Are you thinking about leaving your old home behind – to upgrade, downsize, reposition, or for some other reason? If so, you’re probably also thinking about your options to make some cash for that next home – whether that means selling your former pad or renting it out for ongoing income. Here are a few questions you should ask yourself before making a decision.
Are you prepared to price the apartment correctly?
In the 2020 market with so many different options, pricing is more crucial than ever. If you price too high and you’re not getting offers, you’ll have to adjust quickly – after which you’ll be more likely to sell (although it may not be at the price you want!).
Do you understand the recent rent reforms?
Maintaining an apartment you don’t live in can be a lot of work – especially because of all the recent changes to New York’s rent laws, which include new limits and deadlines related to the security deposit (among several other laws still being clarified). Being a landlord can also be stressful because you have no control over what renters do in your home – you’ll have to take the responsibility that comes with it, which isn’t for everyone.
Would your apartment sale compete with luxury developments?
When you own an apartment above the 2 million dollar price range, it might be a better bet to hold on to your place and rent it out rather than selling it. Since there are so many current availabilities, the timing isn’t ideal to put your luxury apartment on the market – so it could be to your advantage to wait for the market to absorb some of the unsold housing stock.
Is renovating an option?
Is it possible that a renovation can give you the sales price you’re looking for? There are no guarantees you will compensate for the cost of the investment you’ve made, but it might be an good idea – especially as technology and smart homes become more and more prevalent. Do some research into what provides the most value to a potential buyer and consider that as an option.
The decision to rent out or sell your home is a choice you’ll have to make for yourself, but we’re always here to help along the way. Click here or call 646.681.5272 with your questions to speak with an agent from Platinum Properties! We’re standing by to assist you through every step of the real estate process, whether that’s guiding your rental search, selling or buying a home, or anything in between.