Why are many people beginning their home ownership with houses in the country?
A great many would-be apartment dwellers are deciding to begin their home ownership with a house in the country, often in upstate New York. As city apartment prices skyrocket, the roomy dwellings in the country look more and more appealing. Buyers have discovered that while they are lucky to find a studio apartment in Brooklyn for $350,000, for the same money they can purchase a 3-bedroom house on several acres in the Catskills. They may even find one in that price range with a pond or creek in the backyard. In many cases, a house in upstate New York, Connecticut or the Jersey Shore is purchased as a summer home and investment, with the idea of renting it out for part of the year.
Even the wealthy are seeking homes and property upstate or in other relatively rural areas, having found that they can buy magnificent homes in such areas for the amount that would purchase ordinary apartments with much less living space in New York City. Country homes draw buyers with the promise of a more relaxed lifestyle. Families with children are particularly excited by the idea that, by moving farther from the city, they can provide their kids with lots of room to run and play and experience the natural world.
Real estate companies upstate are experiencing an influx of customers who have decided to buy their "second homes first," some of whom may be renting temporarily in order to scope out the area. In more countrified areas, renters find several advantages. Not only does their money goes a lot further, but less cash is required upfront. They also feel much less pressure to rush into a purchase. Even as prices rise in more rural counties, prices of homes are significantly cheaper than properties in the city.
There are, inevitably, possible downsides to living in the country. For those who have lived in city apartments, the absence of a superintendent tasked with clearing the snow and other maintenance chores may be hard to adjust to. Former city dwellers may also be shocked by the presence of wild creatures on their properties. Encounters with deer, raccoons and even bears take some getting used to. Nonetheless, for a great many home buyers, the advantages of getting more for less and investing in a future of increased ease for their families outweigh the drawbacks of life in the country.
If you are thinking of making a real estate purchase in the upstate New York area and would like to consult with the experienced real estate attorneys of Ianniello Anderson, please contact our at 518.350.7755.