The home-buying process can be both exciting and even a bit scary all at the same time. While the process of searching for a new home means the start of new beginnings, it can feel overwhelming due to a variety of reasons.
Real estate can be competitive in nature, especially in markets with low inventory, the demand becomes greater. The urgency to act quickly can bring on a level of stress, especially when unfamiliar with the overall home-buying process, which is why working with the right real estate team is important.
An experienced agent will be able to help guide you through the process and answer any questions along the way. Not only are they plugged into the neighborhoods, they’re connected with the right people to assist in the overall buying process.
Beyond the financial side is the emotional aspect. Excitement and anticipation are always a part of the rollercoaster the home buying process brings along – each time you step inside another house, you’re trying to envision whether or not this one actually feels “like home.”
But regardless of whether you’re a first-time buyer, a mix of emotions comes along with the process. This is another reason why having a good real estate agent can provide invaluable emotional support. They understand the emotions buyers are experiencing and can offer guidance and reassurance, along with their expertise throughout the process.
Buying a home involves several steps before reaching the closing table. Understanding mortgage options, calculating affordability, securing down payments and closing costs, wading through and understanding the paperwork are all contributing factors.
To assist you in navigating the real-estate waters, we’re breaking down the first five key terms you’ll encounter during your home buying journey in our two part series.
1. Pre-approval- Before starting the home search, you’ll want to have a pre-approval letter, a preliminary approval for a mortgage loan based on your financial profile. Getting pre-approved allows you to have a clear understanding on how much of a loan you will be able to borrow. This will help your agent in finding homes to show you within your price range. Most selling agents require a copy of the pre-approval letter to be submitted along with the offer.
2. Home Inspection – Once an offer is accepted, most buyers will want to have a thorough examination of the property’s condition conducted by a licensed home inspector. While not required, home inspections help to identify any potential issues or needed repairs, helping buyers make informed decisions. Depending on the report’s findings, your attorney can negotiate repairs on your behalf.
3. Earnest Money Deposit- The money is a sign of “good faith” and commitment to purchasing the home and is given at the signing of the contract and held in escrow until the closing of the transaction. The specific amount varies but typically it is a percentage of the home’s purchase price. It’s common for earnest money to range from 1% to 3% of the purchase price, but this can be higher or lower depending on various factors. In a competitive market, a higher down payment might make your offer more appealing to sellers.
Always consult with your real estate agent to review the terms of the purchase agreement to understand the conditions related to the earnest money deposit.
4. Escrow – Typically, an escrow account is used for two reasons – to hold the earnest money deposit until the closing of the deal, and for certain types of loans such as a mortgage. An escrow account may be set up to manage ongoing payments for property-related expenses, including property taxes and homeowners insurance.
When you hear the term “in escrow” it means that all of the items in the escrow account are held with an escrow agent until the conditions of the escrow agreement have been met. Once they are, you’ll hear the term “escrow is closed.”
5. Appraisal – During the mortgage approval process a licensed appraiser will conduct an assessment of the property’s value. A lender will use the home appraisal to ensure the home’s value is sufficient to cover the mortgage. This protects both the buyer and lender from overpaying for the home.
Stay tuned for our next article where we’ll dive into the remaining five important key terms in the home buying process.
Historic homes are an integral part of Brookly’s landscape. Founded in the 17th century, the borough is rich in architectural and cultural heritage.
Within each neighborhood, you’ll find an abundance of historic homes that span various architectural styles and periods, reflecting the diverse history of the area. This legacy has also made Brooklyn a hotspot for people who appreciate and value historical architecture and the unique charm it brings.
The cultural significance of many homes and the strong sense of community pride in preserving the borough’s heritage is the catalyst behind the renovations of many historical properties.
Renovating a historic home can be a rewarding yet challenging endeavor. Anyone who has renovated a home, historic or otherwise, will tell you it is a big undertaking but one that is incredibly rewarding.
Historic homes in Brooklyn often come with unique architectural features and a rich history and when it comes time to renovate them, they often come with their own set of challenges due to the need to balance preservation with modernization.
That’s not to say one shouldn’t take on the renovation of a historical home. As long as you understand the challenges ahead of time, navigating through the process won’t be as difficult. In the end, the reward outweighs any of the hurdles it may take to get there.
Some of the common challenges faced in renovating historic homes include:
Regulatory Hurdles
Historic homes may be subject to strict preservation regulations which would require approval from local historic preservation boards. These regulations can limit design choices and add time and complexity to the renovation process.
According to the City of New York’s official website, owners of a NYC landmark or a building located within a designated NYC historic district, must receive a permit from the Landmarks Preservation Commission (LPC) before performing any type of work. Owners of these properties also need a permit from LPC for any work that requires a permit from the Department of Buildings (DOB). Before moving forward on any projects, do your homework to ensure all requirements are addressed prior to getting started in the renovation process. .
