4 Essential Things to Look for When Buying Your First Home

Searching for your first home is a very exciting and rewarding experience.  You’re at the point where you’re done having to rent from a community or private landlord and can finally say you officially own where you live.  With all that excitement, however, also comes a lot of planning, research, and often times, some unwanted stress due to unforeseen issues. The best way to avoid any potential issues when buying your first home is to know what to look for.

Foundational Issues

Your home’s foundation is one of the most important factors that you need to focus on fro the beginning of your potential purchase.  Structural and foundational issues can cause many problems for a new homeowner down the road and can increase costs significantly.  Make sure you have good knowledge on the structure and foundation of the home, and if you are made aware of any foundational cracks, uneven floors, or even cracked window frames, see what it would take to address them before moving forward.

Unwanted Smells

Walking into a home for the first time can be exciting, and sometimes deceiving.  Sellers can use different tools and tactics to mask any offensive smells that may steer a buyer away from moving forward.  Be aware of what you smell in each room. Smoke? Pet odors? Sewage or gas? These can all cause issues for you after you purchase the home, so be aware before buying…

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How to Choose the Right Tenant for Your Rental Property

As a landlord, there are multiple responsibilities that you carry every day.  Maintaining your property, addressing tenant issues, keeping things in order when it comes to rent payments and leases; the list goes on.  One of the most important responsibilities you can have as a landlord is choosing the right tenants to move into your property. With the right tenants, you can maintain steady payments, and have a peace of mind that your property will be well taken care of.  If you’re looking for new renters, here are some useful tips to consider:

Be Ethical

The first thing to remember when meeting any potential renters is to always remain professional and ethical.  As a successful landlord, it is your responsibility to treat all potential tenants equally and with respect. Regardless of gender, race, sex, etc. all tenants should always have a fair opportunity to apply and become a renter within your property.  

Credit Check

When you have a new applicant, one of the first steps after meeting them is to run a credit check.  Though you’re not doing this to place any judgment, a credit check is essential in knowing the potential tenant’s ability to pay bills on time and be financially responsible.  With a credit check, it will likely verify the tenant’s income and give you a report on their credit history. If their credit history and income are in line with your expectations and show the tenant can afford the rental without an issue, this is a great sign.  Additionally, you’ll want to consider the fee of running a credit check.  Some landlords charge the potential tenant, while others don’t; this will be up to your discretion…

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Real Estate Breakdown: A Buyer’s Market

More than likely you’ve heard the term “buyer’s” or “sellers” market when talking to someone about real estate.  It’s no secret that the real estate market fluctuates, regardless of your current location. Prices of homes can rise, and fall, frequently, and depending on if you’re a buyer or a seller, they may either work for you or against you.  Luckily, if you closely follow the patterns within the real estate market, you have a good chance of making the most informed decisions; however, the fluctuation can sometimes be unpredictable no matter how prepared you are. If you’re in the market for a new home and you’re ready to buy, you may want to know what actually makes a buyer’s market:

Determining where the real estate market stands is generally based on the concept of supply and demand.  When the supply exceeds the demand, meaning when there are more properties for sale, than there are buyers, this is what makes the market favorable for those looking to buy; in other words, creating a “buyer’s market”.  One of the main reasons why this would be an ideal time to purchase a new home is due to the potential for purchasing at a lower cost. A buyers market is generally the best time to take advantage of lower housing prices.  Those that are deciding to sell their home in a buyers market, may find their home remains on the market longer, due to an increase in other available properties. Additionally, sellers may be forced to lower their listing price in order to compete with the market and secure a buyer; this essentially means the buyer has the advantage.

There are multiple factors that play a role in where the real estate market is ranking; the local area, demographics, economy, number of homes for sale, and even the time of year or season can have an impact on the current market.  For example, the summer months are usually known for having more homes for sale…

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Why You Want a Positive Landlord-Tenant Relationship

For a first-time property manager, managing tenants can be a bit of a challenge to navigate. However, regardless of the type of tenant one has, it is very important for landlords to establish a positive relationship with their tenants.

