What’s a good relocation package?

[Anonymous]

I am one who moved with 120k. Was not a lot to be honest. I rented six months, carried two houses 18 months, sold old house which cost like 40k, moving 10k, new house like 20k closing, like 20k getting ready to move in.

Cost me like 100k, the 120k was taxable, so broke even

[Anonymous]

Anonymous wrote:I am one who moved with 120k. Was not a lot to be honest. I rented six months, carried two houses 18 months, sold old house which cost like 40k, moving 10k, new house like 20k closing, like 20k getting ready to move in.

Cost me like 100k, the 120k was taxable, so broke even

This is OP, and to other PP: it’s outlined as kind of a perk and not really intended to cover the whole cost of moving. It’s a great opportunity but I feel optimistic I’ll get a similar offer locally, which I will take (if I get it).

[Anonymous]

We moved for a big tech position (DH’s job: recruited for a particular type of research but low title) 10 years ago. It was DC to SF area.

It was an amazing package. I really didn’t want to move, but they made it easy. They paid for
- a scouting trip (we focused on daycare for our then 2 year old and neighborhoods, but not specific housing). I think it was 5 nights and included a per diem; flights,and hotel up to a capped amount.

- a professional organizer (maybe 8 hours?) to reduce the amount of stuff being moved

- packers and movers
- car relocation
- all closing fees on our condo
- our cross country flights for the move itself (I believe we had the choice of that or up to 10 days driving cross country / per dorms / hotels / gas a mileage)
- up to 8 weeks in temporary housing
-storage of our things for those 8 weeks
- a day or two with a realtor to help us find an apartment (we used one day after we moved)
- a housing stipend for the first two years. (It was the choice between some sort of deduction on a mortgage or a rental stipend.) I think the renal stipend was $2000 / month, which is generous, but I wish we’d purchased
- a bonus (maybe $20k?) if he stayed two years (which he did)

[Anonymous]

Top 10 commercial bank, SVP role: white glove pack and move, 3 months corporate housing plus expenses, guarantee minimum home sale, 2 long weekend trips with family for house hunting. And the most important part - gross-up for taxes. The "value" of the package was around $30k but the gross-up made it closer to $50. They do enough that the move was less expensive than if we tried on our own (I think a half-country 4 bedroom home move alone was $25k.)

[Anonymous]

This is before Covid…

I usually see standard of 10k for relocation / moving, storage etc

Then before the real move, a couple of trip to tour the area, see school, look at houses in different neighborhoods. Sometime they even add this for one day when they fly me out for interviews.

[Anonymous]

Anonymous wrote:This is before Covid…

I usually see standard of 10k for relocation / moving, storage etc

Then before the real move, a couple of trip to tour the area, see school, look at houses in different neighborhoods. Sometime they even add this for one day when they fly me out for interviews.

Trouble is with that little you will get a ton of "fake" movers. I moved NY to DC with a 120K package. A time I had another job offer with a lousy 5k package. I did not want to move at all. But was getting laid off old job. If I did not get the job with a 120K package was going to take job with 5k package and just go every week and pretend to move and keep job hunting and then quit.

In fact I accepted that 5k offer as the 120K offer dragging as I only had 48 hours to accept and the other offer was a week or two away. I finally got the better offer and backed out last minute. Also the 120K package gave me in writing a 120K bonus e after first year if met expectations. I did buy a house in DC after six months. But did not sell my house in NY and move family officially till 18 months later. Did back and forth. By then had the 120K moving package and 120K bonus as fulfilled the one year.

Guess what they let me go after three years. After moving 18 months later and their is no relocation package. Luckily I got another job in DC. But it could have turned out bad. People dont realize the new firm can fire you anytime and if right after you moved and sold old house it sucks.

[Anonymous]

Anonymous wrote:This is before Covid…

I usually see standard of 10k for relocation / moving, storage etc

Then before the real move, a couple of trip to tour the area, see school, look at houses in different neighborhoods. Sometime they even add this for one day when they fly me out for interviews.

But unless an empty nestor or single person living at home or renting it makes no sense at that small amount.

My other issue when looking for a OOS job, one place in Florida in a low cost of living area offered me a job with lower pay but claimed it was really higher pay due to no state tax and lower costs. I explained although I am at time from Long Island in NY I have a paid off starter home house. Me moving will cost a lot, I most likely will need a mortgage on new home and my living costs will actually rise. Back then my property taxes my little house was $550 a month and homeowners was around $150 a month. So $700 a month my home cost. The recruiter was confused. I did not see the big difference in cost of living. Cutting my pay 30 percent so I can not pay NYS tax and milk and eggs a little cheaper did not seem a big deal to me.