Budget Constraints
Home renovations in general can be costly. When looking to renovate a historic home, take into consideration the cost to restore certain aspects to its original features, the use of specialized materials, and compliance with preservation requirements, all which can significantly increase the project costs.
Aging Infrastructure
You may find outdated electrical, plumbing, and HVAC systems in a historic home. Updating these systems while preserving the home’s historical character can turn out to be complex and costly.
Hidden Issues
In many older homes (historical or not) you may find structural problems such as mold, termite damage, or lead paint. These issues can be challenging to uncover and address.
In addition, these types of issues drive up renovation costs. Make sure to have your home inspector look for any potential situations that will add additional costs on top of your home renovation costs.
Limited Modern Amenities
Historic homes often lack the modern amenities and space configurations that are desirable to many homeowners, such as open floor plans, larger bedrooms and bathrooms, en suites, and spacious closet space. Integrating these amenities while maintaining historical integrity can be tricky.
Despite the challenges, renovating a historic home can be rewarding because it allows homeowners to preserve a piece of history and create a one-of-a-kind home that reflects both the past and their personal vision.
Some of the rewards to renovating a historical home include:
Unique Character
Historic homes in Brooklyn often feature architectural details, craftsmanship, and historical significance that cannot be replicated in newer constructions. Owning a piece of history can be immensely rewarding.
Community and Aesthetic Value
The restoration of a historic home helps to maintain the distinctiveness of a neighborhood, making it more attractive. These areas often have a strong sense of community, and homeowners take pride in preserving the unique character and charm of the neighborhood.
Resale Value
Well-preserved historic homes tend to hold or appreciate in value over time, making them a potentially wise investment.
Tax Benefits
Some local governments offer tax incentives or grants for the restoration and preservation of historic properties, which can help offset renovation costs. In the State of New York, tax incentives for the rehabilitation of historic commercial and residential properties, and historic barns are available. Certain qualifications apply so be sure to do your research before moving forward with any renovations.
Personal Satisfaction
Restoring a historic home can be a labor of love, and many homeowners find immense satisfaction in bringing an older structure back to its former glory.
Despite the challenges that may arise when taking on a historic home renovation, many homeowners find the rewards of preserving and renovating historic homes to be worth the time and effort. The unique character, historical significance, and the satisfaction of breathing new life into an old structure often outweigh any of the potential difficulties they may face during the renovation process.
In an era where being environmentally conscious is no longer a choice but a necessity, being a homeowner gives you the power to make impactful changes that can help reduce your carbon footprint and be a part of the change in creating a healthier planet.
Our homes are more than just four walls, they are the foundation in which roots are planted and families are made. It’s within those walls where we make mindful choices and have the ability to incorporate sustainable practices into our everyday lives.
The choices we make allow us to do our part in helping to minimize the harm to the environment as well as cultivate a healthy and nurturing living space that promotes our well-being.
So why is it important for homeowners to adopt a sustainable lifestyle? First, it helps reduce the overall ecological footprint by minimizing energy and resource consumption, thus mitigating the impact of human activities on the environment.
Secondly, it promotes a healthier environment both inside and outside, consequently minimizing exposure to harmful pollutants and toxins.
Additionally, by incorporating sustainable changes into the home, homeowners have the opportunity to save some money through energy efficient and smart resource management.
Embracing this type of lifestyle doesn’t have to be daunting, in fact, there are many practical and accessible ways to create an eco-friendly home. We’re sharing 5 tips to help you create an environmentally friendly home.
Energy Efficiency
Improving energy efficiency in your home is not only beneficial for the environment but can also lead to significant cost savings. A few ideas include:
Waste Reduction and Recycling
Waste reduction means just that, minimizing the amount of waste generated in the first place. Consider reusing items whenever possible, such as refillable containers, and donating or selling items no longer needed before throwing them away.
By reducing waste, the strain on landfills lessens and lowers the overall demand for new resources. When we put these practices into place, we are aiming to minimize the impact our daily activities have on our environment.
Water Conservation
This is another critical aspect of embracing green living as it helps us use water in a way that’s good for the environment. Being careful of how much water is being used and using it wisely is important to contributing to a sustainable lifestyle. Shortening our showers, turning off running faucets, fixing leaky pipes immediately, and running the dishwasher and doing laundry when you have a full load are a few of the smallest ways in which we can do our part in contributing to water conservation.
Sustainable Material Choices
When renovating (or even building) your home, consider choosing eco-friendly and sustainable materials such as reclaimed wood, bamboo, or even recycled glass. These types of materials have a lower environmental impact and help reduce the carbon footprint by minimizing the amount of energy and emissions involved in production, transportation, and disposal of the materials. This lessens the overall environmental impact associated with construction and maintenance.
