For our last installation in this series of articles about the factors to be considered when buying modern brownstone buildings in New York City. We're going to talk about how tenants and fair property tazes should be considered prior to your real estate investment.
8. Exist Tenants?
If you mean to utilize the brownstone building for sole tenancy, it is recommended that you have it delivered as vacant. On the other hand, if you plan to rent the units out, the leases ought to be reviewed as rent managed. Inning accordance with Jody Kriss, If the building currently has existing tenants that are paying a specific quantity of lease, they have a right to continue remaining there for a particular amount of time without having their lease altered.
According to Jody Kriss, co-founder and principal of the East River Partners, on e should keep in mind that a building with lease regulated tenants typically pay less than market value renters. This is a factor to think about in the monetary equation.
Check out one of Jody Kriss's interviews on Downtown Magazine NY: The Real New York
9. Fair Property Taxes
An advantage that Jody mentions is that compared to co-ops and condos, brownstone building buyers usually save some money in the process. T his is because one, two or 3 family houses are categorized in a various tax bracket. as opposed to condos and co-ops. The method of calculation in this case is different.
The taxes in apartments are much higher to the taxes in brownstone buildings. You can save even more on taxes depending the the place of the brownstone building in New York.
And that is everything that you should consider if you want to invest on these aged but modern-designed buildings. Check out more news and updates about the real estate business on Jody's profiles:
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