You don’t live in the PRICE, you live in the PAYMENT If you’ve spoken to me enough about buying, you’ve heard me say the previous phrase many times. Because it is a huge consideration in deciding whether buying is an option, and what you can afford.
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an actual mansion
Mansion & Pied-a-terre Taxes
Currently only one of these things exists in NYC: the so called mansion tax added to any real estate purchase over $1 million. Since the median price for a one-bedroom on Manhattan is a cool mil, this is less “mansion” and more “home” tax. Despite this, it seems unlikely that the number will decrease.
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What is the Buying Process and How Long Does it Take?
I’ve been thinking back to all the questions people ask me when they’re wondering whether home-buying is an option. Something that people don’t seem to know and that is very important when buying for the first time and leaving a rental is TIMING. What is the process like and how long will it take?
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salt flats are very cool. cooler than tax info.
New York Values #41 - SALT Deductions
While everyone needs to speak to a financial advisor rather than seeking expertise from someone like me, I do my best to be informed about everything from types of trusts to the tax code to financing options. One thing that EVERYONE has been talking about this year is the newly imposed limit on SALT deductions.
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Not this kind of llama
New York Values #40 HDFC Co-ops & Mitchell-Lama
New York is quickly gentrifying, and one way that people avoid displacement is through protected leases (like rent stabilized or rent controlled apartments). An even better way is through ownership, but long before property values in an up-and-coming neighborhood skyrocket, it’s still relatively expensive to own a home on a single 9 to 5 salary.
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This photo is a non-sequitur but also somehow perfect for this post.
Trump, Cohen, and Valuation
If you guys thought I wasn’t going to talk about the Cohen testimony, you must not know me that well. There’s way too much to cover, but because we are discussing how to buy in NYC, I will mention the absurdity of Trump inflating the value of his real estate holdings in order to buy the Buffalo Bills. Really, dude?
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New York Values #39 - How Much Money Do I Need to Buy in NYC?
Today’s NY Value/lesson: how much do I need to have saved to buy an apt in NYC? Because it’s different than what you need to purchase a home in, say, rural VA where I’m from. You can’t just plop down $30k in cash and close 3 weeks later with no agents or lawyers involved. Here’s the basic rundown of what you will need for different types of purchases.
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This seems like the type of apartment that would be in a rental startup ad
New York Values #35 - Brokerage vs. Aggregator
I’m going to clarify something I’m often asked about regarding different real estate companies. Zillow and Redfin may seem similar, but they are completely different types of companies. Meanwhile, many of the new rental-related startups in NYC are actually more similar to Redfin in their business models than Zillow. Confused? I’ll break it down.
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New York Values #32 - Investment Visas
There are 23 countries with programs that give you a green card or passport or some form of residency in exchange for financial investment in said country. Meaning, if you go ahead and invest right now (and jump through all the legal hoops), you’ll be living it up on the beach in no time. Or months. Or, in the case of NZ, four years.
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New York Values #28 - Pet Friendly
While the more compounding complications the harder the transaction will be, there are plenty of places you and your pet(s) can feel safe and secure. Just know that you won’t be able to go everywhere, and it would be in your best interest to work with an agent (and likely pay them a fee) so you avoid any pitfalls or end up in a bad situation.
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