Buying in NYC Archives

The NAR settlement does not prohibit sellers in NYC from paying a buyer agent commission, nor does it forbid buyer agent commission rebates.

NYC Buyer Agent Commission Rebates: NAR Settlement Impact

By Sonja Gosine, Spokesperson at Hauseit® / August 29, 2024

The landmark NAR commission lawsuit settlement in the Sitzer-Burnett case does not prohibit sellers in NYC from paying commission to a buyer’s agent, nor does it restrict buyers from saving money by receiving a commission rebate from their buyer’s agent. [...]

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NYC condo and co-op buildings with 10 or fewer units pay significantly lower property taxes compared to buildings with 11 or more apartments.

Why Do Small NYC Condo Buildings Pay Lower Property Taxes?

By Sonja Gosine, Spokesperson at Hauseit® / June 25, 2024

An interesting quirk of NYC’s current property tax system is that homeowners in condo and co-op buildings with 10 or fewer units pay lower property taxes compared to unit owners in buildings with 11 or more apartments. In other words,

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A listing in NYC must be off market for 90 consecutive days in order for the days on market to reset according to REBNY rules.

How to Reset the Days on Market for a Listing in NYC

By Sonja Gosine, Spokesperson at Hauseit® / February 14, 2024

A listing in NYC must be off market for 90 consecutive days in order for the days on market to reset according to REBNY rules. However, relisting with a different brokerage without waiting the full 90 days often successfully results

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Buying a NYC new development condo? Negotiate price, closing costs, credits, alterations, freebies, purchase CEMA, deposit terms and more.

10 Negotiable Terms: Buying a NYC New Development Condo

By Sonja Gosine, Spokesperson at Hauseit® / February 9, 2024

Terms you can negotiate when buying a new development condo in NYC include the purchase price, sponsor closing costs, traditional buyer closing costs, additional credits, unit alterations, freebies like a storage cage, a Purchase CEMA to lower your Mortgage Recording

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What Are the Disadvantages of an LLC for Rental Property?

By Sonja Gosine, Spokesperson at Hauseit® / January 12, 2024

LLCs for rental properties offer limited liability protection but come with disadvantages like financial complexity, higher financing costs, intricate tax implications, transferability challenges, potential tenant relationship issues, and varying state-specific legal considerations. From my 10 years of experience as a

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Cons of buying a new construction condo in NYC include higher closing costs, year two increases in property taxes and unfinished amenities.

What Are the Cons of Buying a New Construction Condo in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 11, 2024

Key disadvantages of buying a new construction condo in NYC include higher closing costs, year two increases in property taxes, post-closing restrictions on renting or selling and the possibility that building amenities and common areas may not be completed by

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The complete guide on the BRRR (aka BRRRR) strategy that's taken over the real estate investing world. Comparison vs other strategies & more.

Comparing BRRR with Other Real Estate Investment Strategies

By Sonja Gosine, Spokesperson at Hauseit® / December 22, 2023

Overview of Real Estate Investment Strategies Real estate investment remains a cornerstone of wealth building and financial strategy for many. It encompasses a variety of approaches, each with its unique blend of risk and reward. Common strategies include buy-and-hold, where

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The cons of buying an HDFC co-op include financing issues, high flip taxes, subletting restrictions, building governance issues and regulatory risk.

What Are the Cons of Buying an HDFC Co-op?

By Sonja Gosine, Spokesperson at Hauseit® / October 16, 2023

The cons of buying an HDFC co-op include financing issues, high flip taxes, subletting restrictions, building governance issues and the risk of regulatory changes negatively affecting the value of HDFCs. Click on the sections below to learn more about each

What Are the Cons of Buying an HDFC Co-op? Read More »

HDFC income limits for prospective purchasers are not flexible. Eligibility is based on your Adjusted Gross Income for the last two years.

Are HDFC Co-op Income Requirements Flexible?

By Sonja Gosine, Spokesperson at Hauseit® / October 4, 2023

HDFC income limits for prospective purchasers are not flexible. While income limits vary by HDFC, each building must consistently apply its income limit to all buyers. HDFCs which run afoul of applicable income limits risk losing advantageous property tax treatment.

Are HDFC Co-op Income Requirements Flexible? Read More »

Buyers of HDFC co-ops are not subject to an asset limit. There are no net worth restrictions for purchasers of HDFC apartments in NYC.

Is There an Asset Limit When Buying an HDFC Co-op?

By Sonja Gosine, Spokesperson at Hauseit® / October 3, 2023

Buyers of HDFC co-ops are not subject to an asset limit. There are no net worth restrictions for purchasers of HDFC apartments in NYC. However, prospective HDFC purchasers are subject to income restrictions at the time of purchase. HDFC income

Is There an Asset Limit When Buying an HDFC Co-op? Read More »