Gea Elika's Blog, page 93

What is a Roommate Agreement?

With rent so high in NYC, it’s no surprise that many people take on roommates as a way to mitigate costs. It’s very common in NYC, but if you’re taking cues from watching Friends on what it’s like to have roommates, then you could be in for a rude awakening whether you’re living with someone known to you or a stranger there’s bound to be some conflict at some point or another. Maybe they have a habit of cooking in the nude; perhaps they like to host parties for a local punk rock band, maybe they just have a poor habit of not paying the rent on time. Fortunately, there is a proactive way to avoid at least some of the drama that having a roommate entails — a roommate agreement.

What is a roommate agreement?

Unlike a lease agreement, a roommate agreement is an unofficial contract between the tenants occupying a unit. It can be as formal or informal as you want. Verbal agreements are commonly used, but there’s always a chance for misunderstanding. As such, a written agreement will be much better as a way to establish ground rules for the apartment. The agreement will usually cover all the duties and responsibilities of the tenants. The property owner or landlord will often not be a part of it unless they also reside in the apartment with the tenants. If you’re living with your landlord, then a residential rental agreement will be more appropriate.

With a written roommate agreement, all household members can thoroughly examine the terms and conditions and anticipate future problems that may arise. This provides a great safeguard against any problems, especially with regards to finances. It’s also very helpful in establishing ground rules if you’re living with someone that you’re not close with. Discussions about whose turn it is to clean the dishes will be a lot less awkward if you have a written agreement beforehand. Keeping to the agreement will ensure a healthy living situation for both parties throughout the lease term.

Is a roommate agreement legally binding?

Any financial obligations listing in the agreement is enforceable by law. Meaning that if your roommate doesn’t pay their end, then you can sue them. But regardless of that, the rental agreement on the apartment is still binding. That’s despite whatever issues you and your roommate might be having. In the landlord’s eyes, their only legal responsibility is to the tenant that signed the lease. Those monthly payments will still have to be made even if one roommate fails to contribute their share. A legal principle is known as joint, and several liabilities hold that all tenants are equally responsible for the rental amount listed in the lease. This means that if one roommate doesn’t pay their share, the landlord can demand the entire share from any tenant mentioned in the lease agreement.

How to create a roommate agreement

Drawing up the terms of a roommate agreement is relatively simple and should be done once the lease agreement is signed. Sit down with your roommate over a coffee or beer and hash out the details of the agreement. It’s best if you’re both open about past issues you’ve had with roommates and are upfront about any deal-breakers.

In its essence, a roommate agreement will typically include:

The date of the agreement
The name of each roommate
The address of the property
The details of the lease agreement that one or more roommates signed
The landlord’s name and contact information
The total security deposit paid
The total rent amount and frequency of payments
How expenses (rent, utilities, food, subscriptions, etc.) is to be divided up
How the household is to be managed such as rules, duties, and restrictions
Information on how one roommate can terminate their tenancy if needed

Once you’ve got the agreement written up, have all parties sign it and get it notarized. How well a roommate agreement works will ultimately be decided by those signing it. If you both make it in good faith, then it will lay the foundation for a cordial relationship. Who knows it may even blossom into a lifelong friendship?

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How Safe is Your Apartment? Common Security Issues in NYC

Like any big city in the world, NYC has its fair share of crime. Things have certainly gotten better since the ’70s but the city still remains one to watch your back in. Those new to the city may be understandably wary of their safety and for good reason. Crime can happen anywhere here, a dark street, a packed subway platform or your own apartment. No matter how much space it has or how ideal the location is, security should still remain a top priority. Any lapse in it can put you and your apartment at risk. So to ensure your security, here are the most common security issues in NYC apartments.

1. Doors and Windows

Start first with the most obvious. Ensure that your windows and doors are securely locked when going out and when you turn in for the night. According to the FBI, a third of all home intruders enter through open doors and windows. Tenants who live in buildings with four or more units have the right to install an additional lock on their door. You also have a right to a front door with a peep-hole and chain.

Anyone who lives on the ground floor or has a window overlooking a fire escape should take extra precautions in securing their windows. Check the last leader of the fire escape to see that it is up and locked. Landlords are under no legal requirement to provide window bars. However, the New York City Bar states that he “must protect you from reasonably predictable criminal harm.” If you have a strong case for needing window bars, then they may install them for you. If not, then you can always pick up a set at your local Home Depot.

2. Common Spaces

By law, buildings built after 1968 must have self-closing, self-locking entryways, a mirror in the elevator, and sufficient lighting in the hallways, entrances, and stairways. If you notice a lapse on any of these then file a complaint with your landlord or building management company. The security of the common areas is in the interests of all the buildings tenants. So if necessary reach out to your neighbors and enlist their help if the landlord is slow to respond to your concerns.

3. Points of Entry

One of the first things you should do on moving in is noting all the entry/exit points into the building. Is there common access to the roof, basement or backyard space? If so, how well secured are they and could they provide easy access for someone else? It’s not really your responsibility as a tenant to update the buildings security infrastructure. But if you have concerns you should raise them with your landlord. If they refuse because of the cost of installing a new door or security system them enlist the help of your neighbors. If you can get enough people to agree on the need for more security, you could raise a money pool to pay for a new security system. A new set of security cameras with motion sensors and lights could make all the difference needed.

4. A Corporative Culture in Security

All the above is very helpful but to really ensure building security there should be a corporative culture among the residents. Make friends with a neighbor or two on your level so you can watch each other’s backs. This not only makes for a friendlier atmosphere in your building but also acts as a crucial resource in an emergency. Making connections like this isn’t all that hard, just make yourself more present. If there’s a block party in your neighborhood then go down and introduce yourself.

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What to do When your Landlord Sues You

Most landlords are reasonable people. But sometimes you get unlucky and find that you’ve signed a lease with someone that is making your living situation very difficult. Constant unannounced visits, sneering emails about how the apartment should be used, and refusals to make required repairs are just some of the things you can go through. If you believe your landlord is trying to force you out by purposefully making your living situation difficult, then you could be within your rights to break the lease. But you could also be unlucky enough to have a landlord that is willing to sue you then. If that happens, then you need to know how to handle it.

Your rights as a tenant

NYC tenants benefit from a number of rights which you need to know – and advocate for – if you are to stay protected. Among these is the right to a well-maintained home and privacy. Leases will usually mention that tenants have the right “to the quiet enjoyment of your apartment.” This isn’t a right to literal quiet (something few New Yorker’s have) but the right to occupy the unit exclusively to others, including your landlord.

Stories of unscrupulous landlords trying to force tenants out in the interests of renting or selling for a higher price are sadly common in NYC. Some landlords are just too attached to a unit they formally lived in and try to dictate to a tenant how it should be lived in and maintained. If you feel like your apartment is becoming unlivable, then talk with a real estate attorney to see if you would be within your rights to move out early. If they believe so, then send a notice to the landlord of your intention to move out by a certain date.

At this point, most landlords will let it go rather than fighting a costly legal battle. But some are just crazy enough to sue anyway for the remaining rent. If that happens then get ready for a date in court. You may already have the law on your side, but if you want to be sure and make it go as smooth as possible, then it helps to be prepared. Here are five things you need to know and do before a court date with your landlord.

1. Know how your building affects your rights

Before talking with a lawyer, research the landlord-tenant laws in NYC to see exactly which laws your landlord is breaking. The NYC government website has a useful PDF on tenant rights and housing rules. Another source to check out is the Housing Preservation and Development’s ABC’s of Housing.

2. Get a good lawyer

Even if you feel confident that you’re within your rights, it’s still a good idea to lawyer up. It’s not as expensive as you might think and if things don’t go to court, it may only cost you a couple of billable hours. Talk to several lawyers before hiring one that you feel comfortable with. Like real estate agents, each lawyer has their individual style so you’ll want to find one that matches yours. At this point, your lawyer will take over all further communication with your landlord until you’ve moved out. A landlord is less likely to sue once they see you are represented and supported by the law. But this is no guarantee, and some landlords are crazy enough to sue anyway.

3. Document everything

If things go to court, you’ll need evidence to prove your landlord broke the law. Document everything to do with your landlord’s harassment or negligence. The sooner you start doing this, the better. If you don’t have any emails or letters, then record what was said at what time. If you’re recording negligence, then record the exact days it occurred. The more specific you are, the easier it is to prove your case.

