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If you’re living in your dream home in an ideal climate near all your family and friends, great!  If not, you may be considering a move. Before you break out the packing tape, consider the following five costs described in a recent US News & World Report article:

 

  1. Selling. Realtors always seem happy.  It’s probably because on average their commission is between five and six percent of your home’s sale price. Of course, you could sell by owner, but you’d still need to factor in legal and recording fees. In some states, you may also be required to pay a realty transfer tax.
  2. Buying. From legal fees, mortgage and title fees to home inspection fees, you’ll face additional costs when you purchase a home.  And, if you’re buying a condo, you may have to contribute to a capital fund.
  3. Moving. Movers, storage and shipping are just some of the relocation services associated with your actual move. Your days of paying in pizza for friends’ help are behind you.
  4. Settling in. As you move into your new space, you’ll want to make it feel like home.  Maybe that means a fresh coat of paint or maybe it means a renovation. Redecorating can be fun (and pricey).
  5. Re-establishing your life. From restocking the fridge and pantry, to reconnecting your utilities or joining that golf club, the first few weeks in your new place might pinch a little.

 

Before you decide, consider your “why.” If you’re only looking to shave a few thousand dollars off your annual property tax bill, moving may not make sense.  But, if you want a real lifestyle change, the joy of choosing where to retire and then going for it — may be worth more than the cost of getting there.


Source: “5 Expenses to Consider Before You Move in Retirement,” US News & World Report, June 2014.

 

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Are you planning to retire in place or move in retirement?  What do you hope to gain?