There are a multitude of reasons for moving. From what my clients tell me and what I have read, it is to downsize and lower the overall cost of living. Some want to be closer to their children and grandchildren. Some don’t want to deal with the regular interior and exterior maintenance of owning a house.
Others want to reduce their responsibilities and when going on vacation, want to turn the key to their apartment and just leave and not worry about roof leaks, broken pipes, or anything else involved in the upkeep of a home. Dealing with snow that may or may not happen this winter is a factor as well as the high cost of heating bills.
Some will absolutely have to move due to health issues, finances, loss of job, or business failures. In this situation, the possibility of foreclosure might be looming in the near future. Selling now will hopefully provide a means to walk away with some serious equity to either buy or rent in another lower-cost state.
I see on the horizon many more homeowners who will be in financial straits due to lack of adequate or decreasing income and escalating credit card balances being used to pay their expenses. I am advising and urging them to work on creating a beneficial strategy before going down a more negative and stressful rabbit hole.
It is a hard reality to face up to challenging and stressful events and waiting too long by procrastinating will only prolong the inevitable. Unfortunately, this is somewhat of a normal condition for so many, when they consistently don’t face up to their situation in a timely manner and cause much greater harm to themselves and their families. Thinking, contemplating, and planning in advance with a Realtor will be a more beneficial course of action that most need to pursue and will not only minimize the confusion and worry about moving but create a more calming and more stress-free environment.
If you are senior or about to retire, you may want to simplify your life by downsizing. Moreover, your children may want you to move closer to where they are living. Some are fortunate when their kids are nearby. But for others, as they grow older, children can even be potential caregivers and Medicaid will pay them. One must check for all the specific details to become educated by calling and inquiring from your Medicaid provider.
My professional and personal opinion is that the lack of sufficient income due to future layoffs, reduced business activity, and increased debt will be major reasons for people to consider moving. People are generally proud and never want to admit to themselves or their children that they have financial issues. But my thoughts are if you are currently or will be heading in that direction, then an immediate plan of action should be considered.
If after utilizing and considering all your options, you cannot come up with a viable solution, then consider involving your children and have a serious discussion with them to see what they can do to assist. However, if you presently own a home and have accumulated a lot of appreciation, then you must consider selling as an option and be able to pay all your debts, while still keeping your credit strong and to finally have peace of mind. If your credit has suffered, then after selling, renting for the foreseeable future might also be the answer.
As you grow older, family and many friends may have moved or passed on, leaving your network with much fewer contacts and you with a lack of socialization. This has been proven to be a serious health issue and has been noted in many studies that have been conducted and published in health periodicals. Maybe your location has been less desirable for you and/or your significant other. Family situations constantly change either due to marriage or divorce, and may be additional reasons for the need to consider moving. Being in a marriage can create a positive situation if both are gainfully employed with salaries that will hopefully allow them to purchase or stay where they are and save.
As I have stated in past columns, New York State is losing its population of Millennials, GenZs, and GenX due to the cost of living as well as the excessive $1.6 trillion of student loans that have to begin being paid back this month. I believe interest rates will eventually come down, but when is the big question?
I am not quite sure anyone has a clear-cut answer or solution to these issues. But for sure, the need and priority for more low-cost housing that Gov. Kathy Hochul wants to stem the tide of people leaving whether young or old is of No. 1 importance. Will enough localities come on board with the financial benefits she is offering that only a few have taken advantage of? Time will surely provide us with the answer. However, one must do what is comfortable financially and otherwise to have a life worth living.
Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. He has 42 years of experience in the Real Estate industry and has earned designations as a Graduate of the Realtor Institute (G.R.I.) and also as a Certified International Property Specialist (C.I.P.S) as well as the new “Green Industry” Certification for eco-friendly construction and upgrades. For a “FREE” 15-minute consultation, value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: Phil@TurnKeyRealEstate.Com or via https://WWW.Li-RealEstate.Com Just email or snail mail (regular mail) him with your ideas or suggestions on future columns with your name, email and cell number and he will call or email you back.
