As a society, it seems like we’ve gotten away from appreciating our Brooklyn New York homes for their emotional and sentimental worth. Instead, we focus solely on their monetary value. Do You Consider Brooklyn Real Estate a House or Your Home?
An appraiser can estimate a Brooklyn New York home’s monetary value, but to gain a true concept of your home’s worth, you must also take into consideration:
1. Pride of home ownership. You don’t buy a pair of Prada shoes because you’re going to be able to resell them and make a profit. You buy them because they make you look good and feel good.
2. Security and stability. Your home provides a roof over your head that’s in your control. You can decorate it how you want. You don’t have to worry about a landlord selling the property or asking you to move out. In the “olden days” (or should I say “golden days”), we called our homes our castles because, as homeowners, we felt like the kings and queens of our Brooklyn New York homes. You can still feel that way! Claim your castle and crown yourself king or queen today.
3.A safe haven. After a tough day at work or a day of disappointments, where’s the first place you think of going? Home! As Dorothy says, “There’s no place like home.”
4.A place to make memories. Your son’s tree house and daughter’s playhouse. The markings on the wall that tracked your children’s growth. The porch swing where you start and end every anniversary celebration.
5. A neighborhood full of friends. In the event of an emergency, yourBrooklyn neighbors are your first line of defense. They’re also the simplest, best and least expensive form of security. Additionally, they may have the exact tool you need for a project; the extra pair of hands you need to complete a project or children to become playmates with yours. Neighbors also give you that much needed in-person, up-close social network.
Even if your home’s economic value has dropped, you continue to benefit from its emotional values of community, stability, security and success.
Thinking of buying a home? I can help you evaluate the emotional and monetary worth of your Brooklyn homes and find a home that fits your values and lifestyle. Give me a call todayCharles D’Alessandro of Fillmore Real Estate at (718) 253-9600 ext 206 or email me at [email protected].
Now is a great time to get into the investment real estate market. Not only does investment property give you a real tangible asset for your portfolio, you can also get Brooklyn real estate investments at great prices right now.
Here are four ways to make money from Brooklyn,N Y real estate investments that you might want to consider.
Rental properties. Not everyone enjoys owning rental property, but it is one of the most profitable ways to make money from real estate. Rental properties give you a constant residual income that lasts as long as you keep the property.
Flipping. While thehouse flipping craze of the 80s and 90s cooled down with the current mortgage and housing crunch, for serious investors who take the time to know what they are doing, it is still a viable means of making money in real estate. This is typically a shorter term method of real estate investing.
Rehabbing. Buying a Brooklyn house to live in while you fix it up and resell it is similar to flipping, except that most rehabbers take longer to renovate the home, and use it as their primary residence while doing the work. There are three reasons this is a more comfortable way to flip Brooklyn real estate investments. First, you have a place to live and don’t have to pay a mortgage on another property. Second, you don’t have to feel as pressured to sell in a short period of time the way you do a flip. Third, you may receive all the homeowner benefits like tax breaks and no capital gain tax.
Subdivide. This form of investment requires a little advance preparation and investigation. When you discover a sizeable piece of land at a good price, find out if it is zoned so you can subdivide it. If it is, you can profitably sell off individual parcels to those who want to build on it.
If you would like more information on ways to invest in real estate that makes sense for you, I can help. Contact me Charles D’Alessandro at Fillmore Real Estate at (718) 253-9600 ext 206 or email me at [email protected]
House flipping is still a profitable way to invest in Brooklyn Real Estate , if you know what you’re doing. I’m going to share one of the biggest mistakes prospective home flippers make and how to avoid it.
Choosing the Wrong Brooklyn Real Estate to Flip
Nothing will make your venture into the world of house flipping a bigger nightmare than a finished product that will not sell. To avoid this, learn all you can about what’s currently selling the fastest and for the most money in your Brooklyn real estate market.
It doesn’t mean you have to pick expensive homes in up-scale neighborhoods. In fact, those may be the worst Brooklyn properties to try to flip, depending on your market. Typically, there are houses you can flip for profit in every price range.
Choosing the Right Brooklyn Property to Flip
The things you need to avoid when buying a Brooklyn home you’re planning to flip are basically the same things you would avoid if you were purchasing that same home as your primary residence. Here are three things to avoid when choosing a home to flip:
1) Distractions that would make living in the home undesirable such as busey avenues, comercial streets or manufactuing plants.
