Not all companies treat employees the same when reimbursing workers for relocation expenses.
Different companies approach this differently. If you are considering a new job, and that job requires a move, it’s best to ask questions about reimbursement payments in advance. This will give you the opportunity to understand just what expenses may or may not be covered.
When in doubt, ask. And be ready to negotiate.
Some companies will offer relocation reimbursements that will cover the cost of a move, plus the expense of temporary living expenses. These packages can also include the cost of home-hunting, and getting the new home prepared for your arrival.
Some companies will pay for the expense of traveling to the new community to search for a home. These offerings can include plane tickets, hotels and meals. There are even packages that cover the commission paid on a new home purchase. There are also packages that will compensate you if you sell your old home for a loss.
Again, none of this is guaranteed. It all depends on how vital you are to the new company.
Moving expenses are often covered. If so, it’s worthwhile to hire a professional moving company like Buehler Companies. We’ve been in business since 1912. We’re available to help with any moving-related questions and have offices in Denver, Colorado Springs, Fort Worth and Albuquerque.
Company moving reimbursements can cover all the basic moving expenses, this should include the cost of the move, plus extra work, such as packing and unpacking all your home items. These packages should include insurance coverage for the move.
High-quality companies will also provide moving reimbursements to cover things like: temporary housing, childcare help, and professional cleaning for your new residence.
There are even company moving reimbursements that will cover the expense of having your personal car transported to your new location.
Realize that none of this is set in stone. So again, work this out well in advance. Everything in life is a negotiation, so don’t sell yourself short. But be prepared to have a realistic understanding of what your move entails and what your new company will cover in terms of moving reimbursements.
Steps to take to get the best moving reimbursement package possible.
Know what your new company will cover. If you are a top executive at a Fortune 500 firm, you’ll probably get everything you want. But the moving reimbursements depend on your value to the company, the size of the company and the financial state of the company.
Some companies will offer a stated lump sum to reimburse your relocation. Get this amount set in advance to ensure you know how much you can spend on the move. Keep track of all your expenses. Document everything and try not to go over the budget provided by the lump sum figure.
Some companies may dictate what moving company you can hire and how the entire move will be handled. These dictates can include which real estate firm will be used to find a new home for you and your family.
Keep in mind that lump sum payments are considered taxable income. So again, keep all receipts associated with the move. You don’t want to be dinged on April 15 for taking a new and better job.
As with most things, do some research on the topic. Speak with your new employer about what they will and won’t cover in terms of new employee moving expenses. Remember, the company has chosen you to join their staff. They want you, so don’t be afraid to negotiation and have them reimburse you for your moving expenses.
Good luck and keep Buehler Companies in mind if you have any questions about any relocation or how company moving reimbursements work.