Besides the typical reasons for selling your Long Island house and moving to a rental, this year brings other factors that could influence your decision to join the thousands of other Americans who have recently adopted the renters’ lifestyle.
If you’re tired of the financial burden and time commitment involved in home ownership, 2018 could be the ideal time to sell your home and move on up to a less encumbered life.
With Renting Comes Freedom
Maintaining your home can be very costly and time-consuming. From furnace maintenance and repairs to snow removal and tree trimming, maintaining your home can be financially draining.
If you’re a DIY type, you still have the expense of tools and replacement parts, as well as the time it takes you to do all of the maintenance work. Time off work is spent making small repairs, doing yard work, and performing regular maintenance jobs rather than enjoying leisure activities with friends and family.
Then, of course, there’s the mortgage, interest, insurance and taxes to consider. With those expenses alone, many Long Island homeowners are financially strapped, unable to save for the future or afford anything out of the ordinary in the present.
If you’re burdened by home ownership, selling your home and choosing to rent could give you the financial freedom you want.
With Renting Comes Choice
Renting rather than owning can free you up not only financially and timewise but also in terms of location and lifestyle choices. When you rent, you are bound only by the terms of your lease, not by years of mortgage and interest payments, real estate taxes, zoning restrictions, and homeowners’ association rules. If you don’t like something about your present location, you can pick up and move as soon as your lease is up.
Renting has given many Long Islanders the opportunity to move back to the city or to a luxury community in an area where they couldn’t afford to buy a home. It has given them the chance to meet new neighbors, discover new activities, and experience life in new areas.
If you’re looking for new scenery and new lifestyle choices, renting in a desirable community could offer the opportunities you want.
It’s a Seller’s Market
With mortgage rates still low and prices of homes rising, 2018 could be a good time to get top dollar for your home. There is definitely a demand for affordable housing that could help you sell quickly for the right price.
You could possibly find an excellent rental home with numerous amenities for less than you’re currently paying for your house. In this scenario, you’d have the additional benefit of surplus funds to invest for the future or spend on those things you’ve been wanting for a long time.
The New Tax Law
The federal tax law that goes into effect in 2018 will reduce the amount of property taxes you can deduct on your tax return. This change could very well eliminate your incentive for owning a house.
Previously, you could deduct the property taxes you paid on the real estate you owned. Next year you will only be able to deduct up to $10,000 for your property taxes and either state and local income taxes or sales taxes.
With the decrease in your property tax deduction and the increase in what you can get for your house, selling your home and renting instead could be a wise choice.
Choose Wisely in 2018. Choose Trusted Long Island Movers
If 2018 is the year you decide to make changes and move from your house to the rental property you choose, you can depend on the experienced, professional Long Island movers at Maffucci Bekins to make your move as simple and safe as possible.
We’ve been moving families and businesses for over 40 years and look forward to helping you make the move you want. Call us today at 1-888-804-6768 or submit the Get a Free Quote form on our website to talk with a professional mover about your next move.