4. Know the process

When the amount you’re being sued for is less than $5,000, then your case will go to the small claims court. The rules here are a lot less formal, and you don’t need to be represented by a lawyer. As part of this process, you’ll be assigned a mediator who will try and resolve the issue before it is heard by a judge. If you’ve hired a lawyer, they’ll be present at this mediation for which you’ll be paying them for every hour it takes. If you can settle with your landlord now, it is better to do so.

If the amount you’re being sued for is over $5,000, then the case will go to the Civil Court. Each borough has its own civil court, and each civil court has a housing court for landlord-tenant issues. For cases like this, you’ll want a lawyer. Make sure to read up on how the housing court works.

5. Know the costs (both monetary and personal) at all stages

It is rare for cases like this to go as far as the civil court. But then again, this is NYC and strange things happen every day. Even if you do win your case and don’t have to pay your landlord anything, there will still be costs involved. You will most likely lose your security deposit, and the bill for your lawyer will build up with each passing hour. There will also be personal and emotional costs. You won’t get the time back you spent studying your rights, hiring a lawyer and going through the courts. Being sued and going through a lengthy court case can also impact your ability to rent in the future. Know the costs at all stages.

The post What to do When your Landlord Sues You appeared first on ELIKA insider.

Landlord Tenant Dispute: What to do When your Landlord Sues You

Most landlords are reasonable people. But sometimes you get unlucky and find that you’ve signed a lease with someone that is making your living situation very difficult. Constant unannounced visits, sneering emails about how the apartment should be used, and refusals to make required repairs are just some of the things you can go through. If you believe your landlord is trying to force you out by purposefully making your living situation difficult, then you could be within your rights to break the lease. But you could also be unlucky enough to have a landlord that is willing to sue you then. If that happens, then you need to know how to handle it.

Your rights as a tenant

NYC tenants benefit from a number of rights which you need to know – and advocate for – if you are to stay protected. Among these is the right to a well-maintained home and privacy. Leases will usually mention that tenants have the right “to the quiet enjoyment of your apartment.” This isn’t a right to literal quiet (something few New Yorker’s have) but the right to occupy the unit exclusively to others, including your landlord.

Stories of unscrupulous landlords trying to force tenants out in the interests of renting or selling for a higher price are sadly common in NYC. Some landlords are just too attached to a unit they formally lived in and try to dictate to a tenant how it should be lived in and maintained. If you feel like your apartment is becoming unlivable, then talk with a real estate attorney to see if you would be within your rights to move out early. If they believe so, then send a notice to the landlord of your intention to move out by a certain date.

At this point, most landlords will let it go rather than fighting a costly legal battle. But some are just crazy enough to sue anyway for the remaining rent. If that happens then get ready for a date in court. You may already have the law on your side, but if you want to be sure and make it go as smooth as possible, then it helps to be prepared. Here are five things you need to know and do before a court date with your landlord.

1. Know how your building affects your rights

Before talking with a lawyer, research the landlord-tenant laws in NYC to see exactly which laws your landlord is breaking. The NYC government website has a useful PDF on tenant rights and housing rules. Another source to check out is the Housing Preservation and Development’s ABC’s of Housing.

2. Get a good lawyer

Even if you feel confident that you’re within your rights, it’s still a good idea to lawyer up. It’s not as expensive as you might think and if things don’t go to court, it may only cost you a couple of billable hours. Talk to several lawyers before hiring one that you feel comfortable with. Like real estate agents, each lawyer has their individual style so you’ll want to find one that matches yours. At this point, your lawyer will take over all further communication with your landlord until you’ve moved out. A landlord is less likely to sue once they see you are represented and supported by the law. But this is no guarantee, and some landlords are crazy enough to sue anyway.

3. Document everything

If things go to court, you’ll need evidence to prove your landlord broke the law. Document everything to do with your landlord’s harassment or negligence. The sooner you start doing this, the better. If you don’t have any emails or letters, then record what was said at what time. If you’re recording negligence, then record the exact days it occurred. The more specific you are, the easier it is to prove your case.

4. Know the process

When the amount you’re being sued for is less than $5,000, then your case will go to the small claims court. The rules here are a lot less formal, and you don’t need to be represented by a lawyer. As part of this process, you’ll be assigned a mediator who will try and resolve the issue before it is heard by a judge. If you’ve hired a lawyer, they’ll be present at this mediation for which you’ll be paying them for every hour it takes. If you can settle with your landlord now, it is better to do so.

