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Home Buyer Checklist

Spring Cleaning Tips that Will Help You Sell Your Home

After a long, cold winter, springtime is back and bringing with it bright sun, breezy filled days, and a breath of fresh air. People feel energized and ready to tackle the tasks of cleaning and decluttering.

Spring is long considered the best time to sell a home, but before contacting your local real estate agent, you’ll want to ensure your home is squeaky clean. This goes beyond the general housecleaning chores—you’re going to want to do a deeper dive which is sure to make a huge difference to potential buyers.

Like the saying goes, “you never get a second chance to make a first impression,” and when it comes to your home, you’re going to want to “wow” potential buyers from the moment they arrive.

The outside of a home is just as important as the inside and oftentimes, buyers will have already formed an opinion before they’ve made it to the front door. Which is why landscaping, even if it’s minimal, of the front and back property should be on your to-do list.

Whether you’re looking to put your home on the market now, or just want to clean away winter’s mess, we’ve put together a list of tips to help you get started.

 

Outside Cleanup 

• In order to prep your lawn for spring, you’ll first need to clean away all of the debris left behind from winter.
• Planting new flowers and adding some potted plants will give the front of your home some curb appeal. Local nurseries and garden centers are a great place to find everything from flowers and shrubbery.
• Ensure walkways remain clear and easy for visitors to navigate.
• Replace or repair the mailbox – if it’s old or damaged it’s going to stand out. You can purchase a new one at your local hardware store.
• Pressure wash the outside of the house. If you don’t own a power washer, you can either rent the machine or employ the services of a company to do the job for you.
• Other areas such as windows, fences, pavers, and decks are usually in need of a good cleaning to wash away the winter grime.
• Don’t neglect the gutters. If clogged, they can overflow and cause water damage not just to the exterior, but also to the interior as well.

Stage the Backyard

• When cleaning out the yard, make sure to get rid of anything that is old or broken. Chances are when you move, it won’t be something you’re going to take with you, so now is the best time to dispose of anything unwanted or in poor condition.
• Just like you’ve done in the front of your home, remove any dying plants and scatter a few flowers or pots around to give the area a pop of color.

Steam Clean Carpets

• Floors often take a beating from the outside winter weather that’s tracked inside. If you have carpets, get them steam cleaned. If your home consists of hardwood, use a wood cleaner to bring back the shine. Same goes if your floors are tile or marble. If it’s not a job you want to personally take on, consider a professional cleaning service to get them in pristine condition.
• Floors, walls, and ceilings are all areas potential buyers pay close attention to so it’s important they’re as clean as possible.

 

Let in the Light

• Wash windows, inside and out, to ensure they sparkle.
• Wipe down all blinds, clean curtains and drapery, and polish the mirrors.
• Dust all light fixtures, especially ceiling fans which tend to collect a lot of dust, and replace any burnt out bulbs.
• Any time you show your home, you’ll want to let in as much natural sunlight as possible. A room filled with light will feel warmer and more inviting.

Deep Clean Kitchen and Bathrooms

• These are the biggest selling points in a home, so it is extremely important they are not only sparkling clean, but also presented in the best light.
• Cabinets should be wiped down, countertops and appliances cleaned, drawers and cabinets organized, grout between the tiles cleaned, and if necessary, re-grouted.
• Countertops, whether in the kitchen or bathroom, tend to become cluttered. Whatever’s out that doesn’t need to be, remove it. At some point you’ll need to pack it up so why not get a head start. Having less out allows potential buyers to visualize the space and imagine themselves in it.

Declutter & Organize

• To ensure rooms look as open as possible, leave out only the essentials, everything else, box up. A home will look bigger when it’s not filled with stuff. Remember, the goal is to have a potential buyer envision themselves living in the home.
• Keep closets organized as buyers tend to always peek inside.
• Boxing up possessions that aren’t used on a daily basis will not only make it easier for you to do a deep cleaning, but you’ll also have a head start on packing.

 

What You Need to Know When Moving with a Pet

It’s finally here, moving day! Whether you’re heading into a new home or apartment, the excitement, and stress that comes along with the process is one that cannot be avoided.

Did you know that moving is consistently rated as one of life’s most stressful events? It ranks right up there with death of a loved one, divorce, job loss, etc. Even if your move is a happy one, it doesn’t lessen the stress that comes along with it. It is still a massive disruption of your routine, combined with all that is familiar to you. And no matter how well you plan, that feeling will not change.

Now, you’ve spent weeks (maybe even months) planning and packing, so when the actual day arrives, you’re bound to be in overdrive. Along with all of things you’re going to have to take into consideration, if you’re a pet owner, add another item to your pre-moving check list.

