When wondering about leaving your house and shifting to another town or home, there are indeed a lot of things to consider. Your old house can carry great memories of childhood or have sentimental value that you just cannot put a monetary value on. We cover five key things to consider to address the issue to help people make the right decision: should I sell a house in Staten Island, NY, or wait?
Many people must be wondering if it is an excellent time to leave New York during COVID-19? It is better to understand that and talk about it before determining where to go next with your family or parents. You may be prepared to leave and find homes that suit your lifestyle better, but you don’t know if it should be right now or whether you’ve been waiting.
You have Positive Equity
For individuals deciding to sell their New York properties, capital is a significant factor. Thankfully, property prices have risen since the housing crisis in 2008-09, and homeowners have created value in their New York homes. The financial commitments that come with purchasing a new home are not as complicated and expensive because of getting capital built up.
Growth and Developments in Price
If you are worried about the New York real estate market, that is reasonable. In general, New York City was severely affected by COVID-19 and what the long-term consequences will be is currently unknown. But the New York real estate market continued to be very hot in the fall of 2020, with both prices rising and double-digit sales, but some positive news around the state.
Keeping up with the rate per month
If you can keep up with the monthly expenses, another major factor is when it comes to determining if you can sell your house now or wait. COVID-19 has struck people, and things are changing, making it impossible to keep up with monthly financial obligations. Maybe there’s no longer a secondary income like before, or you’re nearing retirement.
For most people, monthly expenses include:
- Utilities
- Insurance
- Household expenses
- Mortgage payments
- And many more
Could you afford to move around to get a new house?
The other side of the coin is that you can afford to move and get a new home, so why don’t you or your family look for an upgrade? Perhaps the home you’re considering selling is older but very cute, and you’re tired of coping with home renovations and the cost of updating it all to modern standards.
Sell Now: if you are relocating or facing any issues:
Some individuals think that hanging on to their homes and waiting to sell as they move out of state or migrate for a career is a brilliant idea. Instead of selling it, the plan is to keep the house as a rental property, which is not a bad idea but may not be the best choice.
It’s not easy to be a landlord, especially when living out of state or starting a new job. You will need to deal with various scenarios, like filling any vacancies by repairing a clogged toilet. If your tenant loses their monthly payment or goes up and leaves, you will still need to be financially prepared to make two mortgage payments.