The Tenant-Landlord Relationship

Landlords and their tenants don’t need to become lifelong friends, but they do need to be able to have an amicable relationship. Read on for four reasons landlords should consider establishing a positive relationship with their tenants.

Better Understand Tenant Needs

Landlords have to establish how involved they will be in their tenants’ lives from the start of their relationship. Regardless of whatever style of relationship, a landlord is aiming for, having the right protocols in place and a team of on-call workers is essential for a working relationship with tenants. In order to properly manage a tenant’s needs, every landlord needs to have the following on-call: a handyman, a plumber, an exterminator, and anyone else that can tackle any problems a tenant might have.

Easy Communication

One of the most important things in a landlord-tenant relationship is communication. While landlords don’t have to be present 24/7, it is important for them to very open and easy to communicate with. At the beginning of a relationship with a new tenant, a landlord should let their tenants know what their preferred form of communication will be. Whether it’s sending a text or writing an email, tenants need to be able to reach their landlord whenever and wherever.

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5 of the Best Neighborhoods to Live in NYC

New York City is home to more than 8 million people across the 5 boroughs.  Families, college students, single’s and young couples from all over the country (and world) have made their way to The Big Apple to find culture, new experiences, and some of the most popular areas on the East Coast.  If you’re considering a move to NYC, here are 5 of the city’s best neighborhoods to live in:

Tribeca (TriBeCa)

Part of the Manhattan Borough with a population over 17,000, Tribeca is known for its upscale residencies and historic industrial architecture.  Similar to neighborhoods like SoHo and Dumbo, Tribeca is actually an acronym that stands for “triangle below Canal Street. What was once a booming industrial area, now is a home to families, couples, and celebrities.  Over time, industrial buildings have been transformed into modern lofts and living spaces that offer residents stunning city views and the ultimate luxurious living experience.

Nolita

As its name suggests, Nolita is located just “north of Little Italy” in the NYC borough of Manhattan.  For a considerable amount of time, Nolita was fully regarded as part of Little Italy; however, as years went on and rent charges increased, the culture of Nolita began to shift.  Today, Nolita is its own charming section of NYC; its trendy culture has made a home for many independent shops, boutiques, and a popular bar-restaurant scene.

Battery Park City

Located along the Hudson River in Lower Manhattan, Battery Park City is an upscale, family driven area, that was originally built with the plan to create a landfill during construction of the World Trade Center.  By the 1980’s Battery Park City’s first residencies were under construction and the neighborhood was quickly being developed. Today, Battery Park City is home to many upper-class families that pay prime costs for their luxurious locations.  

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New York State of Mind: Tips for First Time NYC Renters

A first apartment is a milestone that can often be considered one to shape an adolescent into an adult.  It signifies independence, personal responsibility, and a time for lesson learning.  While some may seek a smaller,  quiet area, or somewhere not too far from their initial hometown, others may be on their way to chasing big city dreams.  Commonly, young hopefuls looking to expand their horizons may consider migrating to The Big Apple, for an experience like no other.  Consider some of these tips when preparing to make the big move.  

Don’t Procrastinate, Start Early

Moving to New York City is not a process that should be taken lightly; especially if it’s your first big move.  New potential renters will want to make sure they begin their search early. One of the greatest aspects of living in New York is the multitude of different areas you may potentially end up in.  Offering 5 boroughs, and multiple areas within them, the real estate market in New York provides an endless amount of potential living options. Though this is a benefit to future residents due to a lack of limitations, it also means finding your perfect place can take a lot more time than anticipated.  Give yourself enough time to look around and assess your different options.

Location, Location, Location

With 5 boroughs to look through, you’ll want to make sure you’re comfortable with your location; that is, walk score, access to public transportation, type of neighborhood, and other contributing factors.  Be sure that the units you’re looking at are in your ideal location. If you’re looking for a bright lights, big city, feel you may want to consider Manhattan. On the flip side, if you’re seeking a up and coming area with a focus on trendy-ness, Brooklyn could be your best bet.

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