What Are The New NYC Rental Laws? [Explained]

If you’re a New Yorker, chances are you’ve heard something about the recent change in NYC Rental Laws. The new rules effect both renters AND landlords – and they are applicable to all residential rental units. What are the new laws? Keep reading about the New York State Housing Stability and Tenant Protection Act of 2019.

• The new law applies to all residential rental units, including rent regulated and free market, co-ops and condo units.

• No deposit or advance can exceed one month’s rent.

• Within 14 days of tenant vacating premises, landlords must return security deposit and if retaining any portion thereof, must provide an itemized statement and reason within the time period.

• Where a tenant vacates a property in violation of terms of lease, the landlord must mitigate damages by renting premises.

• It is unlawful to refuse to rent to a prospective tenant because he/she is or was involved in a prior landlord/tenant summary proceeding.

• Fees charged for credit and background check (“Report”) are limited to its actual cost or $20.00, whichever is less.  Tenant must be given a copy of the Report and actual receipt showing cost.

• If tenant gives the landlord a Report conducted in last 30 days, fees must be waived.

• Eliminates vacancy bonuses.

• Cost of renovations can only be passed on to tenants for 15 years.

• Landlords can only pass on to tenants 2% of the construction cost of Major Capital Improvements (MCI).

• Judges can push back an eviction for up to 1 year to allow a tenant to find suitable living arrangements in the same neighborhood at a similar rent.

• If a landlord uses force to evict a tenant or illegally locks tenant out, the landlord can be charged with a misdemeanor crime of unlawful eviction and charged with a civil penalty of $10,000.00 per violation.

• 51% of tenants in a rent-stabilized apartment must agree to a tenant or co-op conversion.

• Landlords cannot charge a late payment fee higher than $50.00.

• If a landlord plans on raising rent over 5% or not renewing a lease, the tenant must be given at least one month’s notice. 

Now these are just a list of the highlights within the new rules. We highly recommend consulting with an attorney regarding specific details – especially if you feel your landlord is in violation.

Are you looking for a rental in Queens, NY? Click Here to View a List.

Queens Investors: 3 Things You Didn’t Know About The 1031 Exchange

Queens Investors: 3 Things You Didn’t Know About The 1031 Exchange.

The 1031 Exchange is a highly useful tool for investors. In my experience as an agent helping my clients defer their capital gains taxes can be tricky and sometimes stressful. Before doing a 1031 please speak to your real estate lawyer, broker, or accountant.

The 50/50 1031 Exchange:

Do you own a multi-family dwelling if so you might be able to do a 1031 exchange on a portion of your property as long as you have proof that the other section of your home was used for investment only.

You Have to Rent the Property Out for a Minimum of 1-2 years:

So, many of my clients seem to overlook this one. Remember, a 1031 exchange is only used for investment properties. If you currently live in the dwelling as you primary residence. Your home is no longer a candied for a 1031 (Unless it is a multi-family).

When You Pass Away…

If you were to pass away all the properties can be passed on to your kids or kin tax free. Yes, it is possible and this is where an amazing real estate lawyer comes into play.

There is a lot that goes into a 1031 exchange and it should not be handled lightly. Many people who try to handle everything themselves find themselves in a hole of capital gains. I highly recommend reaching out if you want more details in regards to this wonder tool.

Disclaimer: I am not a lawyer and I am not giving you legal advice.

Queens Homeowners: 11 Spring Cleaning Tips

Queens Home Owners: 11 Spring Cleaning Tips  

Summer is right around the corner! So let’s stop procrastinating what can be done now so we can enjoy sun bathing with a clear mind. I mean nothing feels better then knowing all the house chores are done when you get home. Let’s get to work.

Service your Air Conditioner: Nothing will ruin a wonderful summer day more than a 90 degree living room.

Replace Smoke Detector Battery: You will be surprised how many people are waked up by that dreaded beep that comes from a dying smoke detector.

Dusting Your Ceiling Blades: Like cleaning behind your ears most people forget to clean their ceiling fans. Your fan can help spread dust if not cleaned enough.

Clean Behind Appliances: Let’s face it you have been putting this offer for way to long. I know you are terrified! Who knows what horrors you have to face, but I promise you once you slay the dragon you will be at peace.

Clean your Dryer Vent: If your clothes have been coming out damp or moist it might be due to your dryers vent being clogged. It’s time!

Make your home smart: Smart Thermostats and lights are all the craze right now. A fun little project might be to update your home so that you can do everything with your voice.

