Special offer

Making plans to downsize or upgrade

By
Real Estate Broker/Owner with Turn Key Real Estate 31RA0874656

Over the years I have met many homeowners who were contemplating downsizing and the work involved in the process that goes along with it. It can boggle many minds due to what has to be accomplished from deciding who to hire to sell the home, de-cluttering and the preparation as well as any repairs that may have to be considered to optimize the property’s  functionality and appearance to future buyers.

Questions will arise as to when to sell, where to move and what will be needed to feel comfortable within a certain defined budget. There are so many more questions to be asked and decisions to be made that it can be overwhelming for those who haven’t had to deal with so many issues in perhaps 10 to 30-plus years. It’s not as simple as it used to be, especially for those of you who are older when the pressures of moving are bit more challenging than they were in the past.

First things first, you should make a list of the most important items to be addressed. The easiest way is to depend on a seasoned Realtor and invite them over to have a discussion. They have the expertise and know-how as they have been in the business for many years and have been guiding sellers as well as buyers through the arduous and sometimes complicated process to prioritize what are the most critical and crucial things to consider first.

I always tell sellers to view their homes through the eyes of a buyer and walk around with their broker to closely look at the interior and exterior and be as critical as possible to see what items need to be addressed eg. repaired or upgraded within a certain budget. This can be determined after observing what really needs to be done to make their home presentable to purchasers. Big ticket items like renovating a kitchen and bathrooms may not be an easy decision to make because one must decide do I want to sell quickly and not recoup my total investment (usually it is approximately 65 percent) to make the home salable or just sell as is? Is my home a knockdown? But who do I want to attract: end users who will pay me more or developers who because of their costs and profit mindset will not provide the same sale price?

You as the homeowner need the professional advice and opinion of a broker who has been around the block a multitude of times to be able to assist you and weigh the pros and cons of which path to pursue to maximize the monies that you will receive at the closing table. You might ask yourself, would you want to upgrade your home now and enjoy those amenities and improvements for a few years before selling? Also, during this Covid-19 pandemic discuss and set the ground rules with your broker for buyers during showings as they must wear their masks (there have been recent studies that have shown wearing two masks provide added protection for those around you) at all times; gloves, if opening doors or cabinets; and booties or take their shoes off when entering your home to reduce tracking in dirt.

There are so many variables in the mix that relying on your broker to help with your plan and timeline and to listen to other opinions will surely make it less stressful to come to positive and pragmatic decisions leading to logical solutions. Once you have ascertained what needs to be done in your home to prepare it for sale, then the next step (and you can do this simultaneously) is figuring out whether you are staying local, moving to where your children and grandchildren live or relocating somewhere that you always wanted to retire to — maybe an exotic spot like Costa Rica or the Dominican Republic.

Most important are you looking for a smaller home, townhome, gated community/HOA, condo or co-op or possibly a rental, because you are done with being an owner and want to stay more liquid. However, you might be at a stage in your life with a growing family that upgrading to a larger home would be the way to go. How many bedrooms and baths will you need? Are you looking for a mint/diamond move-in condition place that just needs cosmetic repairs, such as painting, or one that may need an experienced contractor to do a full gut renovation?

Obviously a place that needs a full redo could provide you with a better opportunity to negotiate the sales price than one that is in mint condition. This could potentially be the most advantageous route to do the renovation your way and to build in immediate appreciation after all the work is completed. However, you have to decide if you love the upgrades that the current owner has completed and are willing to pay the premium for them. You must be just as discerning as possible in having as clear-cut plan as possible to know what your needs and wants are before proceeding to search out your “next place to call home.”

Posted by

Sincerely,

Philip A. Raices, Pres/CEO, 

Graduate Realtor Institute

(What I consider a Masters Degree in Real Estate)
 
C.I.P.S. (Certified International Property Specialist)
 
The National Association of Realtors "Green" designation
(Certified in Eco-Friendly Low Carbon Footprint Construction/3-D Printed Foundations/Geo-Thermal HVAC/Solar Panels/Heat Pumps)

Turn Key Real Estate
7 Bond St
Great Neck N. Y.  11021-2414
Office: (516) 829-2205
Direct: (516) 647-4289
Email: Phil@TurnKeyRealEstate.Com  
"For Service, Before, During &  After The Sale"©
"Tell Us Your Needs and Wants!!!"© We're Here To Help You!!!©

Watch Turn Key Real Estate's Promotional Video on "Living in Great Neck" and why you should consider relocating and residing here:     

Have you entered my contest yet?  Whoever provides the correct answer in how many interest rate reductions or possible increases plus the total percentage reduced or increased will be the winner.  Your reward will be a dinner with my wife and I and a special surprise bonus!  The contest was going to end on 3/31/24, but due to the overwhelming response, we have extended our contest until 4/15/24 at 11:59 PM as the absolute final date to provide the additional time for all to enter as the final drawing will be on 12/28/24.

