Quote:
Originally Posted by tkln
We have also considered the whole renting our house thing (we're in a very high-demand area of Queens) and are not sure what to do. Though it'd be nice to keep the house, there are a lot of responsibilities that come with being a landlord, and it's only harder if you are an absentee landlord. Though the market hasn't really dropped much around us, another 9-11 or tornado can in fact wipe out any gains that can be made. My parents bought our house in 1978 for $72K...if I were to sell it today, I'm sure we could safely get $900K for it. It almost seems like a no brainer, but the fact is that if we ever sold and moved and wanted to come back, we couldn't.
I read yesterday that several insurance companies are not renewing home insurance throughout NYC and LI due to high hurricane risk. If we get a Category 3 in this area, it will be catastrophic and the value of all the real estate will plummet for a while...things like this make me thing that getting out now is not such a bad idea.
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Good points. I would be affected by a Category 3. I am in the evacuation zone for Category 3. But I am only a few blocks from the Category 2 evacuation zone. I have not heard anything about nonrenewal of homeowners' policies in my area. I will call my agent and ask.
I am in a very similar situation as you are. My parents bought the house in 1955, I think on the GI bill. As you can imagine, the house is worth a tremendous amount more now.
I have been counseled against renting out a one-family home. Besides, if I keep the money in the house, I can't invest it in other things, and I might not have enough money for emergencies with the house. And, like you, I would not have the house if I moved back to Brooklyn. So, even if I returned to Brooklyn, I would have to go to a new place. (I met a woman who moved to Florida and then moved back, and I read of someone else. I'm sure this happen a lot of the time.) And a hurricane would be a huge problem. One is unlikely, but with global warming it is more likely by the year. Katrina was over 2 years ago, and people are still seriously suffering. If a major hurricane hit NYC, it would be like a hundred Katrinas, because of the dense population and the over-developed waterfronts.
I just renewed my flood insurance. It is cheap here, and I live about 2 miles from the ocean. If you don't have flood insurance, you might want to buy some.
My only attachment to the house and block is its familiarity. It's a good, solid, well-built house, but it's really not that appropriate for me anymore. For practical and psychological reasons, I (and my friends) think I should sell and move.
Lots of people in my neighborhood are selling now. Someone came to my door a few days ago and asked if my property was for sale. He may have been told by the neighbors that I want to move.
The NYC property values may well go even higher, but there are no guarantees. And you are right about a potential terrorist attack or hurricane.
If, God forbid, terrorists got hold of a nuclear bomb (which is not impossible considering the unrest in Pakistan), they might detonate it in NYC. I would not want to be in NYC at such a time. Of course, with a nuclear bomb, that could all be moot.
But I have that nagging fear that I might be disillusioned, and also feel out of place, in Vermont. And, although I have a marketable profession, which I could use both in a job and in private practice, I still fear the low salaries and fees.
I would hate it if I sold my house, moved to Brattleboro and discovered I had made a mistake, especially one that I couldn't undo.
I also do not relish stayng put and later regretting it. Or staying put, not because I have decided to, but because I resisted deciding, and then resisted following through.
Someone once said to me, years ago, that not deciding is itself a decision. someone else once said to me that the work "decide" has "cide" in it, i.e. you are killing the alternative that you didn't choose. Someone else said to me that, when all is said and done, a house is just a building.
So it is important to me to be as clear as possible about why I want to move, what I would be sacrificing, and what I would do if I discover I am not happy in the new place. I am not alone in this situation. Also, I realize that there is only so much I can know beforehand, just by thinking, analyzing and anticipating.
And then, of course, I have to make a decision and act. That's the hardest part.
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. Especially as I get older.
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