If the amount you’re being sued for is over $5,000, then the case will go to the Civil Court. Each borough has its own civil court, and each civil court has a housing court for landlord-tenant issues. For cases like this, you’ll want a lawyer. Make sure to read up on how the housing court works.

5. Know the costs (both monetary and personal) at all stages

It is rare for cases like this to go as far as the civil court. But then again, this is NYC and strange things happen every day. Even if you do win your case and don’t have to pay your landlord anything, there will still be costs involved. You will most likely lose your security deposit, and the bill for your lawyer will build up with each passing hour. There will also be personal and emotional costs. You won’t get the time back you spent studying your rights, hiring a lawyer and going through the courts. Being sued and going through a lengthy court case can also impact your ability to rent in the future. Know the costs at all stages.

The post Landlord Tenant Dispute: What to do When your Landlord Sues You appeared first on ELIKA insider.

How Long Does a Seller Have to Accept an Offer?

You may expect a seller to return an answer to you within a reasonable period of time after you submit your offer. However, while this is not an irrational expectation, you may find your hopes quickly dashed.

Ideally, the seller will give you an answer, even if it is one that you do not like, quickly. That way, you can proceed to your next step, whatever that might entail. Nonetheless, there are two ways to look at the situation, legally and from a practical business perspective.

The law

The upshot is that, in New York City, the seller does not have to respond to you within a prescribed time period. Although many sellers agonize over the process, and it is fraught with challenges, he or she can only do one of three things in response to your offer. The seller can accept your offer, provide a counteroffer, or reject your offer outright. However, if he or she is turning down your offer, the seller can respond that he or she is not considering your offer or merely not provide you with an answer at all. This non-response is a rejection, but it leaves you on tenterhooks.

While the seller does not have a time limit to respond to you, this is not the best way to do business. Admittedly, the seller may have a valid reason for doing so, though. Notably, the seller could choose to use your offer to gain leverage with other competing bids, or as a back-up in case another offer falls through. This could happen if the seller does not like your offer, which may occur for a variety of reasons. These include deeming it as too low. Alternatively, the seller may not believe you can pass the board’s muster, or your closing timeline may not work with his or her schedule.

Practically speaking

Typically, most sellers will respond to you within a business day or two. Since many real estate work weekends, you may not even have to wait that long. But, the seller may wish to take some time to mull over your offer. In any case, having to wait a day or two for a response is reasonable. If you receive a counteroffer, you can assume you are at least in the ballpark, and it is a positive sign that they are doing business the right way.

Keep in mind, if the sellers choose not to counter your offer, it is essentially game over. 

A buyer’s options

You can stipulate that you need a response within a certain prescribed time period. Otherwise, the offer is invalid. If you do not hear back, you should consider this non-response to mean that the seller is not interested in pursuing your offer.

Your exclusive buyer’s agent is your conduit into the seller’s world. But, that does not mean he or she is going to have more luck getting the seller to respond. However, you do not have to sit around, waiting to hear back. In New York, you are entirely free to walk away at this point in the process. Before a signed contract, you can merely let the sellers know that you are withdrawing your offer and moving on.

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Dealing with a Difficult or Delinquent Tenant

Buying and renting out a property is a great way to invest and make money. But being a landlord comes with difficulties. Difficult or delinquent tenants are always a possibility. Here’s a list of how landlords can prepare for problems and solve common tenant issues.

What To Do Before You Get Started

Know the laws, expectations, and rights of landlords. Being knowledgeable about rules and regulations is extremely helpful.
Take out a property insurance policy that is designed specifically for landlords. The right kind of insurance is vital.

General Advice To Keep In Mind

Keep a written log of all conversations, interactions, and events. A paper trail backs up your side of the story.
Always approach tenants amicably at first. People respond better to requests when they don’t feel threatened.
Remember: You are in charge. Your tenant has rights, but the tenant must comply with your rules!

Preventing Difficulties In the First Place

1. Weed out bad tenants from the start! Screening is an absolute must. The screening process should include:

Employment verification
Income verification
Rental histories, including references
Credit Checks
Interviews

2. Maximize referrals.

It’s always advantageous to meet tenants through referrals. Anonymous applicants may be good tenants. But renting to someone who has been personally vouched for is a better option.