Natural and Eco-Friendly Cleaning Products
Another simple way to help do our part is by choosing to use natural and eco-friendly cleaning products. Products that are biodegradable, non-toxic, and environmentally friendly.
Many of the commercially available cleaning products contain chemicals both harmful to our health and the environment. Looking for natural alternatives are safer and healthier options for both you and the planet.
By embracing green living, we are doing our part in adopting sustainable practices. Each sustainable choice we make is a collective effort towards protecting and preserving the environment for future generations to come.
In the heart of urban landscapes and suburban neighborhoods, a new transformation is underway.
The concept of sustainability and green energy isn’t a new idea but its significance and integration into various sectors, including real estate, has gained a great deal of traction in recent years.
As concerns about environmental sustainability and climate change continue to grow, the pursuit of cleaner energy alternatives has shifted from a select few to more of a necessity. Solar power isn’t just changing buildings, it’s reshaping how people think about their property.
From rooftops that contain solar panels, to energy-efficient upgrades, the combination of solar technology and real estate is paving the way towards a greener future.
Solar panels, once thought of as a luxury to a home, will now be mandatory in New York City under NYC’s Local Laws 92 and 94 passed by the City Council in 2019 as part of the Climate Mobilization Act. The CMA, otherwise known as NYCs Green New Deal, is part of the plan to guide the city towards carbon neutrality by 2050.
Local Law 94 requires sustainable roofing zones on all new construction and major roof renovations while Local Law 92 adjusts those requirements for smaller buildings.
Making the switch to solar in New York will allow homeowners to take advantage of the ongoing federal, state, and local incentives, including tax credits, rebates, and beneficial net metering policies. Important to note, most incentive programs are only authorized for a certain period of time or until funding runs out.
As more and more homeowners look towards ways of upgrading their homes with cleaner energy sources, the move in this direction is becoming more common than it was previously. It’s changing businesses and how people live.
In this change, the real estate industry is at the forefront. It’s showing how we can create buildings that are innovative and good for the environment. Plus, properties become more valuable as we move towards a greener future.
We’re breaking down the top five reasons why the impact of going green is significant on the real estate landscape.
Increased Property Values
Embracing green initiatives, such as energy-efficient upgrades inside your home, think HVAC systems, smart thermostat, heat pump water heater, along with renewable energy installations like solar panels, can substantially increase a property’s value. Prospective buyers and tenants are becoming increasingly more drawn to homes and buildings with lower operating costs and reduced environmental impact, making green features a valuable selling point.
Attraction to Environmentally Conscious Buyers
Going green appeals to a growing demographic of environmentally conscious buyers and renters. People are seeking homes that align with their values, making properties with sustainable features more appealing and potentially leading to quicker sales or leases.
Going green is no longer just a “trend”.” More and more people care about the environment and want to live in a place that reflects how they feel. When a property already has things like energy-saving technology and appliances or solar panels, it becomes really attractive to prospective buyers and renters.
These types of additions are what buyers look for and knowing that the property already has them and is one less project for them to take on, can be even more appealing. The same way some buyers look for amenities like a backyard oasis complete with a swimming pool, others look for a home already outfitted with environmentally conscious additions.
Regulatory and Incentive Support
Government incentives, tax credits, and rebate programs are often available to promote green initiatives in real estate. These incentives can offset the initial costs of implementing environmentally friendly features, making it more financially viable for property owners to invest in sustainable upgrades.
Long-Term Resilience and Marketability
When it comes to going green, it’s important to think about the future long-term. Newer buildings are built to higher standards of durability and resilience in an effort to withstand the impacts of climate change and changing regulations.
When a property is built in a way that makes it strong and able to handle a variety of situations, it becomes more attractive to potential buyers and renters even as new rules or changes in the environment evolve. Property value won’t easily go down because it’s well-prepared to face challenges that might come up later on down the road.
The integration of solar panels and other clean energy technology stands as a beacon of progress, offering not only the promise of reduced energy bills but enhancing our property’s value while playing a vital role in protecting our environment.
When it comes to luxury living, there are a handful of locations that immediately jump to people’s minds, and happily, Brooklyn, which is one of the most desired boroughs, is a part of that group.
For decades, the most populated borough was traditionally known for its diverse neighborhoods, including many industrial areas, iconic landmarks (i.e The Brooklyn Bridge), artistic communities, and vibrant culture. While these distinct characteristics are still embedded into the heart of the city, Brooklyn is now seeing a surge in luxury living.
Brooklyn’s allure as a desirable destination for luxury living has grown due to its proximity to Manhattan, affordable alternatives to New York City’s high costs, and a more laid-back atmosphere. The borough now attracts upscale real estate developments and offers a range of exclusive amenities, adding to its appeal.
