the realtor, which is not so great in my case. She wasn't very familiar with the area we were looking. We ended up buying a house we had found on realtor.com without her help.
Another thing they do that is helpful is work with a mortgage company (Wells Fargo at the time) to help you secure a mortgage. This was big to us, because we would not have qualified for a mortgage for a second home without selling the first one. And the company extended a bridge loan, which was basically what we expected to get from the sale of our home, to use from the down payment on the new house.
I've heard the relo package is not quite so sweet now. They no longer purchase your house if it doesn't sell. I don't know what else has changed.
Will you use a broker to find an apartment? That ate up a huge part of my relo allowance when I moved to NY (and since I had very limited time to look for an apartment and didn't know the city well, was somewhat necessary).
I highly doubt it, unless we're facing a major time crunch.
The job he's interviewing for is in Chicago. We know it OK and have a bunch of friends in the area who can also give us advice on neighborhoods. I just did a quick CL search and found several decent options with only a few minutes of searching. And I'm sure that if push came to shove, one of our friends could check out an apartment for us to make sure it's not garbage (hi, SJ!).
Yes, absolutely send me any listings you are considering. CL can be deceptive when it comes to neighborhoods.
DH has gotten 2 back-to-back sweet deals to move. He basically got a lump-sum payment intended to cover the cost of movers, home buying and selling, temporary housing, storage of goods during transition, and incidentals. He just got turned down for a job because he was requesting a similar (but not quite $$$$) relo package. He didn't feel we could uproot again without significant $.
$5K is a drop in the bucket for a job like DH's, so I can totally see that happening. It doesn't hurt to ask. He can always ask for it as a signing bonus, as that may help with their bookkeeping.
For my husband's first cross country move, he got a $10k signing bonus. For the second one, they offered a $5k moving expenses flat payment ($5k was after taxes, so it was something like $8800, really).
We did pretty much burn through the $5k, though, and that was moving ourselves. Rented a truck and a tow dolly for my car, flew BIL out to help pack up everything and drive the truck for 5 days, flew me, a friend and the cats to the other end. Without even paying for movers we were over $4k for 1 car and a 2 bedroom apartment worth of stuff. It was a ~2500 mile move, though.
I'd be happy to talk through my whole relocation story if you email me as I don't have time to type it out right now. N also got some relocation. And I'd be happy to vet neighborhoods for you in Chicago.
I'd be happy to talk through my whole relocation story if you email me as I don't have time to type it out right now. N also got some relocation. And I'd be happy to vet neighborhoods for you in Chicago.
I might be in touch once we see how the interview goes.
At the moment, I am putting the cart before the horse.
But we did a lot of talking yesterday, and I think we have sold ourselves on wanting to move to Chicago so I am encouraging H to apply for more jobs in Chicago.
I'd be happy to talk through my whole relocation story if you email me as I don't have time to type it out right now. N also got some relocation. And I'd be happy to vet neighborhoods for you in Chicago.
I might be in touch once we see how the interview goes.
At the moment, I am putting the cart before the horse.
But we did a lot of talking yesterday, and I think we have sold ourselves on wanting to move to Chicago so I am encouraging H to apply for more jobs in Chicago.
It's a great city. Bottom line on the relo: I work in a fairly high-paying industry. Someone 2 levels above me was offered 6k. I myself was able to negotiate more and I fully covered my move but I wouldn't necessarily expect one of these cadillac relocation plans. But fantastic if you can get one.
Post by zacksbride on Jan 26, 2015 15:24:51 GMT -5
I have been given 2 relocation packages. One was for a set percentage of salary that amounted to close $19K. The institution called moving companies for me, had vendors show up to my house, presented them with bids, and they went with the best offer. Movers packed up everything in the house, 1 vehicle was transported. This was for a move across the country (New England to TX). I didn't have to pay anything out of pocket, the movers were paid directly through the institution. I had to pay back any funds if I left before 1 year.
I currently have an offer for another job that is a similar set up, but the amount is for 15K. I do not have to pay anything back, regardless of how long I stay.
DH got an excellent relocation package when we moved across the country last year:
2 house hunting trips (which we didn't use) Packing, moving & storing our belongs Both cars shipped, plane tickets for our family of 4 + bags, rental car for 2 weeks during the process 3 months in a furnished apartment Closing costs & 1 point on the mortgage of our new home Tax off-set of the relocation package
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OK, I am thinking that the minimum he wants to ask for is: Apartment-hunting trip Full service movers Signing bonus of one month's salary to cover security deposit and our actual driving expenses
Obviously we'd love more, but I'm sort of thinking toward what to ask for if nothing is offered. I really don't want to pay for another cross-country move, but part of me is hoping H gets this Chicago job. I think I'm ready to move again!
ITA, and with that said if they won't give the signing bonus find out if they will at least pay out a smaller amount for "per diem" and mileage.
You may find that they just hand over a bonus and have you handle it all. I already mentioned a CC as an option and then paying it off with reimbursement if it comes to that.
Keep us updated!
Yeah, the big thing is that you can't pay security deposit or first month's rent with a CC (at least usually you can't).
I talked to him last night about asking for a $10,000 signing bonus to cover relocation expenses if they don't offer anything. As I've thought about it, I feel like that is reasonable. It would cover what we'd need, but it's not some super extravagant amount that would make them think he's a high-maintenance guy they don't want.
Second interview is today. I'm kind of ready to pack up and go, so I hope he rocks this!
Post by penguingrrl on Jan 27, 2015 10:07:52 GMT -5
We got $3K flat towards moving expenses for a Visiting Prof. position last summer. It didn't quite cover the cost of movers. We packed and unpacked, they loaded the truck, drove the truck and unpacked the truck. We were moving 90 miles away and the full cost of the movers was $3300. It did not include the cost of a trip out to find housing, the cost of gas in our cars to get here, the cost at the DMV to register cars in a new state and get new licenses (which was close to $500, so not a small cost). I get the sense corporate relo packages would be significantly more than that.