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 plan to utilize the brownstone building for sole tenancy, it is a good idea that you have it delivered as uninhabited. On the other hand, if you intend to rent the systems out, the leases must be reviewed as lease managed. Inning accordance with Jody Kriss, If the building already has existing occupants that are paying a certain quantity of lease, they have a right to continue staying there for a specific amount of time without having their rent altered.
According to Jody Kriss, co-founder and principal of the East River Partners, one need to keep in mind that a building with lease regulated tenants usually pay less than market price tenants. This is an element to think about in the monetary formula.
Check out one of Jody Kriss's interviews on Downtown Magazine NY: The Real New York
9. Fair Property Taxes
An advantage that Jody points out is that compared with co-ops and apartments, brownstone building purchasers normally conserve some loan in the process. This is due to the fact that one, two or three household houses are classified in a different tax bracket. as opposed to condominiums and co-ops. The technique of calculation in this case is various.
The taxes in apartments are much higher to the taxes in brownstone buildings. You can save much 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]