Should You Relocate for a New Job?
Hospitality is a global industry, and for many professionals relocating for the next job opportunity just comes with the territory. It's simply a normal part of their career growth. However, relocating abroad or across the country – or even to a new city within the same state – for work should not be an impromptu decision. Here are a few factors to consider before you accept that long-distance job offer and start packing.
Is where you intend to go better than where you currently are?
Are you living in an area with a limited number of employers or career choices? How long have you been unemployed? If you’ve been out of work for more than a year, have exhausted the limited prospects in your current location, and can identify target cities where your position is in high demand, relocation could make sense. If you can survive on less income in the new location, it can further enhance the viability of relocation. Research the cost of living in cities that interest.
Can you afford to make the move?
If you postpone your relocation until you receive a job offer, ask the employer if they will cover your moving expenses and temporary housing costs. Some may cover a portion (especially if you’ve been hired for an executive position), but most may not – and moving isn’t cheap. Some relocation expenses paid out of pocket are tax deductible. However, the cost of selling your home (and the financial hit you may have to take if you are underwater on the mortgage), is not.
How mobile are you?
Have you lived in the same place your entire life, with family members nearby? A relocation may be difficult for you, so consider the effects it may have on you and your family members. However, if you’re currently renting and ready for a big change, a move for a new job may be relatively easy and just what you’re looking for.
What will you do if it doesn’t work out?
If you move for a job offer but the position isn’t a good fit, what will you do? It’s always best to have a contingency plan before you relocate. Consider renting your current home rather than selling, and postponing the purchase of property in the new location until you’re established with the new company. Research the economic viability of the area as well as other potential employers. Areas that are thriving and that have a high concentration of companies within your department or role will offer the most opportunities should your plan go awry.