If you think the process is tough, imagine just how stressful it can be for your pet. Dogs especially can easily become stressed out when there is unexpected activity in the home, or even when introduced to a new environment.

Animals are creatures of habit, and for them, change, no matter how big or small we think it may be, can be both confusing and stressful.

So while you’re planning out the specifics for moving day, it’s important to also plan ahead for your pet. In order to ensure he or she is relaxed, and safe, on the big day, we’ve compiled a few top tips to help make the move a success for all members of your family.

Contact your vet

If you’re moving out of state, or out of the local area, contact your vet to obtain your pet’s medical records along with any current prescriptions. Part of relocating involves finding new doctors and that includes a new veterinarian. Ask your current vet if they can recommend a new doctor before beginning to do so on your own.

Plan Ahead

Prior to moving, it’s a good idea to visit your vet. According to Dr. Rachel Barrack, Founder of concierge veterinary practice Animal Acupuncture, you should make sure your pet is up to date on all vaccinations. If you’re traveling by air, Dr. Barrack stresses the importance of checking with the airline beforehand to confirm all necessary paperwork prior to the day of departure. If traveling by car, make sure your pet is used to their crate and plan ahead for bathroom and water breaks.

Pack An Accessible Bag for Your Pet

Included in your pet’s to-go bag should be a leash, bowls for food and water, food, medications, wee-wee pads or litter box, bed, and favorite toys so when you get into your new home you won’t be rummaging through boxes, Dr. Barrack points out.

Keep pets away from the action

One of the best ways to help your pet remain calm is to keep them in a quiet area although that might not be possible on moving day. You don’t want them getting underfoot or accidentally getting out. A good idea to consider is either boarding for a night or two or doggy daycare. If that’s an option you’d like to explore, Brooklyn is home to a variety of options. A few local places include:

• Fido’s Retreat – With a large indoor campus and fun open space for dogs to run around, Fido’s Retreat offers a variety of services ranging from daycare, to boarding, along with a few additional options for pet parents to choose from. Whether you decide to board or have your pup stay for the day, there are enough activities to keep them playing for hours. 230 Livingston Street, (between Hoyt & Bond), Brooklyn, NY 11201
• Monster Mutt – Located in the Cobble Hill section of Brooklyn, Monster Mutt has been providing love and care to dogs since 2001. As Brooklyn’s first doggy daycare, they offer a variety of services, which includes half or full days of daycare, along with overnight or longer term boarding. 297 Warren Street, Brooklyn, NY 11201
• Woofs ’n Whiskers – A unique alternative to other boarding facilities, Woofs ’n Whiskers is the ultimate dog and cat retreat. Featuring over 7,000 square foot outdoor space for the pups or a luxury condo for your feline friend, the facility offers both daycare and overnight care. 14 Coles Street, Brooklyn, New York 11231
• Animal Loving Care – Under the watch of 24/7 caretakers, your pup can spend the day, or night here at this bi-level facility. Offering both indoor, and outdoor space, your dog will have the opportunity to play, rest, and if you’d like, be groomed as well. Offering a variety of services, ALC staff cares for their furry guests as if he or she is their own. 556 Court Street, Brooklyn, NY 11231

Keep in mind, before your pet is able to board or spend the day in daycare, most animal facilities require the animals go through an evaluation to ensure they’re a fit, and to protect the safety of all the animals already at the facility. All vaccinations will need to be up to date as well so make sure to find out from your veterinarian which ones your pet will need. And lastly, some months may be more popular than others at the facility, so once you have your moving dates, call to reserve your pet’s spot.

Move the house before you move your pet

Set up as much of your new home as best you can before introducing your pet to his or her new digs. Let them slowly adjust to their new surroundings. Re-introduce familiar objects and make sure to give your pup lots of attention in the process. You can even walk them from room to room to take in the new scents they’re sure to pick up on.

Update information

Once you’re settled, make sure to update your new contact information. That includes notifying your vet, ordering new ID tags, and if your dog is microchipped, calling the company and ensuring they have all of the new and most current information.

Stick to a Schedule

Dr. Barrack stresses the importance of sticking to a schedule once the move is complete. Even though you’re in a new place, sticking to their usual eating, exercise, and sleeping schedule as best as possible will help to minimize the stress.

Most pets love predictability and routine, so a move can throw them into a tailspin. Change can be confusing and stressful so be mindful of their needs as you prepare your move.

And most importantly, Dr. Barrack stresses the importance of being patient. Once you arrive at your new home, it will often take even the most well-behaved pets a few days to adjust to their new surroundings.  Consult with your vet as well on the best ways in which to ensure a smooth transition.

