Looking Ahead

Moving - Will It Save Me Money or Cost More?


The answer is simple…it depends. There are lots of variables to consider if you're thinking about moving to save money. The difficult part is making sure you don't save money in one area (like real estate taxes), and spend more—maybe much more—in others (like income taxes, utilities, health care, transportation, etc.). So here are some suggestions on what costs to compare:


Downsizing

Rather than move somewhere else, many people prefer to stay within their region but downsize from their current house to a smaller house, cooperative or condominium, or an apartment in the same area. However, you must again be careful to make sure that you won't actually be increasing your costs, or ending up in the same spot, financially. Ensure you include the following in your calculations:


Other Thoughts about Moving

There's often more to moving than finances. Note that moving at any age can be very stressful. Moving can often require a shift in lifestyle, sometimes significant. Here are some things you may want to consider before moving, especially if you're moving to a new area:

The answers to most, if not all, of these questions are probably qualified at best. But it's better to consider them before moving than after.

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