Finance

Weighing the Pros and Cons of Relocating For a Job

March 27, 2023

If you’re considering accepting a job opportunity in a new city or state, you may be wondering if it’s worth uprooting your home to do so. After all, moving for a job demands your time, money, and renovation efforts.

If you’re one of the many professionals that see employee relocation as an enticing new adventure, you may be wondering about the pros and cons to help finalize your decision.

So, is job relocation right for you? To help you decide, let’s review the pros and cons of relocating for a job.

What Are the Pros of Relocating For a Job?

Relocating for a job can set you up to enjoy the following benefits:

#1 Career Advancement

Not all job markets are created equal. If you’re willing to expand your employment options beyond the confines of your current city, you may find that superior career prospects await you elsewhere.

According to Allied’s 2022 Job Relocation Survey, roughly half of the respondents said their primary reasons for relocating were either to:¹

Take a higher-paying job than their existing one
Accept a job with more promising career advancement

#2 Lower Cost of Living

Depending on where you relocate, you may find that your salary goes farther than it does in your home state. Some states offer attractive tax advantages, while others boast more affordable costs of living. If you’re relocating to a new state, make sure you know a few helpful tips for moving out of state.

#3 New Experiences

For novelty-seekers, exploring a new city can be very exciting. Major cities like Los Angeles, San Francisco, or New York City can provide endless options for new experiences. Your job relocation can give you an excuse to try new cuisines, experience a new culture, and mingle with new circles.

#4 A Fresh Start

Sometimes, you just need a fresh start. Maybe you recently got divorced, lost a family member, or fell into a rut. Moving somewhere new can shake up your routine and give you a new lease on life.

#5 Possible Relocation Assistance

Some employers are willing to help you pay for your move to earn your valuable talent. If your new employer is one of them, they may offer you an employee relocation package. These packages are available to employees who live more than 50 miles from their new position.²

Relocation packages may cover some or all of your moving expenses, including:

Professional packers and movers
Transportation to your new city
Home sale or lease-breaking assistance
Temporary housing

What Are the Cons of Relocating For a Job?

While relocating for a job has its perks, it’s not always an easy transition. Here are some potential challenges to be aware of:

#1 Moving Expenses

Not all employers offer relocation assistance. If your new job doesn’t include it, you may be stuck footing the bill for your move out of your own pocket.

Moving expenses can add up quickly. After all, you have to:

Purchase packing supplies
Pack and ship your belongings to your new city
Hire professional movers or rent a moving truck
Transport your vehicle
Arrange new housing accommodations
Pay fees to break your rental lease early

You should also keep in mind that many relocation packages include payback clauses. A payback clause lets you know how long you must stay at your new position to keep your relocation assistance. Leaving too early may land you with a costly bill. If you don’t enjoy your new position or location, your payback clause may make you feel trapped in a suboptimal situation.

#2 Family Adjustments

Relocating for a job as a single person is relatively easy since you only need to consider yourself. If you have a partner or children, it’s another story.

In this case, you’ll need to think about:

What your partner will do for work if they move with you
The comfort of your partner in the move
How moving away from family and friends will affect you
How your kids will adjust to a new school and social scene

#3 Community Acclimation

When you move somewhere new, it can take time to settle in. In addition to finding new healthcare providers and go-to grocery stores, you’ll also have to rebuild your social bonds from scratch.

According to the Allied survey, one out of three people who relocated for work found that acclimating to a new community was their biggest challenge.¹

Factors to Consider Before Accepting a Job Relocation

As you can see, there are pros and cons to relocating for work. Only you can determine if they are worth accepting for your career advancement or the other advantages that land at the top of your list.

Some factors you’ll likely want to consider when finalizing your decision are:

Your new company’s reputation
Your new job’s position within the company
Your salary and benefits package
The total cost of moving after factoring in relocation assistance
The cost of living in your new location
The quality of life in your new location
Your friends and family’s sentiment
Your current and future housing situations

Relocate Easily With a Residential Sale-Leaseback

To that last point, one easy way to relocate for a job as a homeowner is to enroll in a residential sale-leaseback program. These types of programs allow you to sell your home to a cash buyer without any contingencies so selling your house due to a job relocation doesn’t have to be difficult.

There are many sale-leaseback benefits. Once you’ve sold your home and pocketed the proceeds, you can keep living in it as a renter until you’re ready to relocate. In turn, you won’t have to worry about arranging temporary housing accommodations after the sale. Plus, you’ll have cash on hand to put toward your next home purchase.

Sources: