New York downsizing guides
Plain-language, locally researched guides for each part of a downsizing move in New York, from the co-op board package to the day the movers book the service elevator. Start with the step-by-step plan, then go deeper on the topics that matter to you.
Planning
- Aging in place or downsizing in New York: how to decide An honest comparison of staying put and downsizing in New York: stairs and elevators, home modifications, costs to weigh and the NYC Aging and NY Connects services.
- Buy first or sell first? Timing a downsizing move in New York The trade-offs of buying before you sell or selling before you buy in New York, including co-op board timing, contingencies, bridge financing, rent-backs and temporary rentals.
- Getting around New York after 65: transit and downsizing MTA Reduced-Fare, Access-A-Ride, accessible stations, ferries and disability parking permits, and how to weigh transit when you choose a smaller home.
- Helping a parent downsize in New York: talks, documents and support How to talk with a parent about moving, which legal documents to raise with an elder law attorney, what free help exists in New York and how to manage it from out of town.
Money
- How to estimate your net proceeds when selling a New York home The seller costs that come out of a New York sale: state and city transfer taxes, local taxes, co-op flip taxes, commissions, payoff and income tax, with a worked example.
- New York senior property tax exemptions: STAR, SCHE and RPTL 467 How Enhanced STAR, the NYC senior homeowners exemption, the co-op and condo abatement and local 467 exemptions work, and what changes when you sell and buy.
Selling
- What New York sellers must disclose when selling a home The Property Condition Disclosure Statement, the 2024 end of the $500 credit, new flood questions, lead paint and the agency and housing disclosure forms.
- Preparing an older New York home to sell: repairs, paperwork and permits How to get a pre-war apartment or older house ready to sell in New York: repairs or as-is, disclosure, lead paint, open permits, building paperwork and decluttering.
Buying
- Buying a co-op or condo in New York City Shares versus a deeded unit, board approval, what each building sets for itself, condo liens, offering plans, insurance and the buyer-paid mansion tax.
- Co-op, condo, townhouse or house: choosing a home type in New York How co-ops, condos, townhouses, single-family houses and Long Island 55+ communities differ on ownership, monthly costs, board approval, subletting, upkeep and insurance.
- Flood and storm insurance when downsizing in New York Evacuation zones versus FEMA flood zones, Sandy, the National Flood Insurance Program, NYPIUA, C-MAP, FloodHelpNY and condo and co-op coverage.
Moving
- Estate sale, consignment or donation: clearing a New York home Your options for clearing a home before a downsizing move: estate sale companies, consignment and auction, donation, city sanitation rules and the IRS basics for donors.
- Moving day in New York: a downsizer's checklist Hiring a licensed New York mover, building move rules, disposal, USPS and DMV address changes and STAR and SCHE, with a week-by-week checklist.
Run your own numbers
The net proceeds calculator estimates what you might walk away with after commission, New York transfer taxes and your mortgage payoff. For broader context, see Costs and Money, where to downsize and 55+ communities.