Are you happy in your career, or are you one of the many young professionals hungry for a little change of pace? Sometimes, to get what you truly want out of a career, you might need to step out of your comfort zone, take a leap of faith, and move to a new city.
Believe it or not, 10% of the population moves each year, and out of all reasons for moving, some of the most dominant factors are career-related. According to a recent study, over half of individuals surveyed relocated for an advancement opportunity or an increase in salary, while one in five respondents endured a career migration to be closer to family.
No matter how strong the motivator, there’s a handful of details to deliberate before accepting a job offer across the state, country or even the world. Below we’ll discuss some of the most notable details to take into account before relocating for your career.
1. Be Prepared For Home Buying
The same survey documented that one third of respondents listed buying a home as the most difficult component of relocating for their career. As if the idea of moving itself isn’t stressful enough, finding the right home can be mentally, physically and financially exhausting.
There’s no way around it – buying a home is tiresome, not to mention expensive. There are the obvious costs, like down payments and closing costs, and then there are the smaller details. Do you need a home warranty? What about home insurance?
Costs, both big and small, will add up, and your finances will need to be in order to be sure that you can handle this investment. To be most prepared, it’s recommended to speak with a financial advisor or real estate agent to determine whether buying a home is a smart investment for you.
2. Bulk Up Your Emergency Fund
As you can see, this life transition may sprout some unanticipated expenditures here and there, which is why it’s crucial that you boost your emergency fund. Perhaps you’re moving to start a new business and won’t see profits for an extended period of time after you move. Maybe the relocation is distant enough to require hiring a moving service. Or, if you’re buying a home, you can expect to be faced with common homeowner expenses within the first few years, like emergency repairs or other maintenance fees.
With that being said, if you’re on the hunt for a job in a new city, state or even country, begin boosting your savings account as soon as possible. Cut back on your typical spending, cancel unused services or find other practical ways to allocate more cash toward your savings in the months leading up to the move. It’ll give you more of a cushion to safeguard you throughout an unpredictable, intimidating transition.
3. Consider Your New Salary
While salary isn’t the primary factor for everyone looking to move across the country for a new job, it’s imperative to determine if you can manage the adjustment in pay. Any new geographic area comes with new living expenses and a different cost of living – both of which will affect the overall impact of your salary and your quality of life.
Lay out all your future fixed monthly expenses like your rent, car payment and phone bill and compare it to your net monthly income. Once you’ve gotten a clear picture of your potential cost of living, you’ll know how much money you need to get used to living on prior to the move. In the event you take a hit to your salary, try living on that income before relocating to ensure you can function comfortably on a smaller amount of money.
4. Ask Your Company About Relocation Assistance
Around 25% of organizations are aware of the burden that is uprooting your life and will offer some form of support for new employees. Some may have a connection with a local moving company, provide financial assistance to cover closing costs or provide temporary living expenses if renting a place is necessary.
Ask about financial assistance before making any big moves. In many cases, relocating is time-sensitive, and any way your future employer can help ease this experience can and should influence your decision to move. Also, don’t be afraid to negotiate; advocating for yourself and politely pushing for what you deserve is expected and oftentimes respected by employers.
Conclusion
Making a career change is difficult. If you’re 100% confident that this is the best next step, you should be equally confident in all decisions leading up to the move. From the application process to the day of the big move, it can be seemingly impossible to be totally prepared. Consider some of these tips to be diligent and courageous throughout your career change.
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