Achieving Your Retirement Goals
Are you a soon-to-be or now retired New York homeowner contemplating whether your current Nassau, Suffolk or Queens County residence and community are right for you? Are you having any of the following thoughts?
- I'm tired of paying Long Island's high property taxes.
- I need to live in an area with a lower cost of living.
- I need to escape the cold and challenging New York winters.
- I want to downsize to a more manageable living space.
- I have a physical condition which is impacting my ability to enjoy my home.
- I want to move closer to my children and grandchildren.
- I want to realize my dream of living by the water, near a golf course, or traveling.
Happy retirees Dolores and Eddie Lubitch with their listing agent, Stacy Zigman, who sold the couple’s Split-level house so they could downsize to a “right-size” luxury apartment home.
If you are having any of these thoughts, you may be ready to sell your current home and find a new residence and community that better suits your current circumstances and desires. An experienced and qualified real estate professional can help you achieve your goals. Stacy Zigman is one such REALTOR®.
For over 25 years, Stacy has been helping Long Island and Queens retirees sell their New York properties. She is a Certified Residential Specialist ("CRS") as well as a Seniors Real Estate Specialist ("SRES"). Utilizing her extensive experience and specialized qualifications, and her caring and personal approach to business, Ms. Zigman can guide you through this important and sometimes complex lifestyle transition with as little stress as possible.
Selling My New York Home -- The Key to My Retirement!
"Long Island is a great place to live and raise a family. However, being able to afford and maintain a home on the Island today often requires not one, but two good incomes," Stacy points out. "The real estate taxes alone present a good case to sell if you are an empty nester."
When you consider the high property taxes, as well as soaring heating expenses, landscaping, electric and other carrying costs, selling a home in which you've built up a large equity can give your nest egg a quick and significant boost. Cashing out and moving into a more affordable house, in a more appealing climate where energy and maintenance costs are less, can make your retirement savings go farther and even raise your standard of living.
Your Long Island/Queens Home Is Worth More...
Ms. Zigman reminds New York home sellers, "Be encouraged by the rise in home values over the years, especially in the post COVID-19 era. If you've owned your property for some time, it is likely worth a lot more than you originally paid for it. Make the most of today’s increased home prices by exploring the many buying opportunities in popular retirement destinations filled with easy to maintain, easy to live in, lower cost properties!"
Retirees looking to upgrade and enjoy an active lifestyle may now afford luxury homes in world-class, resort-style communities they were priced out of only a few years ago. So, if you've longed for a milder climate, with abundant golf courses, fantastic beaches, or other recreational facilities and cultural amenities, take advantage of today’s high buyer demand and pumped-up prices.
Joseph and Annsha Chambers alongside their realtor, Stacy Zigman, who helped the couple sell their New York property in June 2022 and move into a luxury rental in a 55+ active lifestyle community.
Tax Break Available to Home Sellers
If you've lived in your Long Island or Queens home for a long time, you may earn a large profit from the sale. However, you may be able to exclude up to $250,000 ($500,000 if married filing jointly) of the capital gain from income when filing your federal income tax return if certain ownership and use tests are met.
Who benefits from this law? Retirees and those looking to downsize. Stacy notes, “You may be able to keep more money in your pocket after you sell your home, and not have to pay a single dime to the IRS on your gain. I always recommend consulting with your financial advisor to obtain a full understanding of the tax implications of selling your New York property.”
Property Preparation
When it is time to downsize, you may wonder what to do with the mountains of belongings you've accumulated over the years or are holding onto for relatives. Stacy can help establish what personal property should be removed, and which improvement projects will help the home sell faster and at a higher profit. Ms. Zigman can recommend the right staff to assist you in preparing the home for sale, such as tag sale operators, handymen and donation companies. She can also suggest some minor fix-ups and staging tips to make the home more attractive to buyers. "Staging the home helps not only when prospective buyers come in the door, but also when online photos are viewed. It can make the difference in whether buyers even come over to view the property, or move on to better looking choices."
Open Permits and Certificates of Occupancy (“CO”) or Completion (“CC”)
Most Long Island and Queens contracts of sale generally require the seller to provide COs and CCs for the buildings and improvements that presently exist on the property and close any open permits. However, it is not unusual for a home to have structures that were changed or added over the years without proper legalization. Common examples include dormers, extensions, garages, attic conversions, finished basements, room additions, decks, porches, entrances, pools, awnings, fences, fireplaces, gas conversions, central air conditioning units, skylights, bay and bow windows and sheds. Homeowners are often caught off guard after going to contract when it turns out a structure is not legal. This circumstance can be costly and impact the timing of the transaction.
As a skilled and detail-oriented listing agent, Stacy can help homeowners discover upfront whether there are open permits and/or legalization issues to address. Ms. Zigman points out, “A key advantage of knowing about the CO/CC situation before marketing the property is it may be possible to negotiate acceptance of a known nonlegal structure into the terms of a sales agreement, particularly with respect to cash buyers.” If legalization is necessary, Stacy can recommend professionals such as plumbers, electricians, expeditors and architects who can facilitate the filing of applications with the local building department and streamline the process.
Pricing and Feedback
Once the home is on the market, Stacy will provide regular updates and feedback regarding the home-selling process, including the number of people who have viewed the property and what they are saying. As a result of this feedback, Stacy may make additional recommendations to potentially enhance the marketability of the home, and minimize the amount of time the home stays on the market. Feedback information and listing activity reports can be provided to Stacy’s home seller clients through an app or via email to apprise them of the progress being made in marketing the home.
Accepting the Right Offer
Typically, home sellers strive to get the most cash out of their homes. This mindset can hinder a home seller's ability to distinguish the “highest” offer from the “highest and BEST” offer. Stacy explains, “Just because a buyer has a 'pre-approval' letter doesn't mean he or she is truly qualified to purchase. Some mortgage representatives generate pre-qualification or pre-approval 'form' letters for prospective buyers without actually verifying their credit or employment.”
As an experienced listing agent, Stacy can assess the qualifications of potential buyers and the validity of their offers. Ms. Zigman adds, “Listing agents are in the unique position of communicating not only with the parties, but with other personnel connected to a transaction. After obtaining and sorting through all available information, I guide my home sellers to ensure the right decisions are made at the outset that will culminate in the completion of a successful transaction.”
With Stacy’s guidance, Walter and Sandy Francaviglia sold their New York home and relocated to a beautiful condominium in a 55+ retirement community close to their daughter.
Summary
Retirement planning can be complex, but selling your Long Island or Queens residence may be an important step in achieving the lifestyle you envision. Ms. Zigman says, “Many of my retiree clients sell their New York properties and never look back. They’ve eliminated their high property taxes and carrying costs and downsized to a retirement friendly locale such as a 55+ adult living community, or otherwise transitioned to a home of their dreams.”
Stacy has worked with and helped many New York retirees sell their homes over the past 25 years. Contact her today and she can help you get started! And here's what a few of Stacy's past clients had to say about the experience.
Disclaimer: The content in this website is provided for general informational purposes only. It is not intended as, and does not constitute, tax, accounting, legal or other professional advice. Consequently, this website should not be relied upon or used as a substitute for consultation with tax, accounting, legal or other professional advisors.