Create an incentive system that rewards current tenants for referrals who sign a lease. Common rewards for referrals are cash, gift cards, or rent credit.
Reach out to your personal and professional network.

3. Take “Before” Pictures

Document the condition of the apartment before the tenant moves in.

Photos prevent tenants from denying damage they cause.
They also prevent tenants from making false claims about the condition of the unit.

4. Create a Sense of Community

A personal connection between landlords and tenants creates a better relationship.

Host a holiday party.
Organize an event for the building, like a bar-b-q or stoop sale.

5. State Expectations and Building Rules in Your Lease

A lease is a contract the tenant agrees to follow. Let the tenant know from the very beginning what is prohibited. It’s always important to include:

Information about rent due date as well as late fees
Policy on pets
Code of conduct, including noise and disruption rules
Policy on smoking

How To Fix Common Issues with Tenants

1. Late or No Rent Payments:

Financial difficulties can happen to anyone. Most landlords evaluate prospective tenants’ finances. But anyone can experience a cash flow issue or become unemployed. Here’s what you can do to manage a delinquent tenant:

Create an installment plan. Negotiate with your tenant so that their plan is realistic
Apply their security deposit to owed rent
Divide late fees over the remainder of the lease.
Move the tenant to a cheaper unit
Set the tenant up with a roommate to help lower their rent

2. Disruptions In the Building:

Your lease’s code of conduct outlines rules the tenant must follow. These rules allow landlords to hold tenants accountable for violations. When tenants violate the rules:

Send a written warning. Let the tenant know that additional violations can result in eviction.
Contact the police if the tenant is blasting music, using illegal substances, or threatening you or your tenants.
Enforce a “three strikes you’re out” policy.

3. Tenants Damage Their Unit

Because you’ve taken “before” pictures, you have a strong case for restitution.

Notify your tenant and ask them to repair damages.
Withhold the cost of repairs from their security deposit.
Take your tenant to small claims court.

4. Constant Complaints:

Some tenants will continually nag their landlord. Tenants may have valid service requests. Other tenants nitpick and cause stress. The best approach to high-maintenance tenants is:

Treat them kindly. A little patience and understanding go a long way.
Meet their requests as best you can.
Listen to what they have to say. Acting annoyed makes the situation worse. Tenants calm down if you don’t get angry with them.
If their complaints turn into harassment, talk your tenant about the issue. A straightforward conversation goes a long way.

Eviction: Your Last Resort

Eviction is a very costly process. Landlords should exhaust all possible options before beginning the eviction process! This is the typical eviction process:

First, gain an understanding of eviction laws
Have a valid, legal reason for the eviction
Deliver a formal eviction notice
File your eviction with the appropriate court
Attend the court hearing
Evict the tenant
Collect any past-due rent

What Not To Do

Certain actions cause a lot of trouble for landlords. When you violate tenant’s rights, they can take you to court. There are severe legal repercussions for landlords in some situations. Avoid taking the following actions when dealing with a problematic tenant:

Shut off utilities
Remove the tenant’s belongings
Change the locks
Harassment

The post Dealing with a Difficult or Delinquent Tenant appeared first on ELIKA Real Estate.

5 Books that Every Potential Homeowner Should Read

If you’re looking to become a homeowner in 2019 or the next year, then it helps to gather the knowledge now that you’ll need for it. The decision to buy a home is a huge one to make. It will likely be the single most expensive thing you’ll buy, be the biggest loan you’ll ever take out and be one of the biggest responsibilities you’ll ever take on. But with homeownership, you’ll be getting both financial and personal stability, a valuable addition to your assets and a plan for the future. There will be a lot to learn and understand the home buying process and ownership. Before you dive in, it’s better to learn what you can so you know what you’re getting yourself into. So here are our picks on the essential books every potential homeowner should read.

1. Buying a Home: The Missing Manual by Nancy Connor

First-time buyers will have a lot to consider, and Connor’s book will take you through the most pressing issues. The Missing Manual guides you through the whole buying process from start to finish. How to figure out what kind of home you want, how to choose the right neighborhood, how to assemble a real estate team, how mortgages work and everything else up until closing day. For those new to the home buying process, this will serve as a great introduction to the lingo and steps along the way.

