Retiring often brings the desire to relocate, but the decision between renting or buying a new property requires careful consideration. Retirees should evaluate their certainty about staying in the new location long-term, as buying entails high transaction costs. Renting might offer necessary flexibility for those unsure about permanence. Additionally, retirees need to consider their financial situation regarding mortgage needs. With many resources available, including financial advisory services, retirees can better navigate this complex decision for their desired lifestyle.
The biggest question for retirees considering relocation is whether they are certain that they will stay in a new area long-term, which can affect their buying decision.
Transaction costs associated with home buying can be high, typically ranging from 2% to 6% of the purchase price, making it essential to consider long-term commitment.
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