Brooklyn’s rise in luxury living can be attributed, in part, to the changing demographics of its residents. Over the past decade, young professionals, entrepreneurs, and creative individuals have all made their way over, driven by the borough’s thriving arts scene, array of restaurants, and lower housing costs compared to Manhattan.
As these people begin to find success and expand their wealth, the demand for living space to meet their evolving lifestyle has fueled the luxury housing market.
To accommodate the increasing demand for luxury living, real estate developers have embarked on projects that redefine the infamous Brooklyn skyline.
High-rise condominiums, sleek townhouses, and modern apartment complexes that offer residents a wide range of amenities, including rooftop pools, fitness centers, at your fingertips shopping, and breathtaking views of Manhattan, provide residents with everything they’re looking for and more.
These types of developments not only provide luxury living spaces but also contribute to the aesthetic and revitalization of many Brooklyn neighborhoods which all live up to the hype. Areas such as Williamsburg, Park Slope, and DUMBO are all part of some of the best neighborhoods to put down roots. The more difficult question is which one to choose!
Beyond the beautiful residences, luxury living in Brooklyn is accompanied by a host of high-end amenities and services. Upscale restaurants, local coffee shops, exclusive boutiques, and gourmet grocery stores have emerged to cater to the residents moving into these high end luxury residences.
The presence of these businesses has helped transform this sought after borough into a destination where residents can enjoy a sophisticated lifestyle without sacrificing Brooklyn’s distinct character.
Brooklyn is also rich in culture and its artistic heritage has played a crucial role in attracting residents seeking a vibrant and creative environment. The borough’s art galleries, theaters, music venues, and street art scenes have flourished alongside the rise of luxury living, blending luxury with cultural expression to create a unique and enriching experience. The infusion of wealth has provided financial support for artists, performers, and creatives, contributing to the borough’s continued artistic growth.
As the concept of luxury living evolves, there is a strong focus on sustainability and eco-consciousness. Developers in Brooklyn have embraced green building practices, incorporating energy-efficient technologies, sustainable materials, and eco-friendly infrastructure into their projects. The integration of green spaces, community gardens, and environmentally-friendly transportation options has made luxury living in Brooklyn synonymous with responsible urban living.
Brooklyn’s rise as a hub for luxury living represents a remarkable transformation that reflects the evolving desires and preferences of affluent residents. As the borough continues to attract a diverse range of professionals and creatives, the demand for high-end real estate and upscale amenities will likely persist.
However, it is crucial to strike a balance between luxury development and preserving the unique character and affordability that initially attracted residents to Brooklyn. As the borough continues to evolve, the rise of luxury living must be accompanied by investments in infrastructure, community programs, and affordable housing initiatives to ensure a harmonious and inclusive future for all residents.
Neighborhoods that were once overlooked have now experienced a revitalization and are attracting high-end developers and upscale retailers. The increasing demand for these types of properties has prompted developers to create a diverse range of high-end residences, bringing opportunities for new businesses to flourish in these areas.
The rise of luxury living in Brooklyn signifies a remarkable transformation, presenting a mix of style, comfort, and convenience that defines the new era of luxurious living in this dynamic borough.
When the day comes to purchase a home, there are bound to be many emotions – excited, nervous, even a bit stressed, but homeownership is an important investment for many different reasons.
Owning your own home is a way to build long-term wealth and financial security. Unlike other investments such as stocks or bonds, owning a home provides the benefits of both a place to live and a tangible asset that can appreciate in value over time. Unlike renting, where your money is not going toward building a future for yourself, homeownership allows you to invest in your future.
As a homeowner, you’ll have a sense of stability and control over how you want to customize and improve your living space. You can decorate your home to your taste without having to worry that the landlord may not approve of the changes (no matter how minor they may be).
When you own, it also provides the opportunity to build equity, which is the difference between the home’s value and the remaining mortgage balance.
As the mortgage loan is paid, not only are you reducing your amount of debt owed, you’ll be building that equity and increasing your ownership stake in the property.
To help you get an overall picture, we’ve broken down the benefits to homeownership below. Along with the more obvious reasons as to why owning a home has its advantages, there may be some that surprise you.
Building Equity:
As homeowners make mortgage payments, they build equity, which is a form of forced savings that can grow over time and provide a source of wealth.
Home equity can be a valuable asset homeowners can tap into if needed.Some of the more common reasons people may choose to use their home equity include home improvements, debt consolidation, education, and even emergency expenses.
Appreciation:
Historically, real estate has appreciated in value over time, providing homeowners with potential financial gains. When your property value is worth more than what you paid for, this can provide potential gains, either through selling for a profit or using the equity built up to obtain a loan or home equity line of credit.
It’s important to keep in mind, appreciation is not a guarantee as the value of real estate can also go down. In addition, appreciation can take time to occur.