Buying a Home: The Missing Manual

2. Keep Calm….It’s Just Real Estate by Egypt Sherrod

Connor’s book goes through all the nuts and bolts of the buying process. But it’s a process that can still seem intimidating. That’s where Sherrod’s book comes to the rescue by providing a down to earth approach that makes it easier to get your head around it all. Sherrod, the host of HGTV’s Property Virgins, offers a balanced mix of facts, advice, and humor to show that buying a home needn’t be the brain-inducing tumor that many fear it is. Each chapter is devoted to one aspect of the process, making it easy to go back for guidance when needed. The glossary at the back also provides an invaluable reference on the many terms you’ll encounter down the road.

Keep Calm….It’s Just Real Estate

3. The Mortgage Encyclopedia by Jack Guttentag

For most people, the mortgage will be the biggest part of the home buying process. There will be a lot of fancy terms to understand and make sense of. Even if you do manage to break down all the steps and intricacies of a mortgage application, the process is so inherently complex that it will take some time to fully comprehend. This comprehensive reference book makes it a little easy by breaking it all down for you. It’s very far from being a riveting read, but if you apply yourself to it, you’ll be fully armed for when it comes time to apply for a mortgage.

Keep Calm….It’s Just Real Estate

4. The Life-Changing Magic of Tidying Up by Marie Kondo

Marie Kondo has become quite the household name in the last few years, and now she has her own Netflix show to boot. Since publication in 2014, her runaway bestseller has sparked a cult-like following of the “KonMari Method.” If you want your future home to stay clean and organized this book can put you in the perfect mindset. Her advice is to gather everything you own, organized by category, and keep only those things that “spark joy.” New homeowners will discover soon enough how important it is to keep things organized and maximize the space you have. Kondo’s book will help lay the seeds to ensure you do it as a lifestyle habit.

The Life-Changing Magic of Tidying Up

5. Black & Decker the Book of How-To

Unless you’re planning to buy a co-op or condo apartment, you will undoubtedly have to do a bit of home repair at some point. Home repair and maintenance is a vital part of protecting your investment. If you want to save yourself a truckload of money as well, you need to know at least some basic stuff. Black and Decker’s guide provides an overview of everything you’re likely to encounter as a homeowner. Each ‘how-to’ guide comes with photos to explain every step of the way, and it never overwhelms you with complicated details that you don’t need to know.

Black & Decker the Book of How-To

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Reasons to Not Buy a Home and When to Walk Away

While it is maddening, there are times when negotiations have reached a standstill, and the smart move is to walk away. In New York City, you can back out at any time before signing the contract and placing a downpayment.

You risk angering the seller and his or her agent, but there are perfectly valid reasons where you should not go ahead with the purchase.

The monthly fees

In New York City, your monthly costs can be much more than the principal and interest, which are hefty enough by themselves with the high real estate prices. You also have to consider common charges or maintenance fees. Perhaps the particular building you are interested in imposes a greater than usual amount. Alternatively, the building may have instituted a special assessment. The higher than expected monthly cost may cause you to reassess your purchase when you factor these into your budget.

Then, you must also consider real estate taxes. Once you have crunched the numbers, if it is at a higher level than you are comfortable with, walking away from the deal is a viable option.

Too far apart

We have previously noted that New York City’s real estate market has slowed down from its torrid pace. Sometimes, the seller has not faced a new reality, despite the best advice from his or her real estate agent apprising him/her of the situation. He or she is recollecting the high prices his/her neighbors received a few months ago.

You may put in a reasonable offer that reflects the current market conditions. However, the seller is not ready to accept it. You may receive a counteroffer that is well above your initial bid. In this case, you are likely too far apart to make a deal. Remember, rather than accepting a bad deal; you have the option to walk away. It is essential that you are comfortable with the price you pay, rather than regretting it later.

There are some signs you should heed that your counterparty really does not want to sell. Rather than waste any more of your time, it is advisable that you move on. For instance, if he or she hesitates after you have offered the asking price, you should question whether the seller is truly motivated to act.

Doubts creep in

You may find that you are not emotionally and/or financially ready to buy a property. Perhaps your circumstances have changed. In any case, while some level of nervousness is natural, particularly for first-time buyers, you should walk away if it is beyond that level.

