Queens Home Buyers: Co-op vs. Condo's

Co-op vs. Condo

New York real estate can throw consumers for a loop when it comes to the different types of ownership in regards to apartments. Many first time home buyers get deterred simply because the difference between cooperative units and condominiums can be difficult to understand at a glance.

There are many key differences between Cooperative apartments (“co-ops”) and condominiums (“condos”). When you purchase a co-op, you are buying stock in the corporation which owns the apartment building. In exchange for purchasing the shares of stock, the building then "leases" the co-op unit to you under a long-term proprietary lease.

Co-op owners pay a monthly maintenance to the corporation for various expenses related to maintaining and operating the property, taxes and any mortgage the building may have.

When you purchase a condo, you are buying an individual parcel of real property – just like a house or townhouse. With condos, the building is divided into individual condos and a common area where the owner of the condo unit owns the actual apartment and an undivided interest in the common area. As the owner of the condo unit, you will be responsible for paying your own real estate taxes, as well as paying for your share of the common charges which cover the expenses to maintain/operate the common areas. Some benefits to owning a condo are that the appreciation of your unit tends to increase at a higher rate than co-ops and many common charges are lower than co-ops maintenance charges. This means you'll build more equity, much faster, in a unit. Co-ops have many policies to follow in regards to subletting, pets and renovations. Condos usually allow the owners complete freedom of their unit

Usually, condos cost significantly more than co-op units. That being said, a condo buyer also has additional closing costs for things such as title insurance and mortgage recording taxes. Co-ops typically cost less than a similar condo unit, but require a 20% - 30% down payment, as well as board approval before purchasing.

Here are a few key differences to make note of:

• Condos are real property, while co-ops are owned shares in a building's corporation.

• Condos usually cost more than co-ops do.

• Condos require less of a down payment, while co-ops require 20% - 30% down.

• Co-ops require board approval (application, interview, DTI, etc), condos do not.

• Co-ops typically have more house rules, while condos do not.

3 Tricks That Will Make Your Small Space Feel Big

If you own a studio or a small one bedroom in Queens or Brooklyn and you might be struggling with the sizing of your apartment. Thinking about throwing the towel and upsizing? 

Not to worry with the following clever solutions you will be able to maximize and optimize your space and get a couple of more years on your 500 square feet bachelor apartment.

PAINT MAKES YOUR SPACE SEEM BIGGER

Selecting the correct paint shade for your small apartment can instantly give your space the impression of being larger. The key is to stick to neutral colors such as white, cream or even a light gray. Those colors will make your room look larger by creating a bright and airy feel. Light pastel tones make spaces appear larger while deep/dark tones make spaces seem closed in and tight. 

If you do decide to go with a light color try painting the ceiling white to help draw the eye up and create an airy and inviting space. 

If you want the space to look cozy use a dark color paint paired with a white ceiling. It will give your apartment a unique design.

Whether you are trying to make the space look larger or smaller the choice of paint is highly important. 

CRAFTY STORAGE

With tight spaces it's hard to find the storage space necessary for all your things. By incorporating space saving solutions into your apartment's design you will have more space and avoid the look of clutter. 

Try a roll away island and pantries! It's clever and looks amazing! They are flexible and will really give you a nice clean look for your kitchen. Similarly, try adding shelving on the walls. 

You don't have to buy anything to be crafty. Just think about utilizing spaces that are not being used like on top of a burrow or cabinets. Remember, the walls are your friend when it comes to a small apartment. Get your hardware tools out and get those shelves up!

MULTI-TASKING FURNITURE

When buying furniture think double duty! Each piece of new or old furniture should at least have 2-4 functions for storage. They need to have hidden storage and be able to be compacted or put away. Think transformers "couch that’s in disguise."

What’s all the new craze is Murphy Beds, fold down dinner tables, fold out beds, and other unique functional combos.

Having a small place does not mean you have to be cluttered and or feel claustrophobic. It can be cool and sleek if done correctly! So before you throw in the towel on your small space remember with creativity and vision you can make it happen! 

New York Home Owners: 5 STEPS TO A COOL DIY FIRE PIT

So let's face the facts, fire pits are cool and if you like hosting events like BBQ's, making s'mores, hosting parties or just like having friends over to chat around the fire pit, it's a great addition. Many people hire someone to create it or buy expensive metal cast iron ones. You are a DIY'er and want to create this awesome fire pit by yourself. So here is what you will need: 

ITEMS NEEDED:

1.  Bricks for the fire pit wall
2.  Gravel
3. Twine or string
4. a tape measure
5. a stake
6. a large shovel and a trowel
7. a tamp (NOT NEEDED)
8. a level.