Tax Benefits:
Homeowners can benefit from tax deductions for mortgage interest and property taxes, which can lower their taxable income and reduce the overall cost of homeownership. Having these types of deductions, especially during the early years when mortgage payments primarily go towards the interest.
Stability:
Homeownership provides a sense of stability and belonging to a community, as well as control over one’s living environment. Owning your own home allows you to customize it to your taste, both inside and out. Whether it’s repainting, planting a garden, installing a swimming pool, the decisions are up to you..
Owning a home can also give you a sense of security, knowing that you have a long-term place to live, should you choose. It allows you to put down roots in your community, becoming more invested in your neighborhood. From local schools, to small business, your ties to these types of establishments help give you a sense of belonging.
As a homeowner, you have the sense of freedom and independence that comes with having control over your living space and financial stability.
Forced Savings:
Paying a mortgage is a form of forced savings that can help homeowners build wealth over time. Each mortgage payment made goes toward principal and interest, which means that part of each payment goes towards building up equity in the home, which can serve as a form of savings.
In addition, making monthly mortgage payments allows homeowners to budget accordingly, creating good financial habits. This can help build a sense of financial responsibility and accountability.
Inflation Hedge:
Real estate can be considered an inflation hedge as property values tend to increase with inflation. Because real estate is something you can touch and see, when the cost of things go up like food, gas, etc. the value of real estate usually follows. This is because people still need a place to live since there is only so much land and housing available. When more people want to buy a home than there are available, the prices increase thus creating a sellers market.
Potential Rental Income:
One of the benefits to homeownership is the potential to earn income by renting out the property and earning passive income if you decide to move.This can help offset mortgage payments or provide additional income.
Keep in mind, there are several factors to consider when renting, including the rental market in your area, the costs associated with property management and maintenance, and the potential rental income that can be generated.
While renting out a property can provide a source of passive income, it’s important for homeowners to carefully consider the financial and practical aspects of becoming a landlord.
Pride of Ownership:
Owning a home can provide a sense of pride and accomplishment. For many people,owning their own home is a lifelong dream, and achieving that dream brings a feeling of accomplishment.
You’ve invested your time, energy, and resources into acquiring the property, and you can take pride in knowing that you’ve accomplished something significant.
Legacy:
When you own a home, you now have a tangible asset that provides stability and security for your family, both now and for future generations.
One of the most significant advantages to homeownership is the legacy it can provide for children, grandchildren, and beyond. Your home may also become a central location for gatherings with family and friends, and where traditions are passed down through generations..
Becoming a homeowner provides many benefits but there are certain factors to consider before making such a big financial commitment. Like most things, there are pros and cons and it’s important to carefully weigh those to determine if homeownership is right for you.
As the beginning of the year progresses and people become more settled in their routines, many homeowners find themselves thinking about a possible change of scenery.
We’re not talking about taking a vacation, although if you live in a colder climate you just might be planning one, the type of change many people think about this time of year is one that is a bit more permanent.
Believe it or not, the beginning of a new year is typically when people think about selling their homes for a handful of reasons. Several factors include the desire for a fresh start, changes in personal circumstances, improved housing market conditions, or the desire to take advantage of the traditionally busy spring buying season are a few top of mind reasons.
Additionally, the start of a new year is often seen as a time for new beginnings. The quest for a fresh start can also prompt people to consider making changes to their current living situation, which can include selling their home and moving to a new one (whether it be local or out of state).
Once the decision to sell has been made, it’s always a good idea to begin preparing your home before listing to make it more appealing to potential buyers. This can help to increase the chances of selling quickly and for a higher price.
Before you jump into any projects, the number one thing you should do is accurately determine the value of your property. Understanding where the real estate market currently is will help to set an appropriate, and also competitive, asking price. An accurate home value will not only help attract potential buyers, but it will also help you avoid leaving money on the table.
Once you determine the value of your property, there are additional things to consider before putting out the for sale sign. A few important factors to keep in mind include:
Timing
Consider the current market conditions and what’s happening in your local real estate market. If there are too many homes for sale in our area, you may want to wait until there is less competition. This is when having an experienced real estate agent pays off because they can provide the knowledge to help you make an informed decision.
Repairs and Improvements
Look around your home, are there repairs that you’ve been putting off? Consider making any of the necessary repairs or upgrades that you’ve had on the back burner. Doing so will help increase the value of your property and make it more appealing to potential buyers.
Hiring a Real Estate Agent
There are numerous reasons why it is a smart idea to hire a real estate agent. A real estate agent brings their expertise and experience to the complex process and can provide a smoother and more successful home-selling experience.
They know the local market, have access to the data, and understand the nuances of the process, making them the right person to help you navigate what could be a stressful and confusing process.
Additional expertise a real estate agent brings includes:
Closing Costs
Be prepared for the closing costs involved in selling a home. These costs include the real estate commission, transfer taxes, and title insurance.