Buying a home, particularly in New York City, involves a large outlay. Therefore, you must feel secure with your purchase.

Too much renovation

You may want an apartment that needs a little work, reasoning that you can get a discount on the price. However, you may have in mind minor repairs and painting, but you discover it needs major renovations to bring the apartment up to your liking.

You should get multiple rough estimates for the work you want to get done and the time it will take. Once you contemplate this cost and time needed, if greater than you can take on, you can end negotiations.

Too much apartment

You may realize that the apartment is too large for your needs. Bigger is not always better, of course. This is particularly true in New York City, with its high price per square foot. In the fourth quarter of 2018, the average condo price was $1.6 million ($2.5 million in Manhattan), and the mean co-op price was $766,000 ($1.2 million in Manhattan). You may decide to take a pass once you realize the high price you will pay.

The inspection

You procure an inspection to protect yourself. While you can renegotiate after the inspector presents his or her report, particularly if significant issues are uncovered, you can also choose to leave the deal.

If you do not like the seller’s response, you might find yourself best served by moving on to another property. You will not recover the inspection fee, of course. But, this is a small price to pay in light of the money you will have to expend to fix the problem.

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8 Life Hacks Every ‘New’ New Yorker Needs to Know

New York city has always proven a magnet for people. With so much to see, do, and experience it’s no surprise that it welcomes new arrivals every year. This is a city where you can see top bands performing, enjoy an abundance of museums and cultural events and even catch an occasional celebrity sighting. But all that glamour and excitement comes at a cost. The weather can be drastic, commutes hellish and the fast pace of life here never ends. To survive in New York takes endurance. That’s where this guide comes in. Whether you’re moving here as part of a career change or as a fresh-faced millennial, these life hacks will make life in NYC a lot easier.

1. Make the most of freebies

New York’s reputation for being expensive is well deserved. Making ends meet here takes some strategic planning. But you can make things easier on yourself by taking advantages of the many freebies on offer. Many museums offer free admission at least once a week while others, like the Metropolitan Museum, ask only for a suggested donation. When using the subway make use of the free Wi-Fi. To date, 282 subway stations offer free Wi-Fi, you can find the whole list here. As spring and summer approaches you can find plenty of free events and activities in the city’s public parks.

2. Learn how to get around town

Public transport is the main mode of travel in NYC, so you’ll want to know how to make the most of it and understand it. The subway is usually the best choice for both speed and cost, but it’s not without problems. Delays and cancelations often happen so learn to be patient and plan for extra time if needed. You’ll also want to plan how you use it money wise carefully. The cost of an unlimited metro card might seem steep at first, but the cost of regular top-ups can add up quickly.

3. Use lampposts to navigate Central Park

At over 3.41 kilometers squared, it’s easy for new arrivals to get lost in Central Park. But did you know you can use the lampposts to find your way around? On each post, you’ll find four numbers. The first two indicate the nearest cross street. The higher the second two numbers, the closer you are to the parks north-south centerline. Finally, if the last number is even, you’re on the east side. If it’s odd, you’re on the west side.

4. Head to lee-frequented flea-markets for better finds

NYC’s numerous flea markets offer an abundance of unique treasures. But the most popular ones such as Brooklyn Flea and other popular marts tend to come with high prices and large crowds. You stand a better chance of finding something unique if you head to lees frequented marts like Grand Bazaar NYC on the Upper East Side and Hell’s Kitchen Flea Market.

5. Head to the TKTS booth at the right time for cheap Broadway tickets

If you’re living in NYC, then there is no reason why you should ever pay full price for a Broadway ticket. Most tourists know that the bright red steps in Times Square area where you can pick up discount tickets for the latest shows. But what most of them don’t know is the right time to go. Get yourself to the TKTS booth at 5 pm sharp on the day of the show. That’s when most, if not all, of the available tickets, are released. Also, avoid standing in line for the show by simply showing up five minutes before it starts.

6. Make the most of smartphone apps

If you’re in the process now of building your career your life is probably just as busy as the city. You can make things a lot easier by making use of smartphone apps. Use apps like Curb and Arro to make it easy to hail a cab, reserve a pick-up in advance and pay for the ride with your smartphone. If the fridge is empty and you’re too lazy to go out use Seamless or GrubHub to order food right to your door. You can even get a bunch of groceries delivered to you with FreshDirect. Use Flush Toilet Finder to point the way towards the closest (and cleanest) public toilet. If you need to know when the next subway train will pull into your station, then MTA’s Subway Time has you covered.

