The weather isn’t the only thing that is cooling off fast. We may also be in for a new economic ice age in 2023.
What can you do to survive it as a Long Island property owner?
A Downturn Like No Other
Blackrock, the world’s largest asset manager warns that the central bank is purposely throwing us into a new recession. The result being a new economic downturn, like no other.
It’s unclear what exactly that will look like. Though if it will be worse than the Great Recession, and Great Depression, business and home owners across Long Island need to get ahead of it.
LIBN already reports that local small businesses are struggling to turn a profit. Even the largest multi-billion dollar corporations have been announcing hiring freezes, and massive layoffs. Employment has already been falling, and there will be few, if any jobs out there soon.
According to Bloomberg and Redfin, home sales crashed by 35% last year, putting us on a new downward trajectory, which may have a far deeper bottom than we’ve seen in decades.
Take A Hard Look At Your Property Needs
While it will be difficult to sell any property now, it may be better to liquidate what you don’t need before it dramatically falls in value even further.
As a business, you may not need offices or those retail storefonts. If it isn’t highly profitable, and absolutely necessary, then you can’t afford to keep bailing out that deadweight on your finances.
Of course, be sure you do the math first. Having a physcial presence may be essential for some.
On the residential front, do you have second homes or investment properties which are just a drain on your finances? The same applies here.
Property Tax Reductions & Other Ways To Make Ends Meet
If you can’t sell your properties, then you must find a way to cut costs and generate more income from them.
Even Amazon has resorted to leasing out its new warehouses to others after taking huge property tax breaks, but not finding enough demand to support hiring workers in the area.
If you can do it legally, you may also rent out your residential properties for short term stays to bring in some extra income.
Then consider ways to save on heating bills, and insurances.
One of the biggest areas of savings for most Long Island property owners will continue to be to appeal and challenge their annual property tax bills. With property prices going down, and the chances of winter storm damage high, many more owners will qualify for reductions.
Have Property Tax Adjusters, Ltd. review your tax assessment to see how much you should be saving…