The amount of downsizing homes has gradually increased in the past few years, and we do suggest trying it out for yourself. Even though this idea wasn’t one among your all-American dream, sometimes stepping down from your current home to a much smaller one would be the best strategy to save yourself from a financial crisis or being bankrupt. Life might turn upside down without your consent and going along with the flow might submerge you in deeper troubles.
But, a majority of people fail to understand the right time to let go of their current home to a smaller one. By the time he/she picks up the situation, it might be too late. Downsizing homes in NYC is pretty much simple with all the experienced real estate agents in the locality. Well, the ‘we buy a house for cash’ campaigns of most of the real estate brokers in NY are pretty endearing too. Let’s have a look at the advantages of downsizing houses in NYC.
What are the advantages of Downsizing?
1. Gradual Increase In Cash Flow
Whatever the plot is, it always comes down to finance. The less you spend, the more you save. The same goes for real estate platforms too. If you are spending less or paying a lesser mortgage amount to your property owner, you are likely to save a few more bucks every month that you can allocate for other needs. Some extra money can come in handy always.
2. Save on Utility Bills
A smaller house uses less energy on electricity and other resources. Well, air conditioning in a smaller room is a lot more energy-efficient and pocket-friendly when compared to a larger room. The same goes for water too. By downsizing homes, you can see a drastic decrease in utility bills.
3. Save More Time
Let’s talk about maintenance now. Even if you have rooms that aren’t being used on a regular basis when it comes to a home renovation or house painting you must include these extra rooms too. This results in more maintenance and time. Shifting to a small house in NY will always help you to save some extra time and effort.
4. Less Stress
With everything going along as you desired, less responsibility, more leftover money, and greater flexibility, the amount of stress you’ll experience will be less. Homeowners who have successfully downsized appear happier when they are no longer overwhelmed by the demands of a larger home.
The Right Way to Downsize in New York
1. Plan for a Long-Term
Planning is the core of everything. Considering all the scenarios before searching for your new home is a wise plan. Whether you need a guest room, a home office, or even an extra garage, make sure all your requirements are met accordingly in your new house. You can hire a real estate expert in NY to sell your home and buy a new house in NYC.
2. Keep an account of the Hidden Expenditures
Well, downsizing seems like a pretty good idea, but it does involve selling your current home. Make sure your home is in sellable condition. If not, you should use some resources and money to make the home sellable. So, when it comes to the final expenditure make sure you aren’t losing money.
3. Hire an Expert
It would be better to hire a real estate company in NYC to sell your current home and buy a new one. They can make the whole process easy and hassle-less. Selling your house to ‘we buy houses for quick cash’ companies in NY will be an excellent choice if you are in a hurry to shift to your new home. Having an expert in the real estate sector is always an advantage.
Are you planning to sell your house for cash? Accepting a deal for your property from a cash buyer might be the best decision that you’ll never regret later in the long run. With numerous ‘we buy houses for cash’ companies being established in the locality, the demand for cash buyers is running over the roof. Even though such companies and establishments might seem shady to the naked eye, they are indeed a blessing in disguise.
When you are planning to sell a property in NY, most of you will be left with few options opting for a property chain to top the list. Even though a property chain to sell your house in NYC seems to be a profitable idea it can really get on your nerves within no time once the mortgage gets declined, or buyers refuse to commit to buying your property. The property chain scenario will blow off your dreams of buying a new house with its prolonged time period and complicated procedures. The only thing that can be your pipe dream is the ‘sell your house for cash’ scenario. Here are some of the advantages of selling a house to a ‘we buy house for fast cash’ company.
Sell Your House Fast
Selling to a cash buyer in NYC is indeed an excellent opportunity for everyone. But it is more suited to people who ‘need’ to sell their property, rather than just ‘want’ to sell.
Did you understand the difference between need and want here?
Well, allow us to make the frame clear to you.
Selling a property for cash will be apt if you are facing foreclosure, bankruptcy, or other financial difficulties. This approach is feasible when selling your house and is the last resort you can try. The traditional home selling procedures will take a lot of time and might be hefty on your bank. Well, you can’t expect foreclosure to wait around till you’ve found a suitable buyer. Instead of waiting for someone to show up with a prominent offer for your foreclosed property, a cash sale is much faster. This will save you from foreclosure and becoming homeless. You’ll be able to arrange the desired money right in time to relocate or buy a new home quickly.
Sell Your Home As Is
When a cash buyer offers a price for your home, it means they are fine with buying your home as-is. You don’t need to worry about the extra renovation charges or repair costs. Well, this might be a massive relief for you as we do know how the expenses can shoot up when trying to replace the air conditioning or demolish the wearied-out patio. By selling your house to a cash buyer, you shouldn’t be worried about putting your home in a showroom condition which means you save a lot of time and money. If you are hoping to sell your house hassle-free, finding a company that buys houses for all cash in NY can be your best option.
A Hassle-Free Real Estate Solution
The house selling process tends to be lengthy and complicated. A person who doesn’t know his/her way around the industry will find it difficult to sell the property in NY. Find a suitable and professional cash buyer who can offer fair prices for your property. You’ll experience real estate at its best with hassle-free services. Forget about all those hefty paperwork, loan denials, unsure buyers who always back out near the end, and much more. Speed, convenience, and the ability to avoid complications still matter when it comes to selling a property that you’ve been holding near to your heart. With less hassle, you’ll move on faster from your emotions towards the home.