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What are the Pros and Cons of VA Loans?

For military veterans and their spouses, VA loans have become one of the most popular choices for purchasing a home. These flexible loans come with some significant financial benefits, not the least of which is being able to purchase without a down payment. In 2017, over 740,000 military borrowers obtained a VA loan, and that number has only gone up since. But while the loan is no doubt one of the best choices out there, it may not be the best fit for everyone. As with everything, they have pros and cons which will have to be weighed carefully before deciding. Here’s what you need to know about VA loans.

What is a VA loan?

VA loans are a product of the US Department of Veteran Affairs which will allow you to purchase a home without any down payment. Its purpose is to help veterans, service members and surviving spouses to become homeowners. You can apply for them just as you would with any loan through a bank or private lender. Because the VA guarantees a part of the loan, lenders are better protected from loss and thus can offer generous borrowing terms. The lender will also be charged a one-time funding fee which goes towards the cost of the loan. This allows the lender to offer a lower interest rate and easier qualifying parameters than conventional loans.

How can you qualify for a VA loan?

There is a common misconception with VA loans that only veterans are eligible for them. That’s not necessarily the case as you’ll see. Many things are used to determine if you are eligible for a VA loan such as having acceptable credit, sufficient income and a certificate of Eligibility. The home you plan to purchase must also be your primary residence. The only certain way to determine if you qualify for a VA loan is to talk with a mortgage lender that has experience with them. At the least, you should tick the box on one or more of the following:

You’ve served more than 90 consecutive days of active service during wartimeYou’ve served more than 181 days of active service during peacetimeYou have more than six years of service in the National Guard or ReservesYou’re the spouse of a service member who has died in active service or as a result of a service related injury



Pros and cons of VA loans

With a required down payment of exactly 0% it’s easy to assume there could be no better option when looking for a home. But not so fast, as strange as it might sound, VA loans are not always the best option. They have their pros and cons just like any loan.

Pros



No Down Payment – By far, not having to make a down payment is the most significant benefit of VA loans. Even an FHA loan requires a minimum down payment of 3.5%. So long as you can cover the monthly mortgage payments and other expenses you can qualify for a VA loan. It gets even better for disabled vets. In their case, the one-time funding fee of 2.15% is waved. However, if you can, it’s better to make a down payment as you’ll get a lower interest rate and start building equityNo Private Mortgage Insurance – Conventional loans require private mortgage insurance if you’re making down payment of less than 20%. This comes in the form of an upfront payment and/or monthly payments until you’ve reached 20% equity. With VA loans this doesn’t apply.No Prepayment Penalties – It sounds crazy, but lenders typically don’t want you to pay off your mortgage too early. Lenders make their money from the interest on the loan, and if it’s paid off too soon, there’s no chance to do so. Therefore, most mortgages will penalize the borrower if they attempt to pay off the mortgage early with VA loans that are not the case.Higher Allowable DTI Ratio – VA loans are incredibly flexible compared to conventional loans. For instance, you can qualify if you have a debt-to-income ratio of up to 41% or less. Also. Some borrowers who qualify for a VA loan can be eligible for it two years after a bankruptcy or foreclosure. With conventional loans, the wait can be much longer.



Cons



VA Funding Fee – As mentioned earlier, VA loans come with a mandatory fee for the service. This fee goes towards the program and helps to keep it running for future applicants. It also acts as a safety net to offshoot the cost should the loan go into default. It’s not something you’ll see with other loans so be sure to calculate this fee into the loanSellers aren’t always on board – Sellers may sometimes have some qualms about selling to a VA buyer. This is because VA loans are subject to a strict appraisal. More appraisal issues are likely to arise than with conventional loans which can make sellers uneasy. It’s also easy to lose out to multiple offers as sellers usually prefer to see a buyer who can make a down payment.

VA loans are a fantastic option for those who qualify and are struggling to save for a down payment. But they still come with pros and cons which must be weighed carefully first. They’re not always the best option even if you do qualify. If you’re undecided, reach out to a local lender that specializes in VA loans to learn more.

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