One can wait for a real estate market reversal if you are not in a rush. However, trying to time the real estate market is difficult for anyone from amateurs to professionals. How many home buyers got caught up in the real estate investing frenzy before the 2008 financial crisis? Read more
Tax deductions are not as straight forward as single family houses or condos. Your best bet is to get guidance from the co-op management company on how to much maintenance you can deduct. Generally the portion that covers the building’s real estate taxes are deductible. Flip tax is guided by Read more
New York City is an international city at the top of global city rankings. Being integrated and connected to the global economy, New York City attracts and appeals foreign buyers from all over the world. A piece of New York City real estate offers value and scarcity on land measuring Read more
Making a down payment gives you the power to leverage other people’s money towards your home. At the same time, if the home appreciates in a low interest environment, you get to enjoy the appreciated value as well.
A mortgage is a commitment for you, and a risk for the lender. If you stop making payments on your mortgage after the home value drops from the original purchase price, the lender can sell the house in a foreclosure sale. If the foreclosure sale does not cover the remainder Read more
As equity builds on a home, it is possible to borrow money against the home for home improvement projects, large purchases, or anything that you did rather not buy with a credit card. The HELOC rates are generally higher than the primary mortgage.
Buying a home does not have to be overly complicated nor rocket science. Every current home owner have already done it, and pretty much followed a similar game plan. Be realistic about your perfect home. A new condominium or a new development does not necessarily mean it will be perfect. Read more
PITI is principal, interest, taxes, and insurance. Principal is the amount you borrow and you repay to the lender on a monthly schedule. Interest is the percentage that the lender is charging for your loan and you repay to the lender each month. Interest is tax deductible at year end Read more
BUYER’S BROKER IS PAID BY COMMISSIONS FEE INDICATED ON LISTING AGREEMENT Technically, the buyer does not pay the buyer broker. The buyer broker is paid by the commission split that was entered into the listing agreement by the seller. If the seller’s agreement pays a commission of 5-6% for selling Read more
FSBO listings are created directly by Flushing home owners that are not working with a listing broker. These home owners may not necessarily pay out a commission at the closing. As a result, a home buyer rebate may not be available with a Flushing FSBO.