Negotiations
Get ready for potential buyers to negotiate. Have a clear understanding of what you are willing to accept as well as what you are not willing to compromise on.
Once the decision to sell has been made and the above addressed, it’s time to jump into any of those projects that need to be completed before you put your home on the market. You want to ensure your home is in good condition and appealing to potential buyers.
While the projects that should be addressed are unique to each seller, we’re sharing a few common ones to consider:
As you consider making any type of home improvements, look at your budget and keep in mind not all projects are worth the investment. Review how much things will cost and the potential return on investment. Don’t forget, your real estate agent can also provide guidance on which projects will have the most impact and which ones may not be necessary.
As humans, we naturally are drawn to other people who share similar interests. When we talk about community, we focus on a common thread used to bring people together to advocate and support one another. In its simplest form, a community is a group of people with something in common.
That sense of belonging that comes along with being a part of a community gives people a supportive group to help them cope with difficult challenges, brings them together to solve problems, as well as celebrate life’s lighter moments.
Whether it be through a physical group where members meet up on a regular basis, or via a virtual space like social media groups, connecting with your community is important, especially when you are new to the neighborhood.
Finding common connections with your new surroundings is beneficial to homeowners in a variety of ways. If the area is one that is completely new for you, finding organizations or groups within your neighborhood will allow for the opportunity to learn all about your new surroundings.
Whether that entails discovering local businesses to shop at, linking up with volunteer based organizations, joining a club. or discovering some of the history behind your town, creating these types of relationships with other people helps foster a sense of belonging.
One way to get involved is to check out the social events your local neighborhood has planned. Oftentimes seasonal events are organized for residents to get involved and enjoy some local hometown fun. Two upcoming fall events here in Brooklyn – Blocktoberfest 2022 hosted by the NY Brewers Guild on Satruday, October 1st, at the Brooklyn Navy Yard. The annual fall festival celebrates beer brewed here in NYC.
Two weeks later, on Saturday October 15th, there is a Fall Festival taking place at Atlantic Terminal Mall with a host of fun activities for children and families.
A strong sense of community has also been shown to have positive effects on both mental and physical health. Connecting with your community helps prevent isolation and teaches people how to be more empathetic towards one another.
Curious to learn more on how being connected to your surroundings is important to your overall well-being? We’re sharing a few of the ways in which community enriches people’s lives for the better.
Community Enhances Your Sense of Belonging
A sense of belonging is one of the most significant needs that humans have. It is what draws us together with other like-minded individuals who we can turn to for friendship and support. It is here where we discover common ground with those around us. When people find themselves as the “new guy in town,” it helps to get to know your neighbors. Lifelong friendships have been made between people who met by chance due to geographic location.
Community Encourages Social Support
Being part of a community enables us to show support to others. If you look within your neighborhood, you’re likely to find organizations that were created for the sole purpose of helping out the community.
In Brooklyn, The Kiwanis Club of Brooklyn is dedicated to helping local children and families through a variety of wonderful programs. Being a part of such an organization means you’re making a difference in the lives of others while helping to build a better community.
Community Reduces Anxiety and Depression
When people feel connected to a part of something bigger, it gives them a sense of purpose and need. Being able to help others, whether it be a nieghbor, or an organization, creates a feeling of accomplishment, and a sense of pride knowing that you have made a difference, no matter how large or small, in someone’s life. Providing support to others will in turn make others aid you in your time of need.
Community Builds Trust
When we build a strong sense of community, we’re also building trust with people who are not in our immediate circle. Connecting in a community allows you to step outside your comfort zone.
Oftentimes, when new to an area, it can be difficult to find some of the things we take for granted in more familiar surroundings. Doctors, childcare, petcare, repairmen, you name it, we all have questions when we move to a new location.
Social media is a great resource for connecting with people within your local area. If you search platforms like Facebook, you can find private groups geared towards your particular area. Instagram is another great resource to search for groups. Join and follow the ones you find valuable to obtain a wealth of information.
A great example on Facebook is the public group entitled, Brooklyn Food, dedicated to highlighting all things food related. On Instagram, check out Brooklyn Magazine, a page dedicated to all things for the borough. Whether you pose questions, or take notes on suggestions from other members, you are bound to find some true gems.
Social media has proven to be a valuable tool when it comes to connecting to your community. The internet is a great tool when it comes to finding local events and activities taking place in your neighborhood. Brooklyn residents can always check out the website, Happening Next, as well as Patch, to find out what is happening within the borough.
Community Provides Opportunites for Businesses
When people have a strong sense of community, they want to see their neighborood and its people flourish and one way in which to ensure that is by supporting local businesses. Whether it’s through online communities, or word of mouth, community’s assistance helps business owners interact with customers and gain valuable feedback.