New Year, New Home: Preparing to Buy in 2022

What to Expect in 2022’s Real Estate Market

At the beginning of every New Year, most people make resolutions that involve some form of change. Whether that be professionally or personally, it’s a chance to give ourselves a goal to start anew. 

 

For anyone who has had their sights set on jumping into the real estate market then you know how crazy it’s been these past two years as the pandemic turned the home buying process completely upside down. It may be a New Year but is it a new market? 

 

With mortgage rates hitting a historic low, coupled with an inventory shortage, the red-hot real estate market saw homes selling within hours of being listed, bidding wars ensuing, and sale prices closing over asking price.  

 

When it comes to the real estate market, we know anything is possible, but housing experts predict that in this New Year, buyers will likely see similar trends to the last two years which included elevated prices, low-inventory, and fast turnaround. 

 

Another contributing factor fueling home buyers were the extremely low interest rates which hovered near historic lows for an extended period of time, a result of the Federal Reserve buying mortgage backed securities to support the economy. But in 2022, the Fed plans to lessen those purchases to curb rising inflation. As a result, mortgage rates are expected to rise.

 

How much they will increase is not entirely clear, but economic predictions estimate the Fed may raise interest rates three times in 2022. This potential change will have an effect on the home buying process although the new policy isn’t likely to “hurt” buyers in the next few months. Regardless, it’s safe to say anyone looking to purchase are encouraged to act sooner rather than later.

 

While the buyers are out there, it’s the sellers who are slowing down a tad bit.  When the pandemic started, the demand increased and pushed the home prices to an all-time high. And although we have rounded the corner when it comes to the pandemic, the 2022 housing market will likely continue to be costly, with home prices and rents remaining on the higher end of the spectrum.

 

Along with the demand for homes comes an increase in demand for rentals, especially as we head into the first quarter of 2022. The previous discounts that landlords had been giving out during the height of COVID are practically gone. As these concessions disappear, many renters are finding it difficult to afford their current apartments and will have to move. 

 

As a result, there will be an increase in availability with inventory opening up. The demand for rentals in the neighborhoods chock-full of amenities will also be greater. The areas most desirable are the ones with shopping, restaurants, and nightlife, especially as these sectors have re-opened their doors and welcomed back their customers. For many people, these amenities are an important factor when it comes to deciding where to live. Being close to all of these things, as well as transportation, is a luxury many potential renters, and even buyers, seek out. Areas such as Dumbo, Fort Greene, Bushwick, Gowanus, and Red Hook, will be some of the more attractive places to live for these reasons. 

 

Finding a place to call home, whether buying or renting, is never as easy as we hope it will be. The real estate market will always go through highs and lows, and this upcoming year is no exception. Keeping that in mind, here are a few things to consider for anyone planning to make a move in 2022.

Prices will remain high 

According to economists at Realtor.com and Zillow, the competition isn’t likely to die down this year. Economic trends such as low inventory, elevated demand, and low mortgage rates will continue to give sellers leverage in the market.

 

Buyers will continue to see potential bidding wars, particularly when the market picks up in the spring and summer months. Although it’s hard to predict exactly what’s going to happen, Zillow predicts home values will rise by 11% in 2022. While not as high as in 2021, it’s still a substantial increase. 

 

Increase in interest rates 

With the likelihood of interest rates rising multiple times this coming year means mortgage rates are likely to increase as well.  Home experts predict a 30-year fixed mortgage rate will reach 3.60% by the end of 2022 compared to the average of 3.30% as of now. The upside to an increase in mortgage rates is that buyers scooping up property for investment purposes may lessen, giving the people who buy homes to live in more of an advantage. 

Inventory will remain low 

The number of homes actively for sale fell to a record low at the end of last year, and the etnrance of new listings has been slow moving into 2022. Spring has generally been the time when the market picks up and while there are likely to be more listings come spring and into summer, there may not be enough to meet the demand. It will continue to be a strong sellers market. 

Home buyers, be prepared 

With the way the market is trending, it’s important for buyers to be on their A-game. That means doing research ahead of time, having the proper documents readily on hand, and being ready to act quickly. That includes making an offer almost immediately. For some buyers, purchasing out- of-state has them relying on photos and showings being done via computer and over zoom.  

 

From the realtor side, agents not only have their eye out for new listings, but listings that are “coming soon” to the market. Knowing what a client wants and how much they’re willing to spend allows agents to hone in on the right properties. There’s no sense in taking potential buyers to properties that don’t meet their needs or are out of their price range when the market is this competitive.