2) Crazy floor plans that cannot be easily fixed in a quick and inexpensive remodel.
3) Homes with major structural damage. Getting a home inspection is the best way to avoid this. However, if for some reason you cannot get a home inspection, always make provisions in your operating expenses for unexpected major repairs.
If you would like more information on how to turn a profit by flipping Brooklyn real estate, give me Charles D’Alessandro of Fillmore Real Estate a call today at (718) 253-9600 ext 206 or email me at [email protected]
On Saturday, February 5th from 11 a.m. to 4 p.m. the NYC Department of Parks in partnership with the Prospect Park Alliance & Olympic Regional Development Authority (ORDA), will host “Winter Jam NYC” the annual winter sports festival in the Nethermead in Brooklyn’s Prospect Park. Winter Jam NYC is a free annual winter sports festival that encourages New Yorkers to get out and enjoy the outdoors in the colder months!
Activities include snowboarding, cross-country skiing, sledding and a “Learn To” area where free equipment and lessons for all ages will be provided. Activities will also be provided by the NY Rangers and NY Knicks. Registration is required to participate in some of the activities. Local green market vendors sample their goods in a heated hut. There will be live entertainment and more. For further information about “Winter Jam NYC” visit www.nyc.gov/parks/winterjam.
Share This Event: Saturday, February 5, 2011
11:00 a.m. to 4:00 p.m.
The Nethermead in Prospect Park
Entrance at Ocean Avenue & Lincoln Road
Brooklyn, NY
Your kids are grown and gone and without them your Brooklyn home was simply too big and too much work. So you sold it. Now you’re asking yourself, “Should I buy Brooklyn Coop Apartment , A Brooklyn Condominium, or relocate to a new home in a retirement community?”
The answer depends on what’s important to you. Do you crave the company of others? Would you use many of the amenities provided at the community? If yes, then you might prefer the convenience of a retirement community.
Many communities offer amenities to attract buyers, such as:
Golf courses
Swimming pools
On-site exercise facilities
Trails for hikes and biking
Clubs, associations, and various interest groups.
Other things you need to consider before making your decision are:
Do you meet the age requirements? Most senior living communities or Adult communities have a minimum age restriction of 55 for at least one of the residents. Sometimes the age minimum is 60 or 62. If it is 62, then all occupants must be at least that age. Check resident restrictions before purchasing.
Do you have enough money in your budget? Like condo ownership, there are usually Community Association fees that must be paid. These fees pay for the shared facilities and community maintenance costs. Make sure your budget covers all housing expenses including the mortgage payment, utilities and all community fees.
o Active Adult Communities. These are for those who live independently and have an active lifestyle.
o Independent Living Retirement Communities. If you can live at home, but still need some help, this type of community is also called assisted living, and may be for you.
o Continuing Care Communities. These communities have professionals that are able to care for your health needs.
If you’re looking for a new Brooklyn home, relocate to a retirement community , I can help you find a home that fits your lifestyle and budget. Call me today at Fillmore Real Estate (718)253-9600 ext 206 or email me at [email protected]
Shaping Up has never been this easy! Shape Up NYC offers free fitness classes every week at dozens of locations across the five boroughs.
Our free Shape Up NYC classes are taught by expert fitness instructors who know how to make fitness fun. Class offerings are varied and include aerobics, yoga, pilates and zumba. No pre-registration is required, so just find the location in your Brooklyn neighborhood and start to Shape Up today!
Some Brooklyn home buyers have an advantage that others don’t in today’s housing market. They can qualify for an FHA loan.
Federal Housing Administration (FHA) loans help Brooklyn home buyers who would otherwise have trouble being approved for a mortgage. You can qualify for a loan if you have less than perfect credit. FHA loans are available even after bankruptcy and foreclosure, if you have maintained good credit for the following two to three years.
What are the requirements for FHA loans?
FHA loans have strict home appraisal guidelines. The appraisal value helps determine the FHA mortgage limit. Each state has its own rules regarding maximum loan limits.
What are the advantages to FHA loans?
One advantage of an FHA loan is lower down payment requirements. You may qualify for a down payment as low as 3.5 percent of the purchase price of the property. Additionally, most of your closing costs can be included in the loan, so you’ll have less out of pocket expenses.