There are many reasons why connecting with your community is important, finding a sense of belonging and purpose is truly at the heart of it all. Overall, it enhances our quality of life as well as enhancing our hometown.
For both sellers and buyers, working with a real estate agent is beneficial for a multitude of reasons. Depending on what side of the transaction you’re on, the reasons why you should work with an agent will differ. What doesn’t change is the invaluable experience a good agent brings to the table.
When it comes to selling, many people think they can save time and money by going at it alone, without a realtor. What’s interesting is that FSBO (For Sale By Owner) sales often are less than the homes sold by real estate agents. Granted, the homeowner saves on paying the realtor’s commission, but that comes with a cost (literally).
Statistics show that only 11% of sellers actually succeed at selling on their own and for the ones that do, their sales are about 26% less on average than properties represented by an agent.
A lot goes into selling a home that you may not even realize. There are many challenges and if you’re going at it on your own, navigating all of the moving parts can be difficult.
Real estate agents do a lot more than just bring potential buyers. They know the in’s and out’s of both buying and selling and are invaluable for a multitude of reasons. Michele Haas, President of the Brooklyn Multiple Listing Service (MLS), points out the following ways in which real estate agents are instrumental in the overall process.
Agents have:
Extensive knowledge of the market
Professional networks
Negotiating skills
Understand required documents
Fiduciary responsibility
Can readily find and identify comparable sales
Can recognize possible issues with a property
Must live up to the standards required by their license
Based on the above, we dive a bit deeper into just how working with an agent is beneficial.
Time Consuming – Selling your home is a full-time job. Between fielding calls and messages for showings, hosting an open house, advertising, and all of the other minutiae that comes with listing a home, it’s an agent’s job to make sure it is taken care of.
Experience – Real estate agents are trained for the job. They’ve studied and taken exams to become an agent and continuously refresh that knowledge with continuing education classes. They know how to navigate the market better than someone who isn’t in the business and their knowledge and experience can be the difference in getting a home sold quickly.
Pricing Advice – Agents understand the real estate market – they know the value of homes, they know the areas, and how to compare properties, all of which factor into pricing a home correctly. While you may have a certain number in mind, the price may not be reasonable. That’s why having an agent to research the comparable sales can help confirm if you are in the right price range. They know where to look and have access to this type of invaluable information.
What they don’t possess is an attachment. As a homeowner, you’re attached to your home in one way or another. Maybe it is your first home, or where you raised your children. Because of reasons like these, it can be difficult to be objective and for many homeowners, it’s not easy to separate the two. That’s why having a real estate agent is important as they can help you to focus on the bigger picture and not get caught up in the emotional side.
Professional Negotiators – As hard as it can be to price your home correctly when you have an attachment to it, so can negotiating its worth. Real estate agents are removed from all of that. Their main goal is to get your house sold and if negotiations are involved, they aren’t going to hold onto emotional ties that will prevent them from making a good deal. Being removed allows agents to give you better guidance and advice.
When it comes to negotiating, attention to detail is key. Your real estate agent knows what details need to be written into the contract. There are numerous documents involved in the process and having an agent to help navigate all of the paperwork is important, especially when questions or concerns arise, they can advise. This invaluable knowledge is helpful regardless of whether you are the seller or buyer.
Fiduciary Responsibility – Agents have a fiduciary responsibility to their clients, they must put your best interest first. Whether they’re working on your behalf to sell your home, or help you purchase one, their loyalty remains with you.
Network of Professionals – It takes a team of various professionals to get you to closing day. From home inspectors, to mortgage brokers, to attorneys, etc, a real estate agent has a trusted network of other professionals to help you every step of the way.
If you are on the other side of the real estate process and are looking to purchase a home, working with an agent is just as important. Buying a home is one of the largest financial transactions you’ll ever make and you want to have an expert on your side. Real estate agents are tapped into their network and have access to various sites, like the MLS, to get the most up-to-date listings.
Whether buying or selling, either side can benefit significantly from hiring a real estate agent. The reasons may be different but the end goal is relatively the same, to ensure as smooth and stress-free process as possible.
Congratulations, you’ve made the decision to purchase your first home and it’s an exciting time. You’re about to embark on one of the biggest financial decisions you will make in your lifetime so it’s important you understand what it is you’re about to take on.
Information is power and educating yourself on one of the most important purchases beforehand will give you a clear understanding of what you’re getting yourself into before you actually do. The home buying process has a language of its own and taking the time early on to understand will put you ahead of the game when you officially begin your search. Don’t wait until it’s time to sign the contract to educate yourself on the process.
Even if you’ve purchased before, it’s still a good idea to re-educate yourself and discover any new changes that have taken place in the real estate market. It’s a lot to wrap your head around but if you know what to expect then it doesn’t have to be as scary as you may think.