Always look for someone who is professional and has experience in real estate. An experienced cash buyer might be able to get you the right price you’ve always wanted for your house. Find the nearest property dealer or a real estate company in NY. They’ll help you in selling your home for fast cash and to sell it quickly.
The moment you decide to buy a new house; begins an everlasting debate in your subconscious mind. Every wannabe homeowner or real estate agent has faced this question at least once in their lifetime. Which should I buy: a short sale or a foreclosed house? Get to know about Short Sale vs Foreclosure.
We have been helping people to sell and buy houses in NYC for the past nine years. Till today, whenever a customer approaches us with the same question. We make sure he/she leaves with the exact answer they were looking for. Even though both foreclosure and short sale come under the category “the current real estate trends of New York”, buying one wouldn’t be as easy as it seems. Only go for these if you have got ample time and a strong gut.
“There’s really no cut-and-dry answer. It depends on the buyer and what the buyer’s priorities are”. If you are running low on budget or trying to find the best possible deals for buying homes in NY, opting for foreclosed and short-sale homes can be the best option. As there are Yin and Yang for every living and non-living thing in this world, both foreclosure, and short sales also have their pros and cons. You might be wondering whether this is again a Short Sale vs Foreclosure article. Our one-word answer to the question is “Yes”. This is indeed a Short sale vs. Foreclosure article but with a “twist”.
Buying On a Budget
Owning a home has always been an all-American dream for most of us. Matt Hamilton approached us with the same goal in his mind. Since he has been living as a tenant since 2010, buying a home in NYC was pretty much a dream come true for him. He recently switched jobs and needed a neighborhood to accommodate his nuclear family comfortably. We gave him two options; a foreclosed home and a house listed under short sale as he was on a budget. We helped him to shortlist the list down to two houses and made sure his decision was respected and full filled.
A full-fledged home within your budget is the appealing factor for both foreclosure and short sales houses. If the situations are in favor of the buyer, he/she can acquire the desired home for almost as low as 37% of the real listed price of the property.
It’s a Risk Worth Taking
There’s always risk involved when buying a short sale or foreclosed home. A foreclosed home might be closed down by the bank. It may happen (foreclosure by a bank) due to the default in mortgage payments. Such houses might be closed down for weeks or months and the repairs conducted will be near to nil. Considering this factor, short sales are much better as the present owners will be living there before you move in and all the repairs and renovations done will reflect in the final price of the house.
The biggest challenge is that you are buying a property in NY with just looking at the pictures as taking a walk-through or having the property inspected by a professional is not allowed in both of these scenarios.
Foreclosure vs. Short Sale
Most of you might have come across the flyers which say “foreclosure homes for sale and foreclosure auction“. Well, before taking these lightly know that there might be a fortune hidden behind. When it’s short sale vs foreclosure, everyone will have their own opinions. Rachel McGraw, who bought a short sale property in NYC about a year ago says she’s a big fan of short sale houses. “The deal was great, and with the help of a professional short sale negotiator from Elite Properties got me a fortune”, says Rachel. We helped grab her house for a dot of $225,000 while the home was listed for $50,000 extra.
1. The time it takes to complete a foreclosure deal is shorter than a short sale
Foreclosure takes less time in completing the paperwork and handing the key over to the buyer. A majority of the buyers writing offers for foreclosure homes will receive a response within 48 hours. If it’s a bank foreclosure property, the whole tiresome process can be done in a period as short as 30 days.
In buying a foreclosure, you will be dealing with a motivated and unemotional business-minded seller. This seller’s primary goal is to sell the property quickly for all cash. When it comes to buying a short sale house you might be dealing with an owner who has mixed emotions about the property and might, in turn, slow the whole process down.
2. Follow your Gut When buying a foreclosure in New York
Well, if you get a gut feeling that the price offered for a property is the best price you can ever get, then just go for it. Buying a penthouse apartment in NYC is a lot less scary with the ‘as is ‘factor in foreclosure. The city itself offers a decent standard of living for almost every type of house and condo.
With short sales, even though you can get a house in its best condition, it isn’t sure that you can always land the perfect deal. The location matter a lot and the house must be in a buyer’s market. In a buyer’s market, the seller might be willing to consider all the terms and conditions of the buyer. But it’ll be after successful confirmation of the property deal.
3. Banks favor Short Sales rather than Foreclosure
A foreclosed property has always been a burden for both banks and lenders. That is the main reason why banks don’t entertain property foreclosure. Listing your property under short sales will benefit the seller as well as the bank. Working with a knowledgeable buyer’s agent will increase your chances of short-sale negotiation. By this, you can land a great deal with the bank.
Experience Does Matter
Hire a foreclosure expert in NY to deal with all the troublesome situations that you might face in buying a property. He/ she will have the knowledge and experience needed to cover all the documents and paperwork relating to purchasing a foreclosure property.
The same goes for short sales too. An experienced short sale specialist might help you to land the best deals for your desired property. This is the difference between Short Sale vs Foreclosure Homes. There are even real estate agents in NY who offers short sale packages in New York to attract more and more customers in buying short sale properties. Hire a professional real estate agent who provides foreclosure services and short sale services so that you’ll have access to their enormous short sale and foreclosure listings in NYC.