Is it Worth It to Relocate for a New Job?

New employment opportunities uproot countless people to new homes all of the time, but do you ever wonder what exactly makes it worth it to do so? The New York Times recently chimed in on the topic of how to decide whether to relocate or not, and we thought they came up with some interesting points in their article. This blog is a summary of the main points in the article, plus a couple additional ones that'll help you deliberate on whether to make the move for that new job or not.

Salary

In order for a job to be worth the move financially, it should preferably offer more pay or more future opportunities. Ideally, it will offer enough compensation to pay to enhance your style of life and the mental and financial stresses of a move. Calculating how hard and how much it costs to move can be a bit tricky. This isn't the same as moving out of your dorm room into a new apartment, it is moving your adult self and perhaps a family to a new location. If you haven't moved recently, it may be a good idea to get a bid on how much it will cost to hire a mover. If you plan to do a move yourself, you will need to consider the cost of a moving van, storage, time, etc. will add up. Moving is a complicated and expensive process that should not be taken lightly.

Cost of Living at the New Location 

You may find your dream job with a great salary! Fantastic! What you may not know is that most of your new income may end up just being an adjustment for the expensive cost of living in that location. When you are considering a relocation, you are going to need to research the cost of living of the new area. How much is rent? How much are groceries and utilities? Will you need to consider sending your kids to private schools? Will there be a commute? How much will you spend visiting friends and relatives? All these considerations will help you decide if this new opportunity will actually bring you financial prosperity, because (financially speaking) there is no point in just moving if you do not gain anything out of it.

Contract for New Job 

Find out if your new employer would be willing to compensate for your move. If it hasn't been message, adding moving costs is a good thing to throw in at the negotiating table.  Certain employers will pay a certain amount for people to move. If this is the case, it is important to find out actually how much the  moving package includes, because sometimes companies will give you not nearly enough compensation to actually be able to afford to move. Instead you end up paying the excess yourself, or doing a large part of the move yourself to stay on the limited budget.

Employment for Spouse/Partner

If your partner or spouse cannot find a job in the new location, this can prove to be a huge financial loss for many couples. Every couple has a different financial and personal situation, but this is an issue that must be considered and discussed thoroughly before jumping ship to a new job. Without actually looking it is hard to scope out job opportunities in a new area, so do some research with job listings in the new area. Find out the general employment rate. The transition is sometimes a lot more difficult than one partner than the other, so be prepared for the fact they may be job hunting for a significant amount of time.

Intangible Considerations 

Not everything of course is about money. You will need to consider the pros and cons of moving that go beyond the pocket book. Have you also dreamed of moving to this location perhaps? What will it be like to be away from friends and family? How will this effect your children? There are lots of different factors that you can only consider for yourself. Taking the time to contemplate these and be honest with yourself will help you decide if it is time to move on or not. Many people avoid these topics until it is too late, and they end up regretting the big move. On the other hand, some people begin to think of their new home as the place they always belonged. Everyone is different. Just make sure you give yourself time to think about making such a huge change.