Once the kids have grown and you find yourself sitting in that big NYC house, you might start wondering about downsizing or moving to a new neighborhood? Is this the right move? Or should you just renovate the family home to suit your future retirement needs? This is actually one of the most proliferate questions about NYC apartments for rent we get at TOWN Real Estate, and understandably it’s one of the most difficult questions to answer.
Things To Consider
When deciding on whether to remodel or downsize there are a few things to consider. First you want to think about the current value of the property. A home bought some 30 years ago may have a substantially higher value, which could represent a nice nest egg for retirement years.
You should also consider remodeling costs. Think of everything you would want to change and then consider the cost. In many cases this cost can be offset by the equity in the home. Still you should be prepared for the expense and the inconvenience of a remodel.
Selling Your New York City Home
Many people approaching retirement age opt for selling their family home and moving to a more convenient city apartment or town-home. The reasons vary. In many cases it’s simply a matter of convenience and aesthetics, and in other cases it may be because of a financial gain.
At any rate there are many different factors to consider when thinking of buying an apartment in NYC so let’s look at these to help you make the choice of selling or remodeling your exciting home easier.
Condo or Co-op?
Before doing anything you need to decode between purchasing a condo or co-op and know the difference between the two.
Co-ops are usually the go to solution for older buildings, those built before 1980. Newer constructions tend to be condos. In a co-op, a single corporation owns the building, and buyers only have shares in the corporation. There is a proprietary lease where rules and regulations are outlined.
On the other hand a condo is like a single house where you get a deed and full ownership once the property is paid in full.
Additional Charges or Fees
Both condos and coops often come with additional fees, and the experts at town real estate suggest you know what these fees are before you make an offer on any particular property.
Co-op owners usually pay a maintenance fee that increases annually, whereas in a condo, an owner needs to pay monthly maintenance fees for property but also property taxes. The maintenance fees can vary widely and are dependent on the property or the area you decide to move to.
While the process of relocating and downsizing in New York City may seem overwhelming at first, it may be in your best interest as larger New York properties can have higher values, and that may mean added income and convenience to you.