 

And while the 2022 real-estate market may not reach the incredible heights it did in 2021, don’t expect it to slow down anytime soon. In the meantime, do what you need to be prepared for when the right home comes along and work closely with your real estate agent who can guide you through the entire process. 

What You Need to Know as a First-time Home Buyer

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. 

Why Hiring a Real Estate Agent is Important

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. 

The Most Common Questions You Should Be Asking Your Realtor Before Buying a Home

Whether this is your first, second, or maybe even third home purchase, each experience likely feels like the first. Regardless of how many times you’ve actually done it, the home buying process creates an array of feelings and emotions. 

 

From excited to scared and everything in-between, buying can be intimidating. That’s why it’s important you’re working with the right realtor who will be able to guide you through each step of the way. 

 

The home buying process really begins before you even step foot into a home, and continues all the way up until the day of closing. There are numerous steps you’ll take with each stage which in turn creates a whole new set of questions. Keep in mind, nothing you ask is silly, if you are unsure about anything, speak up. 

 

Buying a home is one of the largest purchases you’ll make in your life which is why it is important to feel as comfortable, and informed as possible. Part of your real estate agent’s job is to help make the experience as stress-free as they can.

 

We know things can get overwhelming with all of the information you need to know beforehand, so to help alleviate some of it, we’ve put together a list of common questions buyers ask to help you navigate the process a bit easier. 

 

What’s the first step of the home-buying process?

Before you even get started in your search, it is important to have your mortgage pre-approval. Some agents will not begin working with potential clients if they don’t have an approval in hand. 

 

Why is this piece of paper so important? Because it tells you, and your agent, just how much you can afford. There is no reason to look at properties that you are unable to afford. It’s not fair to you, your agent, or the seller, to waste time looking at properties out of your price range. Knowing how much money a lender will approve for a loan is an important first step. 

 

How long does it take to buy a home? 

Unfortunately, there is no definitive answer as this timeline varies greatly from person to person. On average, it can take anywhere from a few weeks to several months to find a home. It also depends on the timing, as well as the circumstances. Do you need to move ASAP, or is this your first home? 

 

Once you find your home, it usually takes an additional 30-45 days to close after you’re in contract. Keep in mind this timeline can change for a variety of reasons. 

 

How much do I have to pay my real estate agent to help me find a home?

Great news–nothing! The seller pays the realtor fee/commission on their end. 

 

How much money do I need for a down payment?

The more you put down upfront, the less you will have to borrow from a lender. Generally, 20% of the purchase price is an ideal number for a few reasons. First, it lowers the monthly mortgage payments, avoids paying private mortgage insurance commonly referred to as PMI, improves the nature of your offer, and can help you lock in a better interest rate. 

 

That’s not to say you must put down 20%. The minimum amount depends on the type of loan you are obtaining to finance the purchase. Lower down payment loans, like an FHA loan, requiring a minimum down payment of 3.5%, were designed to make homeownership possible for first-time buyers. 

 

When it comes to the different types of loans available, this is where your mortgage broker steps in. It’s a conversation you should have even before the actual house hunting process begins. Knowing how much you can afford and the type of loans available are all part of the initial conversation you should be having when obtaining your pre-approval.

 

What additional fees are there besides the down payment?

Additional costs include the loan origination fee, which is not a single fee, but a set of lender-specific fees that are part of closing costs, as well as the closing cost itself. These are the fees paid at time of closing to complete the purchase. They may include the survey, underwriting fees, title search fees, documentation fees, legal fees, pre-paid property taxes, HOA, etc. Your mortgage broker will review these with you. While you do have these additional expenses, the down payment is usually the largest cost associated with buying a home. 

 

Do I really need to work with a real estate agent when buying?

It is strongly recommended that you work with an agent for many reasons. First, they have your best interest. Their goal is to help find you a home that fits your needs, and they will advocate on your behalf when needed. Real estate agents are skilled negotiators, and have access to a network of different people you will need throughout the process. Plus, it doesn’t cost anything to work with one.  

 

Can you recommend…..?

Whether you’re in need of a mortgage broker, appraiser, lawyer, moving company, or any other type of professional service associated with the home buying process, your real estate agent should be able to offer some recommendations. Mostly all real estate agents have a network of people they trust to provide the best possible service to their clients. 

 

While every home is different, the steps, especially in the early stages of purchasing, are generally similar. The same holds true for the questions you are more than likely to have. Remember, don’t be afraid to ask, it is part of an agent’s job to provide you with the information needed in order to make the most informed decision. 

The Power of Community

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.  

