Anyone have any recent experience with relocation packages? (2014, corporate)

[shankaupas]

Originally Posted by Exiled Texan

I'm surprised to hear about a relo package that pays for real estate agent fees. I know a friend's package from early 2008 at Freescale. Thought it was super generous, but no real estate fees.

WARNING - You will be taxed on this benefit, which can result in a surprisingly substantial tax bill.

Are you talking about fees to sell your existing home before you move. Because there are no fees that the buyer pays directly to a Realtor when you buy a house.

[Jennibc]

Originally Posted by Exiled Texan

I'm surprised to hear about a relo package that pays for real estate agent fees. I know a friend's package from early 2008 at Freescale. Thought it was super generous, but no real estate fees.

WARNING - You will be taxed on this benefit, which can result in a surprisingly substantial tax bill.

The taxes were withheld.

[iceshots]

We relocated from Canada with a high tech company in 2008. Both my wife and I were senior managers with the company so they got a two-fer, but we did not really get anything more than the standard relocation package.

We were told the packages had been more generous but we received a package that covered all the costs involved with a slush amount to cover additional incidental expenses. I would estimate that we did not lose any money on the move, but we did not make any money as I had heard some people brag about.

Our move was from Canada so there were more expenses involved in the real estate, lawyer, taxes and immigration fields. All covered.

The packages are adjusted year to year, and part of it includes a non-disclosure of the details. I know there are other people from the company on the board so I don't want to cause any problems with who got the better package. I may get disappointed.

Suffice to say, that other than the poster who got a family trip back home in the first year, all other posted benefits were included in our package.

The company worked with us and our situation to tailor the package even after we had signed the formal details. We swapped a few benefits for extra consideration in some areas, and were able to extend some benefits when we ran into some unique cross border relocation problems when we arrived.

From what I understand, the packages are provided on a case by case basis. Some recent transfer offers do not come with benefits, others do. Same thing with new hires.

And yes, all benefits were taxable. We had to account for everything so that was incentive not to push the limits.

Good luck.

[Momof3OK]

We are in the process of relocating to Austin. Husband works in the tech industry. We had 3 job offers in the last year. 1 had a full relocation package including real estate fees but the salary and benefits were horrible. The 2nd offer had a decent salary and benefits but zero relocation. This offer had a great salary offer, awesome benefits and a lump cash sum bonus that is to be used for relocation however we choose to spend it. It will cover the moving of our house stuff and if we are careful temp housing while we shop for a house. (yes the bonus is taxed) 4 years ago the relocation package paid for 2 house hunting trips, shipping household items and cars, temp housing, cash for hookups and misc expenses, and paid all realtor fees on both ends. It was very generous but we came to understand packages like that have gone away for most companies unless you are upper management.

[staubach]

I received a $25k max relocation package in November. It included two flights to visit Austin and the rest towards the moving expenses.

[vb0]

I just accepted an offer for a high-tech job in Austin, with a 15k relocation package.

[XLadylawX]

In these challenging economic times, a lot of companies have announced a blanket policy of not paying any relocation packages. This does not however stop them from offering or you from asking, for a sign in bonus. Just be firm with them. Ask for the bonus then let them name a figure. Usually the first one who names a figure, loses the edge. Also, keep track of all your move receipts because we managed to spend our sign in bonus and then some on our moving expenses and we managed to deduct the whole bonus as a result. With the bonus and the tax deduction, we were able to break even.

[GANKS]

It totally depends on the position within the company. In our company some roles have relo budget while others don't. Sometimes we'll make an exception for the right person.

When I moved here in 2007 from Seattle my relo was taxed at $38K and the company paid for the taxes too. The relo covered move where they pack everything, ship both cars, house hunting trip, fully furnished temp housing (2 mos), 5 additional round trip flights (only used 1), I think $1000 in cash and another $1000 for meals for the trips. It didn't include any real estate costs for selling our Seattle home - luckily it sold a few weeks before we moved into our new home here.

A friend of mine was just offered the same package to move from Austin to Seattle for our company so they are still out there.

That relo was one of our lower packages at the time. When I moved here most of my neighbors were talking about how Dell picked up the cost of the difference for what their house sold for and the appraisal. Two friends at Dell had their house bought by Dell since it didn't sell in the time outlined in the relo package - this was right before their layoffs and one was laid off 12 mos later

The key is looking at the total offer. For me I did a lateral move for the same pay but a great relo package and a better role which has allowed me to earn more than I would have in the previous role in an area with a lower cost of living and better weather - it was a no brainer for us.

[SimBoo]

We are looking into relocating from the Central valley of CA. My husband has received one offer that would have reimbursed us up to $1500 after he worked 90 days. He turned it down as that would have been ruinous. He had another that offered a max of $3000. He didn't accept that one due to other reasons.

[yoggerman]

you should be getting a package upwards of $80K, which includes moving, finding and buying a house, assistance in selling your existing house (and company should pay mortgage for 3-6 months), and temporary housing in the Austin area.

If the company is not willing to go this full mile, I would reconsider relocating. The cost of living, and renting, is skyrocketing around here, compared to 13 years ago.

Yog