Real estate is a lifelong investment strategy, not a one time transaction.
The Upside to Upsizing
Real estate is a lifelong investment strategy, not a one time transaction. View it with a long term lens and use balance sheet mentality:
Assume you live in a $4 million home, and the market is down 20%. You'd have to sell that home for around $3.2 million, a loss of around $800,000. Assuming you are buying a $9 million home that is also down 20%, that home should cost $1.8 million less, a savings of around $1 million net.
When the real estate market is hot, upgrading is extremely expensive. Assume you live in a $4 million home and the markets rise 20% allowing you to sell your home for $4.8 million. If the market is up 20% across the board, that $9 million home you wish to upgrade to will now cost $10.8 million.....it will cost you $1 million MORE for the same exact upgrade.
Opportunity always exists!
Want to know what your closing costs will be on your new condo? Need practice tips for your co-op board interview? Want to read my musings on all things NYC real estate? Here's a peek from the site
Did you catch your girl in last month's Elle Decor and this month's Architectural Digest? Featuring: me in a bathroom window, a corny play on my last name by our marketing department, and the gorgeous living room at 30 5th Avenue in Greenwich Village which is so photogenic it's giving the Victoria's Secret model on the cover a run for her money.