Updated over 6 years ago on . Most recent reply
When to cash out of a gentrifying neighborhood? Tobin Hill
Hi! We bought our current home with the intent of living in it 20 years. I knew it took that long for King William/sthoutown to gentrify, so I chose the home and we bought in a so/so neighborhood that i thought would appreciate, with time, in value. That neighborhood was Tobin Hill. We also bought the empty lot behind our home 2-3 yrs in. Well we went to protest our taxes with the only intent to see what the comps were in the area. We were astounded that they had hard comps of lots selling for 200K. If i dont have the lot behind our home, i think i would prefer to sell the lot and then the home within the same year. With that said...how do you know when to sell out? we LOVE our home but I am not in the mind set of letting heart strings make financial decisions for us. So how does one know, or best guess, when its time to cash out?