What is in common between home-renovation projects and relocation? Once you embark on either, there will be many unexpected costs that you will have no choice except for finding a way to cover them. And while you may — or may not — be able to put a home project on hold, if you’re moving to a new destination to take up a new job, this may not be an option.
With that in mind, it is important that you plan and budget for as much as you can before relocating. Of course, big expenses, such as travel for you and your family and immediate accommodation may be on your radar. But there are many, many other details that may not be accounted for, and they pile up to a significant amount of money.
For example, have you thought about how much it will cost you to relocate your pets? What’s going to happen if your shipped items don’t show up in time? Will you be buying temporary stuff or staying in a hotel? How much will driving lessons cost you to get a local driver’s licence?
Unfortunately, relocation experiences include many of these hiccups and unplanned expenses. It is just part of what relocation entails. In order to prepare for as much as possible of these costs, follow these steps.
Have a spreadsheet
Start a spreadsheet or just write down every cost item that you can think of. From the big items like flights, hotel and rental cars to small likely expenses such as additional accommodation in case you don’t find residence immediately, phone calls, deposits on housing and cars, extra car lease etc. Making this list can help you think of cost items that may otherwise fall through the cracks.
Once you have your list ready, do some research on some of these items and compare prices. This may seem premature, but if you have an idea of the expected costs, you will be able to plan for these costs or at least juggle things around sooner before you hit a roadblock financially.
Make a budget
Some employers may pay you a lump sum for relocation costs or simply pay part of your relocation costs such as shipping or initial accommodation. Others may not contribute at all. In all cases, you will need to know exactly how much coverage you’re getting from your employer, how much money you will need until you get your first pay cheque and how much additional money you should have access to in case of an emergency.
With relocation come many changes for you and your family. As exciting as these changes may be, there could be some stress involved. You will need to plan for potential health problems, impulse shopping or other unknown expenses that might come your way. In short, don’t plan to run on a tight budget initially because there will be expenses that you haven’t planned for.
Do your shopping ahead
After you arrive in your destination, you will be overwhelmed with starting a new job and getting everything else done to get settled in. So don’t wait until you get there to begin your research. With the easy and accessibility of today’s online communication, you actually can get a head start on much of your relocation requirements even before you board the plane.
For example, if you know your office address, you probably can narrow down the neighbourhoods where you’d like to live, and begin to look at rents and availability. Similarly, you might be able to contact schools or day care centres to get tuition information for your children.
Information about car leases, wireless services, utilities and the like is typically available online or via an online inquiry. If you can invest sometime in getting real quotes, your budgeting will be much more realistic and reliable than any estimate you will come up with randomly. This research also will save time once you get to your destination and help you settle in quicker.
Relocation planning
Know there will be unexpected costs
Research ahead of travelling
Make a list of known items
Have a budget with additional funds for emergencies
— The writer, a former Gulf News Business Features Editor, is a Seattle-based editor.