Hoping you, your Family, Friends, and business associates have a Healthier, Safer, Happier, and more Lucrative 2024!

https://WWW.Li-RealEstate.Com (Search 1,000,000+ properties from Montauk through the 5 Boros, the U.S.A. & Abroad!)

https://WWW.LongIslandRealEstateAgency.Com Search 500,000+ local, NYC, U.S.A. Condos & Coops) 

https://WWW.Nassau-RealEstate.Com (Search 250,000+ Commercial Sales & Leases)

https://WWW.TurnKeyRealEstate.Com  (Search 100,000+ Residential Rentals of Homes, Townhomes, Condos, Coops & Regular Rentals In Long Island, Queens, NYC and its' 5 Boroughs

 
Check out My New Digital Business Card, the software was created by a life-long friend of mine. I am the U.S.A. distributor.  See my /Bio/Reviews/Virtual and Drone Tours/Videos/photos to save to your Cell/iPad/iPod and PC contacts. It's time to rid yourself of your Old passé paper business card and get on board in 2024 with our New advanced and cutting edge Digital Business Card! You can purchase it by clicking on the link below and scrolling down to the bottom of my information to where it says "GET YOUR CONNECT CARD"
 
See our blogs and Articles on:

WWW.FaceBook.Com/PhilipRaices

WWW.Twitter.Com/PhilipRaices

WWW.Linkedin.Com/in/PhilipRaices

Read our Reviews & Testimonials from Our Clients  (sellers) & Customers (Buyers):

WWW.Trulia.Com/PhilipRaices

WWW.Zillow.Com/PhilipRaices

WWW.Yelp.Com/Biz/Turn-Key-Real-Estate-Great-Neck

We truly and thoroughly enjoy doing business with Matrimonial/Divorce Attorneys as we assist them in helping their clients with the challenging, tumultuous, and stressful process of navigating and guiding them through the potential sale (or showing how the wife or husband) can potentially keep and stay in the home.  If allowed, we will hold their hand(s) and build rapport and a relationship with either 1 or both parties as we traverse through the selling process.  We are also in Part 36 of the NYS Court system in helping those attorneys who need a Professional, Expert, and Qualified Broker with their indigent, disabled, or clients who have passed away with the sale of their properties.
 
If you know of anyone who might be considering selling, investing, purchasing, renting, or leasing any type of residential or commercial property, locally, the 5 Boroughs of NYC, Upstate, around the U.S.A., or Internationally, that isn't already listed with a Broker, consider me your go-to guy!
 
"How to Prepare Your Home Before It Goes On The Market" Q & A   Audio by Philip A. Raices for the Multiple Listing Service of Long Island W/Trisha Chirco (MLSLI.COM)

https://soundcloud.com/mlsli/how-to-prepare-your-home-before-it-goes-on-the-marke ©

 

Professional Building & Home Management Services
Expert Reo's, Foreclosures & Short Sales

 

Past President of the Rotary Club Of Great Neck 2011-2012

Member of M.L.S. (Multiple Listing Service)

Member of L.I.B.O.R. (Long Island Board of Realtors)

Member of the Budget & Finance Committee

Member of the Technology Committee

Member of the Advertising & Marketing Committee

Member of the International Global Business and Alliance Committee

Member of N.Y.S.A.R. (NYS Association of Realtors)

Former Member of N.Y.S.A.R.'s  The Communications, Marketing & Technology Forum

Former Member of N.Y.S.A.R.'s Co-op Issues Working Group

 

Member of N.A.R. (National Association of Realtors)

Member of N.A.R.'s Global Alliances and Business Committee

Former Member of N.A.R.'s Business Policy & Issues Committee

 

Director of the Great Neck Chamber of Commerce 1995-present

Past Director of the B.I.D. (Business District of the Village of Great Neck Plaza) 2005-2018

Past Whole Blood Platelet Donor for 15 years

Volunteer Driver for the American Cancer Association 1994-2010

 

 

"Tell Us Your Needs and Wants!!!”  We’re Here To Listen and Help You in your Search to find your "Next Place to Call Home"©
 

 

 "List With Us and Start Packing"©

 

 

"Then, We'll Find or Relocate You to your "Next Place to Call Home," Move In, Turn the Key and Go To Work the Very Next Day, Or Go Out To Play"©

 

 

Comments (0)