I have watched people forego beautiful, perfect apartments because of the word “fee.” It’s like the word “tax” — neither is inherently bad, but we view them as bad. Also, as you may not realize, rent is basically just a fee, since you do not build equity and it’s not going towards anything you own. You are paying for a service, just like if you’re paying an agent to help you secure an apartment (because it’s not just clicking a button and voila, all done).
Read More"Good Cause" Eviction
Today’s post is about the biggest proposed change that DIDN’T end up in the final bill: “good cause eviction,” or, as some people are calling it, “universal rent control.” Good cause eviction would have forced a landlord to show “good cause” when choosing not to renew a lease, meaning the tenant would be entitled to an annual renewal.
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This post is relevant FROM SEA TO SHINING SEA.
New York Values #47 - Zillow/StreetEasy/Trulia/RealEstate.com
In NYC Zillow goes by a different name: StreetEasy. StreetEasy originally started to make the rental process more transparent, but after being purchased by Zillow really went the opposite direction and began intentionally misleading consumers.
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New York Values #46 - Central Park
Today, in the spirit of Earth Day, here’s a post about how being close to Manhattan’s biggest, greenest space increases your property value. Just another reason Donald Trump is bad both at real estate and at being president: if you hate the environment/nature so much why are so many of your buildings on the park?
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New York Values #45 - Multiple Offers
Everyone handles multiple offers differently, and there are many schools of thought around it. Whether you’re on the buy side or the sell side, you definitely want to work with an agent who knows how to conduct him or herself throughout the process. While you may feel you are equipped to handle this on your own, I don’t agree.
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I’m really, really tired and this makes me think of a beach house so….here we go!
New York Values #44 - Seller Commission
Today on the docket: what does this commission pay for when I sell my place and hand over a hefty check? On the buy side you usually don’t end up paying anything, but as a seller you are paying both your agent and the buyer’s agent. But where does this money actually GO?
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Resale Value
If you are planning to buy something where you will live for the rest of your life, forever and ever, you may not have to consider these factors. But the average buyer is looking to hold onto something for 5-10 years, and a good agent will give you advice on the buy-side to help find a place that is both a good fit now, and easy to sell in the future.
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Our train stations better look like this after all these $$$$$$
New York Values #43 - Taxes for the MTA
No, they aren’t adding a tax on your metrocard purchase. They are increasing the taxes involved in high-value real estate transactions and, allegedly, using the proceeds to fix my favorite broken train system. I’m always skeptical that money will go where it’s supposed to but if this does happen, it will make me feel a bit better about why the tax exists.
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Is THIS your lawyer?
New York Values #42 - Assembling Your Team
If the broker is the QB…ok I don’t actually know football well enough to make intelligent analogies about who represents what. But we will start with someone who is necessary in 100% of NYC transactions, even if you (foolishly) choose not to work with an agent.
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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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