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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Foreign Purchasers
While I can’t give in depth financial info related to taxes and which countries have imposed limits on taking cash abroad (China comes to mind), I can break down how this is similar and different from the process for those US-based, and which property types are usually best in which circumstances.
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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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You don’t live in the PRICE, you live in the PAYMENT
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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