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 intend to use the brownstone building for sole occupancy, it is suggested that you have it delivered as uninhabited. On the other hand, if you mean to rent the systems out, the leases need to be examined as lease managed. According to Jody Kriss, If the building currently has existing renters that are paying a certain amount of lease, they have a right to continue staying there for a particular amount of time without having their lease modified.
According to Jody Kriss, co-founder and principal of the East River Partners, one ought to note that a building with rent controlled renters normally pay less than market value renters. This is a factor to consider in the financial equation.
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 apartments, brownstone building purchasers usually conserve some cash in the process. This is because one, two or three household houses are classified in a different tax bracket. as opposed to apartments and co-ops. The method of computation in this case is various.
The taxes in condominiums are much greater to the taxes in brownstone buildings. You can save much more on taxes depending the the location 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]