New York real estate values continue to rise, and homeowners in New York recognize this fact.
- Some NY homeowners are using their equity to “trade up” from smaller homes to larger ones.
- Other NY homeowners are choosing to “trade out” to a different state where homes are even larger and prices are lower.
So which option makes the most sense? Well, it really depends on the goals and needs that you and your family have. Some of the practical considerations that usually should be considered include:
- Access to quality healthcare services and schools (if applicable)
- Proximity to other family members
- Reasonable commuting distance to your employment
- Capital gains tax on the sale of your property
- Effect of the sale on your estate planning
- Effect of the sale on Medicaid planning
- Whether it makes sense to keep the first property and also buy the next one
A thorough assessment of these and other relevant factors can help you decide whether to trade up, trade out or stay put.