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 mean to use the brownstone building for sole tenancy, it is advisable that you have it provided as vacant. On the other hand, if you mean to lease the units out, the leases ought to be reviewed as rent controlled. According to Jody Kriss, If the building currently has existing tenants that are paying a certain quantity of rent, they have a right to continue staying there for a particular amount of time without having their rent modified. According to Jody Kriss, co-founder and principal of the East River Partners, one need to note that a building with rent regulated occupants usually pay less than market value tenants. This is an aspect to consider in the financial formula.
9. Fair Property Taxes A benefit that Jody points out is that compared to co-ops and condominiums, brownstone building buyers typically conserve some cash at the same time. This is since one, 2 or 3 family homes are categorized in a different tax bracket. instead of condos and co-ops. The method of computation in this case is different. The taxes in condominiums are much higher to the taxes in brownstone buildings. You can save even more on taxes depending the the place 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]