Thinking of relocation? Whether you have a job offer in hand or not, you must consider the financial implications of your decision, which can go well beyond the initial cost of relocation.

Moving to a new city or country can mean a change of lifestyle and many more costs that you won’t know right away. The best way to know more about those costs is to talk to a person — or people — who have through similar transitions. But remember don’t ask them about how the price of milk compares to what you currently pay. Ask them about surprises costs, taxes and major lifestyle differences that could be costly.

By doing so, you will be able to estimate how much your move requires not only in relocation costs, but also in living costs afterward. This could help you negotiate a better job offer, or at least, know where you will stand financially in your destination.

Here are four points you must take into consideration —

Accommodation

If you are planning to rent or buy a home, you must be aware of the housing market. Looking randomly at the classifieds or online posts won’t tell you much. You need an insider knowledge — even from online forums — on which neighbourhoods are affordable, safe and close to utilities schools and workplaces, especially if you already have a job offer.

Once you identify these neighbourhoods, be aware of additional costs. For example, will you need to hold renters insurance and how much that costs? What is included in the lease amount you’re seeing online? Contacting even some landlords or property management companies can give you insights into patterns of costs. But make sure you’re asking the right questions to ensure that you’re getting the full picture.

If you’re planning to buy a home soon after your move, you certainly need to contact with a real estate agent to understand the costs associated with this purchase. Ask about commissions, taxes and your eligibility for a mortgage. In addition, get an good understanding of how much house you can afford. Because real estate is all about location, it makes sense to wait until you move and get a sense for yourself in which neighbourhood you want to live.

Lifestyle

Although your lifestyle might not change much by changing locations. Patterns of work hours, commutes and the like may have an impact on your spending. For example, if your work hours are long, your spouse may need a second car, and your children may require costly childcare. This is just one example.

Other lifestyle changes are more gradual. For example, living in place that doesn’t have a lot of options for free entertainment — like parks, beaches and community activities — may mean that your recreation budget will eventually grow.

It is not uncommon for many people to want to blend in their communities, so try to get a sense of what lifestyle changes are expected with your integration in this new community and whether they will impact your budget.

Taxes and other fees

Be fully aware of the taxes in your destination — not to be confused by the entire country of destination. For example, in the US, taxes may change significantly from one county to another — and certainly from one state to another. Being aware of how much income you will take home is essential. In additional, you must be aware of your tax obligations at your destination as well as your home country. These costs will become very real shortly after your move, so take them into consideration as early as possible.

Be also aware of other fees and charges that are common when you travel abroad. For example, consider your costs of international phone calls, money transfers, travel back to your home country or visits from your family members. Although some of these costs may appear minor, they could chip at your savings quickly and make what appeared to be an attractive job offer less rewarding.

The writer, a former Gulf News Business Features Editor, is a Seattle-based editor.

Calculate your move costs

Have a realistic view of accommodation

Know the change of lifestyle costs

Be aware of tax obligations

Account for minor and big costs of living abroad

— R.O.