It’s just the old swap and switch

You know, I’ve been a Long Island real estate investment pro for a long time. I’ve seen ups and I’ve seen downs – and just about everything in between. But, I have to say, these are some strange times we’re living in here. There are currently so many mortgages underwater, and folks are straight up struggling out there to make payments. Considering all of this, I guess I shouldn’t be too surprised when folks react strangely when I tell them it’s time to look around to buy a home (NY).

“Billy,” they say, “What do you mean, ‘buy a home— New York?’ I can hardly afford the house I’m living in now!”

Let’s consider the following analogy.

You have a big, huge property with a vast, sprawling lawn that covers a large, open space. There are short hills and curves and trees and patches of bushes – and you have always relied upon your expensive, trusty riding mower to make sure you have the time and the ability to mow your expansive lawn.

Let’s say, then, that one day the city contacts you and buys a large chunk of your property to make way for a street expansion project. And, let’s say, when all is said and done they have reduced the size of your lawn by 85%. The chances are, then, that you won’t need a powerful riding mower any more. In fact, it would probably behoove you to sell the expensive riding mower and go out and find a $300 push mower that will be easier to maintain.

This, ladies and gents, is a perfect example of a swap and switch. When something you own no longer answers to your needs, it is time to replace that item for something that does fill your needs – and this can be related to the current housing situation, as well.

If – due to unemployment, or inflation, or the cost of healthcare, or the cost of sending a couple kids to college, whatever – your financial portfolio has been drastically reduced, then you no longer should be bothering yourself trying to maintain a fancy riding mower. In this case, it makes the most sense to get what you can for your riding mower (i.e., the home you cannot afford), and swap it out for a push mower (a home you CAN afford). It’s just that simple…and, perhaps, in order to attain this flexible mentality needed to get out from underneath an untenable mortgage, we need to stop taking our home so seriously.

Think of your home the same way you think of a car, or, in this case, a lawn mower. Sometimes you need a riding mower, and sometimes you need a push mower. At some point you might want to swap the old minivan out for a hatchback, and at some point it might just make sense to get what you can for the house you can longer afford, and buy a home (NY) that you can afford.

It’s just the old swap and switch, folks…unload what you no longer need (or can no longer manage) and switch it out for something that better suits your current needs. If this sounds like you, then it’s time to buy a home (NY).

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