Repot your Plants: It has been a year it is time to give your plants some fresh soil to help them grow and flow.

Organize your Closet:  You are one of two people. The person who has a tidy closet or a person who hides all their darkest deeps secrets behind mounds of clothes. No matter which one you are it’s always a good idea to go through that closet and clear it once and a while.

Inspect, Inspect, Inspect: Hire someone or if you’re a DIY type of person, inspect your gutters, sprinkling system, and any other system that might damper your summer.

Remove the Insects: You’re not the only one having fun in the Sun. Insects are out and about as well. Setting barriers, removing hornet nest and bee hives are a most! Who wants to do that in the blazing sun? Let’s nip it in the bud now.

Clean the Grill: Summer is for BBQ’s with the family and not scrubbing down the grill. Being proactive will save you a lot of time!

How to handle long distance relocation like a boss

How to handle long distance relocation like a boss

If you are from out of state moving to a new state it can be quite intimidating. Many people feel stuck when it comes to taking that new career or job that you have always wanted. It turns out that it is not as hard as you are making it out to be. Just keep these tips in mind.

Do your homework.

The first thing you need to do when relocating you have to ask yourself the following questions 

What is your area of desire?

What is the crime rate in those areas?

How far is it from your new job?

How is the school district?

Question number 4 may seem pointless if you do not have a kid but it is a proven fact that homes closer to good school distracts sell at a higher price and faster.

You want to Google map the area you will be moving to, you want to know your commuting time to work. How far will you be from your Childs school? How far is the closest gym? Etc.

The most important piece of homework you do is finding the right agent who can help you understand the market and areas better. You want to make sure this agent is a local expert who has a good reputation for buyers relocating for work.

Create a Travel Budget.

Depending on how far you are traveling from budgets may very so what you need to do is see how many times you can travel comfortably back and forth. This is where having a great agent comes into play. Your agent can schedule 3-5 showings per day upon you visit. On average it takes no more than 8 showings to find the right fit.

The Law and The Anxiety.

Most people get nervous when it comes to dealing with the whole home buying process from a distance. In the age of connection and technology, it is easier than ever. With the right real estate team, there is literally nothing to worry about when it comes to going through this journey.

When you hire an agent make sure the agent has a team of local professionals. This team can work together on your behalf and help guide you that closing table with little to no stress. 

Good luck with your relocation out of state! We hope you take this advice and everything goes smoothly. If you have relocated before feel free to leave any additional tips in the comments below.

Queens Home Sellers: Prepping your home to sell

Queens Home Sellers: Prepping your home to sell

 Since 2013 prices have been going through the roof. In the past 5 years we have seen nearly a 40% increases in pricing and sellers are now hitting the market, and they are starting to flood. Most houses are not successful in getting their home sold. That is because they did not properly prepped for the journey. Just like it wouldn’t be wise to go on a 23 mile hike with boat shoes and a hockey bag (I know someone who has done this) DO NOT: just take your camera phone photos throw them on Pillow and pray for the best. This is how you properly prepare your home to get sold for the most money.

Hire the right realtor: Make sure you hire a local expert. The agent is a REALTOR, who has a proven track record and knowledge advising you. Let this professional help guide you through the process and give you a couple of different avenues that best fit you. Have everything prepped for when you find a buyer. Have the lawyer and relocation plotted out. A good realtor leaves nothing to chance

Do some TLC: If your house is not completely out dated a good cleaning will do magic. Fix the small things like cracks, chips and holes in walls. Organize your kitchen and closets so people who are coming to check out the place can picture what they can do with it. A little paint never harmed any sale. Make sure you use neutral colors (white). Keep the home clean! It might make you thousands on the long run.

Make sure all the appliances work: This is an obvious one. If your refrigerator is broken fix it. If your oven or washer is near death revive or replace them. It will save you money and head ache during the sale.

Place Small Valuables Away: This is something my clients often overlook, If you have any valuable rings, bracelets, watches and necklaces around it might be wise to put them in a safe or safety deposit box until the sale is complete.

Yard and Curb Appeal: It is important to have a welcoming look to your home. Curb appeal allows owners to fall in love at first sight.  Some of my clients have over looked miner defects because the curb appeal was so nice. It is wise to mow the lawn, get a new mailbox and replace those dead bushes.

Use the Ian Alexander Pre-Listing Check List: Ian Alexander has put together a little check list that will allow you to help in prepping your REALTOR do the best job possible.

Good Luck!