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7 Reasons Not to Move When You Retire

Money Talks News Logo By Chris Kissell of Money Talks News | Slide 2 of 8: When you buy a home, you’ll typically pay between 2% and 5% of the purchase price in closing costs, according to Zillow. That means that if you buy a $150,000 home, you could shell out up to $7,500 for the privilege. And those costs don’t include the price of moving your belongings halfway across the country. Plus, unless you are paying cash, you likely will need a mortgage. Rates on such loans fell to historic lows during the Great Recession, but they have risen quite a bit since then — and may continue to do so. That means your next home loan could be more expensive than your current one.

1. It’s cheaper to stay put

When you buy a home, you’ll typically pay between 2% and 5% of the purchase price in closing costs, according to Zillow. That means that if you buy a $150,000 home, you could shell out up to $7,500 for the privilege.

And those costs don’t include the price of moving your belongings halfway across the country.

Plus, unless you are paying cash, you likely will need a mortgage. Rates on such loans fell to historic lows during the Great Recession, but they have risen quite a bit since then — and may continue to do so. That means your next home loan could be more expensive than your current one.

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