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. Are There Tenants?
If you plan to use the brownstone building for sole tenancy, it is advisable that you have it provided as vacant. On the other hand, if you plan to rent the systems out, the leases ought to be examined as rent managed. Inning accordance with Jody Kriss, If the building already has existing occupants that are paying a certain amount of rent, they have a right to continue remaining there for a particular quantity of time without having their rent altered.
According to Jody Kriss, co-founder and principal of the East River Partners, one must keep in mind that a building with lease regulated tenants generally pay less than market price occupants. This is a factor to consider in the financial formula.
Check out one of Jody Kriss's interviews on Downtown Magazine NY: The Real New York
9. Fair Property Taxes
A benefit that Jody mentions is that compared with co-ops and condos, brownstone building buyers typically save some loan in the process. This is because one, 2 or three family houses are classified in a different tax bracket. as opposed to condos and co-ops. The method of estimation in this case is various.
The taxes in condos are much higher to the taxes in brownstone buildings. You can conserve even more on taxes depending the the area 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:[list][*]Jody Kriss | Linkedin Profile[*]@JodyKriss | twitter[/list]