Trick or treat: Five things to consider before making moves for money

Moving for money job tricksTaking on a new job oftentimes involves making moves for money. A change in scenery can be nice and when a bigger paycheck is involved, well, that’s all the more reason to type up that letter of resignation on the fly and set a date with Two Men and a Truck. But before you do all of that, take a little time to consider these five things to be sure your job offer makes both sense and cents.

Two men and a truck. Did you know that in 2010, the average professional household move cost more than $12,000? That’s about enough to buy your teenager a car for their 16th birthday! When negotiating your salary, be sure to keep moving costs in mind when agreeing upon making a move. Oftentimes, along with your salary, you’ll be offered a relocation package. Crunch some numbers. Be sure you won’t end up losing money when you think you’re making more.

Rent or own? Do you rent or own your current home? If you’re renting, you have it easy. See what kind of costs might be associated with breaking your lease if needed, search online to find a new rental and that’s that. If you own your home and need to sell it in order to take on a new position, the cost of moving can really add up. When purchasing a new home, closing costs to sell a home are typically between two and five percent of the purchase price. If your new pad won’t be available to move into right away, there’s also a temporary housing that you may need to include into your cost of leasing or purchasing a new home.

State Income Tax Map 2016
Map by taxfoundation.org

Relaxation or taxation? After the interview comes the job offer. It’s easy to see the number behind the dollar sign and think you’re coming up in the world. And you might be doing just that. Before you see your new potential salary as a plus, just be sure to check out state income tax rates for the state you’re considering moving to in comparison to your current location using the map to the left.

 

Cost of Living. If you moved from New York, NY to Raleigh, NC, you could make about 39% less a year and still maintain the same standard of living. Between groceries, healthcare, housing, transportation and utilities, when moving there can be an enormous difference in the cost of living state-to-state. Sometimes receiving a job offer with a lower salary than you are making now, can actually mean more money in your pockets at the end of the day when making literal moves. If and when you have a job offer that means you’ll need to move to accept the position, take a look at one of our favorite cost of living calculators here.

Relationship status. Are you married with school-aged children or single and ready to mingle? We’re not asking to invade upon your privacy. We’re asking because if you’re thinking about making moves, family is the most important thing to consider. More often than not, it’s spouses and children who are the deciding factor on whether an offer is signed or not. And it’s important for your entire family to be in on your decision. Some of our previous recruits have taken their entire family on a trip to visit their new prospective home for the weekend to be sure everything checks out with Tommy, Jake and Sally before saying: yes! It’s a great idea. If you do have a family, take into consideration your spouse’s job and income. Search Google to see about public and private school options or take a look at areavibes.com to get an A-F grade on education and crime in the area. While higher rank and more money is a plus, you want to be sure everyone involved is happy with the decision before making the commitment above all else.

Thinking about making moves for money yourself? Take a look at our current job openings here and submit your resume to us if you think you’ve found a fit. We’ll be happy to help you find a new gig and once you receive an offer, talk you through the pits and/or perks of moving for money in the biotech or pharmaceutical world. Moving for a new job should be a treat, not a trick.