 

Flipping Houses 101

We’ve all seen the home renovation shows on networks like HGTV and thought to ourselves, that might be a good idea. The transformation of a house in shambles to a beautiful dream home is enough to make anyone consider the possibility. Granted some of the shows are geared towards personal home renovations, while others are renovating with the intent to flip. 

 

If you’re new to the process, house flipping entails purchasing a real estate property, updating it to add value, and then selling it for a profit.  Most home flips involve buying property at a less than average price, (either a fixer-upper or in foreclosure), rehabbing the property, and selling it for more than invested. 

 

Shows like the Property Brothers, Flip or Flop, and Christina on the Coast, to name just a few, give the illusion that the process of flipping a home can be fairly simple – all you have to do is just buy a house, make a few cosmetic changes, and sell the property for a good profit. Unfortunately it’s not as easy breezy as television portrays. 

 

What isn’t visible in that one hour is all of the behind the scenes happenings that get you to the finish line. Anyone who has ever had some type of home renovation done, knows it is not a quick and seamless process, there are always bumps along the way. 

 

Ask anyone who has flipped a home and they will tell you the truth – the process isn’t as fun or as profitable as you see on screen. Television has the power to glamorize and home flips are no exception. 

 

Flipping homes can be a lucrative way to earn good money in real estate but in order to be successful, you’ll need to be armed with a lot of knowledge, planning, patience, time, energy, and good judgement.  

 

It’s important to not only understand the process but also the basics of what flipping a home entails. Most people find themselves juggling both their day job and home renovation which can be extremely time consuming, not to mention super stressful. 

 

Before diving into your first home flip, there’s a lot to know and educating yourself is important. There are countless books and sites filled with information to help guide you in the process. We’ve broken down some of the basics:. 

How to Get Started 

 

First step is to develop a plan for your flip. What is your budget, how much do you want to spend on the purchase, and how much will be needed towards the renovations? When thinking about cost, keep in mind they include contractors and specialists along with the materials needed. 

You’ll want to have a team in place to help you get started before the home search gets under way. Ensuring the people you want to work with are available and align with your budget before making a purchase is important. 

 

The last thing you want is to find out after closing is that the cost of contractors is higher than expected, or availability is months away. A renovation takes time and the last thing you want to do is delay it even further because you didn’t assemble a team beforehand. Remember, time is of the essence. Every day you own the property it is costing you money.

 

Finding the Right House 

When it comes time to find the home, there are a few different ways to go about your search. Consider working with a real estate agent, especially if you’re unfamiliar with the area. A good agent can provide insight into the market and possibly help you sell the home once the renovations are complete.  

 

You want to find a home in a desirable location or one that is growing and promises a high resale value. 

 

If you have the ability to pay cash, auctions are another place to look for good opportunities for a discounted price. Just keep in mind they can carry some risk so before going this route, read and understand exactly how they work. 

 

Secure Financing 

In the world of real estate, cash is king. An all cash deal means that by the time of closing, the buyer will have unconditional liquid assets sufficient to pay all of the costs associated with the purchase, including the sales price and closing costs. If you ask any seller they’ll tell you they prefer this method of getting paid over an offer from a buyer who needs to secure funding in order to purchase. 

 

If you don’t have the funds to purchase outright, you’ll need to secure financing. There are different types of loans to explore which is why speaking to a mortgage broker ahead of time is a smart idea. If you have bad credit, options may be limited. If your credit is low, consider raising your score before starting the home search. 

 

Legal Representation 

Whether the deal is all cash or financed, there is always a lot of paperwork involved. It is important to seek out legal advice and have a real estate attorney look over all of the documents. Their job is to provide you with the best possible legal advice and will ensure all of the necessary steps are taken prior to closing. 

 

The Bottom Line

At the end of the day, the most important piece of advice is be prepared. Seek out the help of experienced professionals and ensure you have a great team in place to help you achieve success. 

 

Flipping homes can be a lucrative business and with the knowledge, skills, and motivation necessary it is possible to become successful. 

Flipping Houses 101 – Finding a Property

Once you’ve made the initial decision to start buying property to rehab, your homework officially begins. 

 

In our previous blog, we discussed the basics, which included developing a plan and gathering all of the information needed to form the right team to turn your vision into a reality. Now it’s time to begin the property search.

 

Sounds fairly simple, but it’s actually a bit more detailed than you might think. A lot goes into the process. To help you get started, we’ve broken out below four main points to keep top of mind as you get started.

 

What Makes the Best Markets?

One of the most important decisions you’re going to be faced with is, where do you want to buy? When thinking about this question, consider the best places with desirable locations. There are great opportunities all over, you just need to know what you should be looking for.

