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Count the hidden costs of chasing that bigger pay cheque

It is hard to put a price on greater job satisfaction. Picture: PA

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It is hard to put a price on greater job satisfaction. Picture: PA Would you up sticks and move away from your area if you were offered better career prospects or a bigger salary? The dilemma of whether to relocate for work or stay put can be tricky to answer – particularly for those who already have strong ties with their local community.

Among employees who have never relocated, 59 per cent of men and 65 per cent of women say the desire to stay near family is the primary reason they’ve stayed put, according to a new survey by jobs website Indeed.co.uk.

On the one hand, there may be the chance of new opportunities opening up, a pay boost and better living standards. But on the other, families also need to weigh up how other members of the household may settle into a new life – and how this may also have an impact on the household budget.

Here are some factors you may want to consider when weighing up whether it’s worth relocating for work or not.

Can you afford the moving costs?

The cost of moving home can quickly add up to thousands of pounds.

According to research from Lloyds Bank, home movers across the UK may typically need to budget around £12,000 just to cover moving costs.If you plan to buy a new home, there are expenses to consider such as the land and buildings transaction tax, or England’s stamp duty tax or the Welsh land transaction tax if […]

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