Funding Your Future - Cyprus CU Blog

Being Relocated for Work

Written by Avery Mills | Mar 26, 2020 2:04:00 PM

Previously, we talked about questions you should ask yourself before making the decision to relocate. If you decided it was the right move for you, here are some tips to help prepare for the move and to help you get settled afterwards.

FINANCIAL ASSISTANCE

Talk to your company about relocation packages. If they usually don’t offer them, it doesn’t hurt to still ask. Do your research so you can walk in with a fairly accurate estimate of what the move will cost you. If this isn’t an option, check to see if there are tax deductions for which you may be eligible.

EXPLORE NEW CITY

If possible, take a trip to your new city prior to your move. Drive around neighborhoods, watch the local news, visit local restaurants, find grocery stores, and more. Remember that even if you have visited this place before, living there is a completely different ball game.

TEMPORARY MOVE

If you aren't 100% sure of how long this commitment might be, it may be advisable to make this move 'temporary' at first by renting a home instead of buying. In a year, if you change your mind, it's much more difficult and expensive to sell a house. If after some time in your new normal you've decided to make the change permanent, that is the time to set down roots. Give yourself at least a year to adjust as the first six months are usually the hardest adjustment after moving. 

NEW BUDGET

Make an effort to research the cost of living in this new city as opposed to your current one as this make impact your budget. Moving expenses should be included in this budget as well.