 

Do you remember the common expression, location, location location? It is everything!  Focus your search towards popular areas where there is a demand for the type of property you’re looking to rehab as well as an area with foreseeable growth. This is when a local real estate agent is going to prove to be an invaluable resource. 

 

As you narrow down potential properties, keep an eye on similar listings in the area to see how long they’ve been on the market, current asking price, along with any price reductions. If it doesn’t look like many homes are selling in the location you’re looking in, it might be a good idea to consider a different area to make the deal more profitable for you.

 

Something else to think about is the material and personnel cost. What is it going to cost you personally to flip a house in your target market? In addition to the cost of just about everything going up, things cost even more in larger cities, like New York City, than they do in other places. The more robust the local economy is, the higher the average cost of things will be. On the flip side, the price of real estate will be higher in the more expensive markets. 

 

You’ll also want to keep an eye out for a catalyst, something that affects the market. In smaller cities, things are different than they are in larger, more populated areas but there are catalysts regardless of size. 

 

Things like crime rates, schools, and even new businesses, are all important factors to take into consideration when assessing what will bring value to a neighborhood. Look for the areas that are up and coming because by the time all the improvements and additions are made to a neighborhood, it’s likely too late to maximize your profit potential. 

 

Local taxes are another factor to consider when looking at different areas since they can have an effect on the pricing and salability of a house. Higher real estate taxes can impact a potential buyer’s ability to afford the home. In addition, until you flip the property, you will be the one paying these taxes as well. 

 

Choosing the Best Type of Investment Property 

Are you looking to buy a single family home, or maybe something a bit larger, like a multi-family. Along with deciding on the type of home, you’ll need to be clear on whether you’re going to flip it, or possibly rent it. The best way to make this decision is to look at your financial goals; flipping a home brings a single score while renting will generate income over a long period of time. 

 

How to Find Houses to Flip 

After you’ve studied the market, narrowed down the area, and decided upon the type of property to invest in, it’s time to physically start the search. In our first post on flipping homes, we gently touched upon some of the ways in which to go about this. 

 

In case you missed it, let’s review.

 

Get a real estate agent – Especially if you’re unfamiliar with the area, having a local real estate agent as part of your team is important. They know the best places to look, and can help weed out the properties that aren’t a match. Not to mention they are filled with knowledge and advice regarding the market as a whole. 

 

Look for auctions – If you have the ability to pay cash, private auctions might be something to consider. Foreclosure auctions are often published by the county several weeks before they hit the auction block giving you the opportunity to check out the properties prior to their sale date. Keep in mind that it’s highly unlikely that you’ll be able to go inside the home, or even on the property itself. 

 

While these types of opportunities can be good, they also carry risk. Most auctioneers require a 10% deposit of the purchase price put down at the time of the winning bid with the remainder to be paid within 30 days, otherwise you lose the deposit. This is why these types of deals work best for cash buyers. It’s difficult to finance auction purchases because lenders want appraisals and often a walk through before closing. 

 

Digital Classifieds and Online Sites

Do you remember the days when you would open up the classifieds and look at property listings?  These days all you have to do is turn on the computer, do a quick search, and sites like Zillow, Trulia, and Redfin (to name a few) will be able to provide hundreds of listings. Craigslist is another platform to search for property listings. 

 

How to Choose a House to Flip 

We’ve covered how to find a property, now let’s focus on how to choose the right one. 

 

First, look at the location and conduct the same type of research your potential buyers will do. If a couple with young children are looking at the property, then the school district becomes important. If the area is predominantly filled with young, single people, the focu of importance changes slightly.. 

 

Things such as easy access to public transportation, shopping, restaurants, these are factors that weigh into a buyer’s decision as well. Look at the positive attributes as well as negative ones that could have an impact on your ability to flip the property. 

 

The physical characteristics of a property is another area to focus on. You’re going to want to make the property stand out yet you will also want it to conform to what’s around it. 

 

For instance, if the home is smaller in size compared to other homes in the immediate area, it might sell for less money, but if it’s a home that is much bigger in size compared to others in the area, then it might be viewed as too expensive for the neighborhood. 

 

You also want to pay close attention to the home’s exterior. Buyers often fall in love with a property at the street, so before they even set foot inside to see all of the wonderful things you’ve done, they may have already formed an opinion. And for some, that drive by is all they need to make up their mind. 

 

Purchasing, rehabbing, and selling a property is a lot of work, but with knowledge and the right team, it can be a profitable venture.

Should You Rent or Flip? 

To flip or not to flip, that is the question. For some people, the idea of flipping a home (or homes) to turn a quick profit is exciting, while for others, the thought of long-term financial gain is a lot more attractive.

