Homeownership is a goal most people have, but it can be a stressful and expensive one if you don’t know the ins and outs.
Although finally reaching that goal can be exciting, it’s also common to feel stressed over making house payments month after month and year after year.
A recent study by Hometap reports that more than 73% of homeowners often feel “house rich, cash poor”. If you find yourself feeling that way, you aren’t alone. Home prices have made it difficult to obtain a reasonable house at an affordable price, especially in high-density areas like New York. The good news is that you have options. Here’s what to do if homeownership in New York is feeling stressed.
Make the Repairs
Many homeowners can list off a handful of house projects and repairs that need to be taken care of. A house that needs lots of repairs can add stress to homeownership. Take care of repairs as they come up so you can avoid them accumulating. A house that’s in good condition where everything works properly can seriously lower the amount of stress you might feel.
Consider Refinancing
The Coronavirus Crisis has put the housing market in a unique situation. Few people are selling homes yet interest rates are at an all-time low, bringing millions of buyers and investors out of the woodwork. The high demand and low supply of houses have caused home prices to skyrocket. This is good news if you already own a house because your property value has probably increased in the last year.
The record-low interest rates make it an ideal time to refinance. Lowering your interest rate by even .5% can lower your monthly mortgage payment by hundreds of dollars. Many banks are even offering no-cost refinancing, which makes refinancing your home a no-brainer.
Saving hundreds of dollars every month by refinancing your mortgage loan could really help ease the stress and burden of homeownership.
Look Into Selling
Selling could be a great option if refinancing won’t give you enough cash to ease the stress. Many sellers in today’s market are getting several offers on their home within days of listing. Beware that even if you get an offer quickly, COVID-19 has slowed down a lot of the mortgage processes so closing may take longer than expected.
The downside to selling now is that you’ll need to buy or rent in the same market that you’re selling in. You’ll probably pay a pretty penny for a new home, but there are still benefits to selling and buying now. When you buy a new home you typically don’t make a mortgage payment in the first month, which could buy you valuable time to recoup some of the cash you need to cover your living expenses.
WNY Home Buyers Can Help
We understand the stress that homeownership can bring, especially during a time of so much uncertainty. At WNY Home Buyers, we take pride in helping our customers out of difficult real estate situations. We buy homes for cash and will make you an offer in as little as 24 hours, giving you the freedom to leave the stresses of home ownership behind. We buy homes in Buffalo, New York, and the surrounding areas. Contact us today for your cash offer!