Before you begin the search, it’s a smart idea to start saving early. Having a strong down payment is important. Not only does it lessen the amount of the loan, in some instances, the stronger the down payment, the better your chances of your offer being accepted, especially in such a competitive market.
It’s also a good idea to find out your credit score and clean it up if need be. Credit scores typically range from 300 to 850 and while you don’t need a perfect score to get the best mortgage rates, there are certain credit score requirements you will need to meet in order to obtain a mortgage.
To qualify for the best interest rates, prospective home buyers should aim to have a score of 760 or greater. However, the minimum credit score requirements vary based on the type of loan you’re going for along with who is insuring the loan so speak to your loan officer to find out where you need to be in order to secure funding.
Along with putting money aside early and cleaning up your credit, there are additional things to keep in mind as you prepare to jump into the home buying market.
How much can you afford? – A common mistake potential buyers make is house-hunting before knowing how much they can actually afford.
“First they should get pre-approved so they know what they can afford,” explains Barbara LaBarca, Director at Brooklyn MLS and Broker/Owner at Coldwell Banker LaBarca.
Obtaining a pre-approval ahead of time is essential to the process. Why? Because you need to know the maximum loan amount you qualify for. You don’t want to have your heart set on a house only to find out you’re unable to afford it. Knowing the maximum amount you can spend will allow your agent to search for the homes in your range and save your time from viewing the ones that aren’t.
And second, without a pre-approval in hand, it’s difficult to make an offer. Most real estate agents will not accept an offer to purchase without an accompanying pre-approval, especially in this competitive market. You need to come in strong, and that includes providing the documentation needed to show you can back up the offer you’ve made.
Choosing the right realtor – Chemistry is key. You’re going to spend a lot of time with your agent so you need to mesh. You’re about to embark on one of the biggest purchases of your life and you want to have a trusted real estate agent by your side. Your agent should be able to explain the ins and outs of the home-buying process, be familiar with the area(s) you’re looking to purchase in, as well as understand exactly what it is you’re looking for. Overall, they need to be immersed in the local market.
Referrals are a great way to find an agent. Ask around, talk to people you know who have already gone through the real estate process and ask them to give you an honest opinion on what their experience was like.
And mostly importantly, you need to find an agent you can trust. Are they honest, and do they have your best interest at heart? It’s always a good idea to speak to at least three agents before choosing someone to work with. Once you find the right agent, remember to be honest and transparent about what it is you’re looking for so that from day one they can being finding you the right options.
There is no perfect home – It’s your first home and you’ve more than likely dreamed about the ideal place to put down roots. You don’t want to settle but before you start looking, it’s a good idea to write down the things you want out of your new home.
What are non-negotiables and what are the aspects you can compromise on? No home is perfect and going into your search understanding that will make things easier.
Maybe the home you fall in love with isn’t in the specific neighborhood you had hoped to move to, or the home in your chosen area is a bit smaller than you originally planned. Knowing what your deal breakers are ahead of time will make it easier to accept that the home buying process, and the home you choose, may not be 100% perfect, and that’s ok.
Do your homework – Ask yourself, what type of home fits your needs, what are your homeowner goals, and what type of property will best fit your lifestyle. Once you have the answers, start reading up on the different neighborhoods, taxes, schools, local attractions. Anything that is going to impact your life in a direct way once you settle down in a specific home / area, should be a part of your overall search.
Understand the buying process – There are a lot of moving parts to the home buying process so having an understanding of each is important. Even before you start looking, you’ll want to familiarize yourself with the different financing options available. Being informed could help you save money on interest, fees, and even your down payment.
Knowing the different types of loans available will prove helpful when you sit down with your lender. Along with the conventional mortgage most people know about, other types of loans include the FHA, VA, USDA, Jumbo, and Adjustable Rate Mortgage loans. Each one has its pros and cons, and while they may not be right for everyone, understanding what is available will be helpful to the process.
“Besides their mortgage payment, buyers should consider that they will need to pay bills like
their water bill, electric, and gas,” explains LaBarca. “Taxes and insurance are included in the mortgage.”
Choosing the right loan officer is as important as choosing the right agent. After your offer has been accepted, they will become the person you talk to often as they guide you through the next phase of the home buying process.
Whether you are obtaining funding directly from your bank, or working with a mortgage broker who serves as the middleman between lenders and borrowers, they should be able to help you in understanding the loan best suited for you, along with providing you the guidance needed when the application process begins.
After you find a home, there are multiple steps (i.e home inspection, appraisal) that need to be completed before moving forward. This is when having a knowledgeable real estate agent is important. They will be able to explain these processes and continue to put your best interest first while these next steps take place.
Buying a home can be overwhelming with many first time buyers dropping out of the market because they believe it’s going to be too difficult. The process does have its challenges, but with the right team in place, it doesn’t have to be as stressful as you envision. Working with the right people and educating yourself right from the beginning can make all the difference.