 

Flipping a house involves purchasing a property, renovating it, and then selling it for a profit. This strategy can be a quick way to make a large ROI (return on investment) but it also carries a certain level of risk. 

 

On the other hand, buying a rental property can provide a steady stream of passive income, but requires a long-term commitment as well as the ability to handle the responsibilities of being a landlord. 

 

Two very different real estate investment strategies, each with their own pros and cons. Which strategy is right for you? There is no right or wrong answer, it all depends on what fits your lifestyle and aligns with your financial goals. 

 

The decision of which one to choose also depends on your risk tolerance and level of experience, two very important factors when deciding between flipping a house or renting it. Why? Because depending on which you choose will affect your ability to handle the risks and responsibilities that come along with each strategy. 

 

If you are considering jumping into the world of real estate investing but are unsure which approach best fits, we’re breaking down each one so you can have a better understanding of the unique advantages and disadvantages associated with each.  

 

Flipping Houses 

 

This route can be a high-risk, high-reward strategy. It requires a significant amount of capital and a willingness to take on the financial risks associated with renovating and selling the property. 

 

Something to keep in mind, flipping a house is not investing because while there is the opportunity to make a lot of money, you have to earn it (i.e renovations). Flipping a house takes a great deal of work and often a great deal of patience. 

 

Regardless of whether you’re doing the renovations yourself, or contracting out the jobs, you’re still required to take an active role in making sure all of the work gets approved and completed correctly.You are spending both time and money when you flip a house. 

 

Pros include:

• Potential for a large profit – Flipping homes can result in substantial profits if the renovation and sale are done correctly. 
• Potential for appreciation – Real estate tends to appreciate over time which means by the time you’re ready to sell the value of your property could increase, resulting in a higher ROI.
• Tax benefits – Flipping homes comes with a variety of tax benefits such as depreciation and capital gains tax.
• Forced savings – As a flipper, you have to save money for repairs and renovation of the property which can be considered as forced savings. 
• Flexibility – You can choose the properties and renovation projects that you want to take on, giving you more control over your investments.

 

Cons include:

• Risk of renovation costs – Flipping homes often requires a significant amount of renovation and remodeling which can be both costly and time consuming. 
• Risk of market changes – While the real estate market’s fluctuations can work in your favor, they can also work against you if the value of the property does not increase as expected, or even decrease.  
• Risk of default – If the renovation takes longer than planned, the interest costs on your loans (if the purchase was not all cash) can add up quickly and eat into your profits. 

 

Rental Properties

On the other hand, buying and renting out a property is generally considered a lower-risk investment strategy. It can provide a steady stream of passive income, but it also requires long-term commitment and the ability to handle the responsibilities of being a landlord. This includes finding and vetting tenants, dealing with repairs and maintenance, and handling evictions if necessary. An investor who has a lower risk tolerance, or who is less experienced in dealing with the responsibilities of being a landlord, may find this strategy more challenging.

Pros include:

• Regular passive income – As a landlord, you will receive a regular stream of income in the form of rent from tenants.
• Appreciation – Real estate tends to appreciate over time which means the value of your property could increase, resulting in a higher ROI. 
• Tax Benefits – Rental properties come with a variety of tax benefits such as depreciation, mortgage interest deductions, to name a few. 

Cons include:

• Maintenance and repairs – As a landlord, you’re responsible for all of the upkeep (ie repairs) the home requires. This can be costly and time-consuming, especially if you own multiple properties. 
• Risk of vacancy – There is always the chance that your property may be vacant at some point which means you will not receive any rental income during that time. 
• Risk of default – There is always the off chance tenants may default on their rent, which could lead to losses.
• Liability risk – As a landlord, you are responsible for the safety and condition of the property, so you are exposed to liability in case of accidents. 
• Risk of eviction – There is always a chance you may have to evict tenants who fail to pay their rent or violate the terms of their lease (if you have one in place) which can be a legal and time-consuming process. 

Before deciding to rent or flip a home, it’s important to carefully evaluate all of the pros and cons, assess your tolerance for risk, your level of experience, which strategy you’re more comfortable with, and decide which strategy aligns best with your lifestyle and goals.

The Advantages of Owning a Home: More Than Just a Place to Live

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.        

Luxury Living Takes Center Stage in Brooklyn 

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.

Navigating the Real Estate Market: Essential Factors to Evaluate When Buying a Home

When purchasing a home, regardless of whether you’re a first time buyer, making informed decisions is an extremely important part of the home-buying process. 

