Ask For A Raise
The first sensible thing to do would be to ask your current employer for a raise, citing that there are other companies paying higher wages for the same work. If your boss goes for it, then great! Case closed, right? Not so fast...
Evaluate The New Location
So, your boss is willing to pay the same as the new job offering. How far will your money go where you currently are and how far will it go in the new location? Is the standard cost of living less in the new community? Is the new town a place you've always wanted to live? If you have kids, how are the schools? What is the crime rate? Is the town on the rise or is it stagnating or slowly losing residents? If you should lose the new job, would you be able to easily find another job in the new community? Would your spouse be able to find work in the new community? How far away would you be from family? Would you always be traveling on holidays and would you always have to hire a sitter because you can't call grandma to pop over?
Evaluate The New Position
It sounds like the job is the same as your current job, but is it really? Are there other responsibilities involved? Will you have to travel more? Does the workplace culture support families or do they all seem to be workaholics? Do you want to move your entire household for a job at the same level or should you only move for a step up on the job scale?
What Do You Stand To Lose?
If, after evaluating the new job and the new town, you find you're still interested in the new job, there are a few final questions to ask yourself. Will you lose a significant amount of money if you sell your house and would the higher salary at the new job compensate for that loss? If you're being offered $5,000 more per year but you stand to lose $50,000 on your house, it would take you 10 years of working at the new company to make up for that loss. Is it worth it? Additionally, what is the housing market like in the new town? Can you get a lot more house for the money? If you had to, would you be able to sell a new house in the new town or is the market there very tough? If you can make up the loss of any money on your current home with a gain in equity in your new home, it might end up being a wash or even a gain.
Think about your family and the ages of your children. Is this a good time in their lives for making a move? Sure, kids can adjust at any age but some ages are harder than others when it comes to making a transition. Also, consider the long-term benefits and drawbacks for your family. Maybe your family is currently on the go, constantly spending time in the car driving to activities because you live in a big city and nothing is close to your house. If you crave more family time, maybe a move to a smaller town with a less hectic pace is the right choice for you. Or maybe you live in a crime ridden town and long for the peace and safety of small town living. Conversely, maybe you live in a small town a long for more culture and learing opportunities that a larger town can offer.
Is your spouse on board? Will they support you or will this drive a wedge between you? Will they be happy in a new environment? Are there job opportunities for them?
This by no means is a comprehensive list of the questions you should ask. But it's a great starting point. The idea is to try to think about all the different aspects of a big move so that you can make the most informed decision. No matter what you decide, you can feel more secure in your decision once you've weighed all the pros and cons. A higher salary does not always outweigh all the other factors when it comes to making a big move.
Source: Michelle Schwake of Stafford Family Realtors
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