Corporate relocation is an exciting endeavor. You get to move for your career, which means exploring a new city. However, it's important to know what's involved in relocating for work. Here are a few things you should be aware of when deciding whether to move:
Ask about reimbursement
Moving is expensive, and if your company wants you to relocate, you should discuss reimbursement packages. Unfortunately, not all companies offer to cover moving fees, but yours might be willing to compensate you. According to the 48th Annual Atlas Corporate Relocation Survey, 81 percent of companies pay for or reimburse at least some relocation costs for transferees and new hires. Knowing your company's relocation policy and negotiating your reimbursement could save you a lot of money.
Look into tax deductions
A corporate relocation can be tax deductible in certain circumstances. If you're moving yourself, you have to meet three main criteria to apply for a deduction. The first is your move has to be related to starting work at a new location. Second, you must work full-time for a number of weeks during the next year, and the third requirement is you move at least 50 miles from your old home, according to the IRS. If your move meets these specifications, you may be able to deduct moving expenses from your taxes.
Receive a valuation
After you've hired your moving company, look into its valuation options. Two popular options are minimal and full-value protection. Minimal protection comes at no additional cost, but you'll receive a lot less coverage if something were to get damaged during the move. On the other hand, however, full-value protection means the company will either replace, repair or come to a cash settlement if anything is broken. There are pros and cons to each option, but just make sure you weigh them all before choosing what kind of coverage you'd prefer.
"Get an in-home estimate done for your move."
Get an estimate
If your employer doesn't provide you with a moving company, then you'll have to find one yourself. Before choosing your movers, make sure you get estimates from several businesses. You should try to get an in-home estimate done if possible. With this option, a representative will come to your home and assess your belongings before giving you a quote. This will be a more accurate estimate because the rep gets a chance to view your items before the move and see how much there is to transfer.
Asking for quotes from several companies will give you a good idea of pricing, but you should also do some research. Read reviews online and ask friends for recommendations. You want to make sure you're hiring reliable movers before your relocation date.
You have a lot to consider when deciding to relocate for your company, so be prepared if you say yes. This means creating a plan that makes the corporate relocation run smoothly. For example, before saying yes, you need to know how you'll be moving, where you'll be living and what your time frame is. These are the immediate questions that'll need to be answered. If you create a plan and work out some of the more pressing issues, you'll feel more in control during your move. This can reduce stress and make you better prepared to deal with moving troubles.
Organize your travel documents
If you don't have experience with corporate relocations, you might not realize how much paperwork is often required. For example, if you're moving internationally, you'll need a visa, an inventory of your belongings as well as other work documents. Even if you're not moving overseas, it's a good idea to have certain papers, such as your moving company agreement and receipts for reimbursement, readily available. Having these documents on hand will make your corporate relocation a lot easier for everyone involved.