An FHA loan can also be used to buy a house that needs improvements. If you need cash to make the repairs, you can apply for a loan to cover the cost of the expected repairs. The FHA also has energy efficient mortgages which include the costs of energy improvements.
What are the terms of FHA loans?
An FHA loan can take many forms: it may be a fixed-rate loan, an adjustable rate mortgage (ARM) or a reverse mortgage.
A fixed-rate mortgage has a set interest rate for a set amount of time. Typically, it will be a 15 or 30-year loan.
An ARM has a variable interest rate for 15 to 30 years.
Thereverse mortgagepays a set amount of money to the homeowner for the entire time they live in the home.
One of the least understood aspects of Brooklyn home loans is the different types of lenders. Many people assume they have to get a home loan from a traditional savings and loan. Not so. There are many different types of lenders.
1. Mortgage Bankers: Mortgage bankers are loan originators that operate with the sole objective to sell the loan they create to another source. Even though they will sell the loan they must have the ability to finance the loan in the first place and hold it until it is sold.
2. Mortgage Brokers: This type of lender does not originate loans for your Brooklyn real estate, they prepare the paperwork to submit to multiple lending institutions and get offers they will present to you to choose from. Their offers may come from any of the other types of mortgage lenders.
3. Banks and Savings & Loans: These are the most common traditional sources of mortgage loans. They use the backing of their depositors to fund mortgages. In turn, they use the money paid by borrowers to repay the depositors’ interest for allowing them to use the money as an investment.
4. Credit Unions: Credit Unions operate in largely the same way a bank or savings and loan does by using money from a pool of depositors to finance investments in the form of mortgages and other types of loans. The difference is that most credit unions are operated out of a collective pool of closely associated people generally through a work place or professional organization.
This winter has already brought most areas of the U.S. major snow storms, and we have many more months of winter weather to deal with. Whether you live in a city that gets snow or you vacation in snowy communities, you need to know how to stay safe and warm in the snow.
1. Dress in layers. Ideally, the layer against your skin should be made of a synthetic microfiber that wicks moisture away from your body. Avoid cotton, which gets wet and stays wet. Top the wicking layer with something warm like fleece and finish with a jacket that’s windproof.
2. Wear boots with good traction. Make sure they aren’t too tight, either because they’re too small or because you have on bulky socks.
3. Wear sunglasses and sunscreen. A sunny day in winter is often brighter and more dangerous to your eyes and skin than summer sun. That’s because of the reflection off the snow. So before leaving your Brooklyn home, slip on sunglasses and generously apply sunscreen.
4. Shovel with care or hire it done. If you’re not in tip-top shape to shovel the snow from your Brooklyn home’s driveway, hire a neighborhood teen to do it. You’ll give that teen some much wanted income, and save yourself from strained muscles at the least and a heart attack at the worst. If you do not have a history of heart disease, heart attack, high blood pressure or any other ailment that could result in injury or death, you may decide to shovel the snow yourself. Here are a few tips for safe snow shoveling:
Stay well hydrated. Don’t drink caffeine or alcohol during or immediately before shoveling.
Take frequent breaks. Do not remove deep snow all at once; take off an inch or two at a time. Preferably, start when the snow is not yet heavily packed, and shovel periodically if the snow continues to fall.
Pick a shovel with a smaller blade. This puts less strain on your body because you lift less snow at once.
Use a back-friendly shoveling technique. Keep the shovel close to your body. Bend from your knees, not your back. Tighten your stomach muscles. Do not twist. Instead, move your body so your feet face the direction in which you’re shoveling. Do not throw the snow over your shoulder; throw it in front of you.
Check your body. Are you experiencing shortness of breath, dizziness or chest pains? Stop immediately and seek medical help.
5. Prepare your car for snowy conditions. Clean all the snow off your car before leaving your Brooklyn home. Make sure your windshield wipers and headlights are cleaned off and working. Stock your car with a shovel, extra clothes, a blanket, a flashlight, snacks, water, an ice scraper and wood ashes orsand for traction in case you get stuck in the snow.
6. Go slowly. Whether walking or driving, give yourself additional time to get to your destination. The roads, driveways and sidewalks get slick, and even a generous amount of salt can leave behind spots of ice and snow.
Stay safe and warm this winter! If you’d like to buy a safe, warm Brooklyn home, I can help. Give me Charles D’Alessandro of Fillmore Real Estate call today at (718) 253-9600 ext 206 or email me at [email protected]
