Moving and Relocating

When your children are all grown-up and flown from the nest, exchanging your multi-bedroom home for a condominium seems like a smart financial move. Experts recommend it as well and for the most part, downsizing can really help with your finances. However, there’s one small setback: the move-out process.

According to Mike Palmer, a certified financial planner with Ark Royal Wealth Management, downsizing can become quite costly for some people, especially if they want to continue living in an urban area. “I see a lot of folks thinking they’re going to walk away with $200,000 [by downsizing], but that’s rare. In most cases, it will be lateral,” he says. To dodge this situation, he recommends moving from an urban area to a more rural one.