Category Archives: Real Estate Property

The Hidden Gem in Real Estate

Now is a great time to buy real estate on Long Island. When considering real estate, most people think of buying a home/condo or renting an apartment. However, one of the best values in real estate today is a co-op. Although much of Long Island real estate has managed to depreciate less than other areas in the country, LI stands an excellent chance to appreciate faster as the economy recovers.

A co-op (or cooperative) is different from owning a condo and can be less expensive than renting. A co-op is a building owned by a corporation and instead of renting or buying a unit, a person would own shares in the building. The corporation holds the title to the building. We enjoy the many benefits of living on the Long Island (such as quality schools, beautiful beaches, great fishing and boating, convenient shopping, and all in a spacious and uncrowded environment) but can find it harder and harder to stay here. Additionally, Long Islanders are savvy business minded individuals who realize that no matter the state of the economy, owning can be far more beneficial than renting. Co-op living is a great alternative for more cost-effective living on Long Island.

As an owner of a co-op, you own shares of your building. This provides the owner tremendous tax advantages. Owners will have the usual tax deduction associated with owning a mortgage. In addition, co-op owners can deduct, in some cases, up to 70% of the total annual maintenance fee off their own income tax and thereby reducing their income tax liability. Maintenance fees usually carry the building’s mortgage, if any, the building’s real estate taxes, and common charges. Cooperative living offers a great lifestyle free of yard work, shoveling snow, costly home repairs, and general maintenance. Co-ops can be a great alternative for those considering downsizing or those who are interested in convenient living.

Most first-time home buyers programs and star programs can be used for ownership of a co-op. Co-ops start around the $150,000.00. Most are updated and modern. You will probably be able to find one suitable for you and your needs.

10 Quick Tips for Selling Your Property

Make sure that you are giving yourself the best chance to sell your property within a reasonable period – recently claimed sellers are taking an average of three months to win a buyer. The state of the property market may be irrelevant if your property does not create a good first impression for a prospective purchaser. Also, having successfully obtained an acceptable price for your property you should take some simple steps to ensure that the sale process is concluded as quickly as possible. The following quick tips are provided to remind you how best to give yourself a winning chance in a difficult market.

o Finish those outstanding DIY jobs, and consider a fresh coat of paint

o Make sure approaches to your doorway are clean, door- knocker and letterbox polished, and hallways clear

o Outside, gardens need to be tidy and the lawn mowed, and external paint-work made clean- perhaps a touch of paint to windows and door frames

o Bathrooms and kitchens help sell homes. So, if you need to replace units (fronts) and other fitments to update, this is a good time; but if your budget is tight you can change some things quite cheaply. New taps, cupboard knobs and handles, small mats, shower screen etc. will freshen things-up a great deal

o Take the opportunity to get rid of unnecessary clutter. Put stuff into storage

o Make sure every room will be shown to its maximum value. For, instance a room capable of being a double should have a double bed in it

o When allowing viewing, you should not have too many people in the property giving the impression of intrusion . And, do avoid cooking fish or spicy foods a short while prior to a visit . Also good is to dispel any smells from domestic pets

o You decide in which order rooms should be seen. Your best room should be the first or the last a prospective buyer sees

o Make sure you have all your paperwork to hand ,home information pack (HIP), any building warranties or guarantees . It should never be your fault that information required by your solicitor when required, otherwise delays will occur and your buyer will become impatient and may go elsewhere. Also, you need to have your mortgage agreed, and survey done on any property you maybe buying so that you are not having to delay things. Keep a good relationship with your solicitor to keep things running smoothly. Apparently, according to the NAEA, 10.7% of sales do not reach completion