You need to think of the process as more than just transactional, it is a commitment that can have long lasting effects on your financial stability and overall well-being. Purchasing a home is a significant investment that requires potential buyers to carefully consider what it is they’re committing to for the foreseeable future. 

That’s why understanding the key factors involved is crucial. You want to ensure you’re making the right choice and avoid any potential pitfalls along the way.

While it may seem as simple as heading out with your local real estate agent to look at properties, and fingers crossed, find the home of your dreams, the home-buying process as a whole is not as simple as it sounds.

It goes beyond simply finding a place to live; it involves evaluating your financial readiness, understanding the real estate market, and being aware of the various factors that can influence the decision-making process. 

By understanding these factors, potential buyers are able to make informed choices that align with their needs and long-term goals as a homeowner.

 

Are you thinking about buying a home? If so, before you get started, we’re sharing seven key factors that can impact your decision making process.

 

Budget – Before starting the search, ask yourself, how much can I comfortably afford and then determine your budget.  It’s important to evaluate your budget and determine how much you can realistically afford before you actually start looking at homes.

 

Consider your income, expenses, lifestyle, and any existing debts. Calculate a realistic budget that includes not only the mortgage payments but also other costs like property taxes, insurance, maintenance, and utilities.Understanding what your expenses will look like allows you to look at homes within your budget. 

 

Location – The location of a property is a big factor to consider. What is the proximity to schools (if applicable), work, transportation. Research the neighborhood’s reputation, crime rates, and future development plans to ensure it aligns with your lifestyle and long-term goals.

 

Property Type and Size – Determine the type of property that suits your needs, whether it’s a single-family home, condominium, townhouse, apartment. Consider the size and layout of the property, the number of bedrooms and bathrooms, and any specific requirements you may have, such as a backyard or a home office space. Consider the items that are non-negotiable on your wish list. Knowing ahead of time will allow your real estate agent to share only the properties that fit your criteria. 

 

Condition –  When looking at homes, look closely at the condition of the property and identify any potential renovations needed. Are you willing to invest time and money in repairs or renovations, or do you prefer a home that’s move-in ready? Answering these questions beforehand will save you time when looking at potential properties. 

 

Financing Options – Research interest rates, loan terms, and eligibility criteria to find the best option that suits your financial situation. A good place to start is by having a conversation with a mortgage broker who can answer all of your questions and help you determine exactly how much you can afford.

 

 

Real Estate Market –  When looking for a home, it’s important to understand the current state of the real estate market in the area(s) you’re interested in. Research property values, market trends, and the potential for future growth. This knowledge can help you negotiate a fair price and make a sound investment.

 

Emotional Preparedness – : Buying a home is an emotional process. It’s an exciting time but it can also be stressful at various stages throughout. Having a clear understanding of your wants and needs, and a willingness to compromise can help alleviate some of that stress. Patience, resilience, and a level-headed approach will help you navigate the process more effectively.

 

By taking these key factors into account, potential buyers will be well-equipped to navigate through the home buying process and find the home of their dreams. 

 

The Impact of Going Green on the Real Estate Landscape

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.

Embracing Green Living : 5 Simple Steps to Transform Your Home

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:

• LED Lighting – Replace your current light bulbs with energy-efficient LED or CFL (Compact Fluorescent Lamp) bulbs. LEDs use less electricity and last much longer than your standard incandescent bulbs. 

 

• Upgrade Appliances – Invest in Energy Star-rated appliances, such as refrigerators, washing machines, and dishwashers. These appliances are designed to be more energy-efficient, saving you money on your utility bills.  

 

• Solar Panels –  Consider adding solar panels to produce clean, renewable energy from the sun and lessen your dependence on finite resources. By generating electricity from the sun, you’ll also be lowering your electricity bills since you’re reducing the amount of electricity you need to purchase from the grid. Excess energy produced by your solar panels can also be fed back into the grid, potentially earning credits or compensation. 

 

• Unplug Electronics – Many electronic devices consume energy even when turned off (known as “phantom” or “vampire” power). Unplug devices or use power strips to easily disconnect multiple electronics at once when not in use.

 

• Energy Efficient Windows – Upgrading to energy-efficient windows with double or triple glazing and low-emissivity coatings can better insulate your home and reduce heat loss.

 

• Smart Home Technology – Utilize smart home technology to control lighting, heating, and cooling remotely, which can help to optimize energy usage and reduce waste. Being able to control your appliances no matter where you are puts the power back in your hands. 

 

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.

Preserving Brooklyn’s Heritage: The Charms and Challenges of Renovating Historic Homes

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.

Navigating the Home-Buying Journey – Must Know Terms Every Buyer Should Know – Part 1

    

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.