Category Archives: Uncategorized

May 08

6 Considerations When Buying House In New York

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Buying a new house isn’t a simple thing to do since it requires a lot of of several factors to consider deciding to purchase one. We really need to determine the type of building which we need that is within our budget in the first place. If your planning to buy a new house somewhere in New York, read on this article and learn six different considerations that will help you make better decision for purchasing a property.

  1. Location of the building.  Check whether you want to purchase a new or used house. It is important  to consider diverse options whether the property you are going to purchase is within your budget. Finding the location will help you determine its cost. 
  2. Search financing of different companies. If the property you want is too costly for you, then don’t go away easily with your first option and instead, find several financing companies to help you out with the expenses. However, be sure to trust only those companies that have high credibility standing.
  3. Talk with professionals from the real estate company. When your planning to purchase a property whether it is a house or other establishments, it is a must that you talk only with those that are professional broker or real estate agents. Those that have already a license to secure you from experiencing fraud transactions considering that buying any property is a big investment.
  4. Check the zone where the house or department is located. This is very important to consider before transferring to your new home. Check if the location where you want to buy your property is secured enough to safeguard your family. Verify if the location has encountered floods, water supply, light, or gas scarcity  or whether the security is strong or not.
  5.  Go to real estate professionals if the property is a second-hand. This will help you settle your mind that the documents for purchasing the used house does not have any legal issues and to know also the estimated cost of  the asset.
  6. Search houses or departments located in the zones of high growth. A real estate adviser is the best consultant to ask for assistance so you would know all the locations where lots of properties are being sold. Properties by low cost can be obtained, but over the years these will increase their value if the zone is placed between areas where offices or commercial buildings are located.

In conclusion, there are many other factors that must be considered whenever you want to purchase an asset or property in New York.However, this article should be able to help you in a way in order for you to make the best possible decision as much as possible.

 

 

May 08

New York Will Have Excess of Real Estate Supply of Offices for the Following Years

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Recent updates states that New York City will have an oversupply of real estate offices in 2013. According to the financial newspaper, “The Wall street Journal”, real estate offices will acquire 600,000 square meters of the city for the construction of their offices, and by that time, the construction of their three complexes located in South Manhattan are already finished. Several real estate promoters consulted by the media said that another 557,000 square meters is to be acquired by the real estate group.

This will eventually result into an excess of space which can cause some companies to negotiate their spaces for lease at a lower price. Also, because of this oversupply, 60% of the 11 Time Square spaces are still empty. Although most of real estate spaces are rented by financial companies, it didn’t recover much from the economic crises that happened last 2008.

However, real estate promoters are still hopeful that this will not happen. They have managed to catch the interest of some businesses through advertising rent with big price discounts on plane magazines and city newspapers.

In addition, they believe that lawyers and technological company offices will boom in New York. The promoters also considered the structural design of their buildings which they see as an edge over old buildings. They are certain that renters of those old buildings will eventually come to them in not so distant future.

Hopefully, advancement and progression will come to New York and eventually the industry of real estate will have a lot of customers in the near future to increase the industry’s standing and to uplift the overall status of New York City.

 

May 07

Real Estate in New York City

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As of today, New York has been providing luxurious apartments and condominiums in prestigious areas around its city. Many have benefited to the large discounts offered by New York City real estate companies. This is now the reason why 15% of all buildings in the city are composed of condominiums and apartments.

Before, real estate companies invest in buildings to sell them or have them rented by businessmen. They assumed that if they lease their properties, they will profit continuously through rent payments and still have control over the leased property. They also invested to be a cooperative, which is an enterprise or organization owned by and for the benefit of those using its services. That is why,  most of the buildings in NYC are in highly populated areas like 5th Avenue, Parks Avenue and West Central Park. All of them are for business purposes and cooperatives. But as time passed by, real estate companies decided to invest in buildings to be developed as condominiums and apartments.

Consequently, there are two ways to acquire apartments in NYC-  to buy a unit in a condominium or to buy/rent an apartment through cooperatives. The differences of the two are described next:

A condominium is a type of property where one has a single unit on a multi-residential building. The buyer is a proprietor of the condominium because he has the authority to choose what materials, paints and furniture to use for his condo. Each proprietor pays a monthly bill until it is fully paid and gets a proportion of the whole expenses of the building. Taxes are also charged to each individual unit and not for the whole building. This is for the reason that each unit in a condominium is treated as one household. Generally, with these terms, acquiring a condominium is pretty expensive and requires a lot of planning.

In contrast, an apartment is owned by the cooperative and represents a different kind of property. The cooperative owns the whole building and also the apartments that comprise it. Thus, buyers are not “True” owners of their apartment but are lessee or tenants. The one who has the authority for any decisions and maintenance for the building will be discussed by the Cooperative board or commonly known as the Coop Board. Nevertheless, before acquiring an apartment, it is necessary to verify the process you must undertake and accomplish first such as, the terms and conditions of the sale or rent, remodelling and tax payments to avoid conflicts with the Coop board.

To conclude, usually in today’s living, experts suggest preferring condominiums than apartments to avoid any conflict with the Coop board which may lead to risky litigations. But the final decision is still on you, what matters is you know very well what are your preferences and budget in acquiring a place to be called your home.