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Many ups and downs to consider before downsizing

Among retirees who move, half of them choose smaller digs, finds a new study by Merrill Lynch and Age Wave. Less home and yard work, cost cutting and accessing their home equity were the chief reasons for the move.

The rise in real estate values have made the payoff even bigger, say experts at MONEY.com. Home equity, for many baby boomers, far exceeds the value of their 401(k) or IRA.

* Go or stay? Swapping a home in a cold city for a condo in a warm climate should save on your retirement funds. But it takes due diligence to calculate the monthly savings. Moving alone will cost about 10 percent of the price of your old place.
Jan Cullinane, author of The Single Woman’s Guide to Retirement, says one couple saved on property taxes and heating but their homeowners insurance was far more expensive.

* Single-family or condo? You’ll save on moving expenses by staying in your present area and by having a place with fewer bedrooms. Condos cost less than single-family homes, but you’ll pay for shared maintenance and homeowners association fees, which may cover water and yard work. These costs are usually higher than buyers expect.

* Buy or rent? Sometimes renting is better than buying, especially if you want to stay closer to your kids. But the kids themselves might move in a few years. Don’t buy unless you want to be there for five years or more.
Instead of buying a home, you might rather put the proceeds of your home sale into your investment portfolio.

* Now or later? Now is better than later. You’re likely better equipped for the physical and emotional stress of a move in your sixties than in your eighties.

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