WARNING: Before you begin building, be sure to consult your local fire code to find out whether fire pits are allowed in your city. Also, find out how far away the fire pit has to be from a structure. Safety is a top priority for this DIY project.

Step 1: Pick a spot that's a safe distance away from a tree and or bushes. Place the stack in the ground and tie the twine or string to the stake. Make sure the diameter of the circle is about 4-5 feet. Use your trowels sharp end to circle the area of ground where the pit will be going. Next, dig 6 to 12 inches deep within the diameter limits with your shovel. 

Step 2: Tamp down the soil. If you do not have a tamp you can use the back of the shovel. Make sure the soil is packed firmly. 

Step 3: Make sure the dirt you tamped is level. Adjust accordingly before laying down the bricks. 

Step 4: Put a thick layer of gravel in the fire pit. Spread the gravel around evenly. 

Step 5: Arrange the bricks in a circle and stack them in layers until the fire pit wall is at least 12 inches tall. For added safety, you can leave some of the gravel to halo the wall. 

Step 6: Make a s'more sandwich for us! 

6 Tips That Will Improve Your Home's Value.

TINY UPGRADES...BIG MONEY

NO MATTER THE SIZE OF YOUR BANK ACCOUNT, THERE ARE STILL SMALL THINGS YOU CAN DO TO IMPROVE YOUR RESALE VALUE! 

It does not matter if you are getting your home ready to sell or just want a couple of tips for improving the over all look of your pad. It is important to start where your money counts most. Many home owners and DIY-ers are making huge bucks from prospective buyers by focusing on these 6 areas of their homes. So let us help you get the best return on your investment possible! 

YOUR LAWN IS THE FACE OF YOUR INVESTMENT

This might be the easiest fix one can do at an affordable price. If it is fall or summer your curb appeal matters! When someone sees the FOR SALE sign outside your house, before they even see the bricks and Morter, they see the grass and bushes. If you have an abandoned refrigerator or an old tire from your first car in your front yard it might be time to get rid of that. Nothing screams welcome and attracts more buyers then a nicely maintained lawn. Make your realtors job easier and help him or her get more people into the house. 

YOUR BATHROOM, MIGHT COST YOU YOUR BUTT

(NO PUN INTENDED)

According to any good google search the average person spends nearly a year and a half of their life in the bathroom. Yes! So updating your bathroom and keeping it freshly painted or tiled will definitely raise the desirability and value of your home. Bathroom jobs can be pricey so it might be wise to consult with a real estate professional first. 

LIGHTS, CAMERA, ACTION

Alexa, turn on the kitchen lights... The age of using fingers to turn on the light in a room are over. Switches are so yesterday but if you decide to update the lighting of your place make sure its done right. Remember the old realtor adage "The brighter the room the larger it looks." Go to home depot and get some LED lights and watch your potential buyers shine! 

THE KITCHEN IS THE HEART OF THE HOME

"Home is Where the Heart is."

FALSE! The kitchen is where the heart is. When it comes to a family home, the kitchen is where people congregate the most! Since it's a human need to eat, most traffic and discussions within the home happen around or near the kitchen. So if you want to raise your home's value this is where you might need to start. 

A remodeled kitchen can make a huge difference in the sale of your home. Lacking the funds to redo your whole kitchen? Try replacing old appliances. The fresh chrome look always makes potential buyers happy!

HOLES IN THE WALL WILL CAUSE HOLES IN YOUR POCKET

This might seem obvious, but that hole you made 5 months ago should be patched and re-painted. For some first time home buyers a $15 job might look like a $1000 job. So, to avoid low offers patch the holes up. 

FRESH PAINT MIGHT MAKE YOU A SMALL FORTUNE

One of the best things a home owner can do to raise the value of their home is a fresh paint job. It's important to use natural and warm colors and avoid bright colors. Sorry, that includes baby blue and hot pinks. A fresh paint job is the equivalent to a new car smell. All potential buyers love a newly painted home. 

TIP: MAKE SURE YOU CONSULT AND HIRE PROFESSIONALS! NOTHING IS WORSE THAN A BAD PAINT JOB OR THE WRONG COLOR. 

2016 Queens Market Review