Finding Queens | Episode #1: Flushing Meadows-Corona Park

If you’re a native of Queens, NY then chances are you’ve heard of Flushing Meadows-Corona Park and you’ve definitely visited the Unisphere. This public park, located in the northern part of Queens, is said to be 1,255 acres, but in 2013 a survey was conducted and the park was said to be 897 acres. There are a few who still debate the size of the park, but what we know for sure is that it is LARGE and full of exciting and family fun activities.

In the first episode of our new Youtube Video Series “Finding Queens” our Broker, Alexander Fazelani, takes a day to work from the park and explore some of its amenities.

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Are you a fan of Flushing Meadows-Corona Park? What is your favorite memory from this park?
Comment below!

Hidden Costs Home Buyers Should Look Out For

While shopping for a home to purchase you’ve likely done a lot of research. Part of this research usually includes learning about the costs associated with purchasing a home. The most frequently discussed costs are the downpayment and closing costs. For example, the appraisal and lender fees can actually be built into your loan – making them easy to handle. What about other costs? The ones you may not know about….

Hidden Costs of Home Ownership

If you’re transitioning from renting to owning, you may be unfamiliar with what to expect and how it may be different. Let’s go over some costs you may not have accounted for in your initial calculations:

Costs Discovered During An Inspection

We highly recommend hiring a professional Home Inspector before going into contract. A Home Inspector will check for bad electrical wiring, weak foundations, rotting wood, termite damage, and other potentially hidden problems. In the event that problems do arise, you’ll need to decide whether you want to move forward with the purchase. This is where your Realtor® can come in and possibly negotiate a new purchase price on your behalf and save you money on these costs.

Costs From Mistakes Sellers Make

What happens if there was a misunderstanding with the seller and they took the refrigerator with them when they moved out? Depending on the situation, you’ll need to replace that appliance which will be an unexpected expense.

Costs From Lifestyle Transition Shock

If you’re transitioning from renting to owning, you’re going to have to adjust to the change in utility costs. Previously, you likely were not responsible for the water bill or garbage pick up. Utilities in the home are typically higher than those a renter would handle. Your rental was likely already setup for cable…your new home may not be and this could have a cost associated with the setup.

Costs From Underestimating Renovations

When you fall in love with a home that needs some TLC, there will be costs associated with renovating. Unfortunately, many first-time home buyers try and estimate the costs on their own which can lead to major underestimates and uncomfortable surprise costs down the line. It is always a great idea to consult with your Realtor® for Professional Referral Partners who can provide you with FREE renovations estimates.

Planning Ahead

There is no such thing as being over-prepared for the purchase of your first, or even second home. As a team of creative real estate professionals here at Ian Alexander Realty Group we have prided ourselves on being able to save our clients thousands of dollars! This is all through properly educating them and putting our expertise to good use on their behalf.

Do you have questions about how to plan for the costs associated with purchasing a home?
Call us today at 347-707-3098.

Home Buying Tips for People Moving Out of the U.S.

There is no exact figure surrounding the American diaspora that lives outside of the country. However, estimates by the U.S. State Department suggest that around 8.7 million American citizens live in over 160 other countries. While a number of people who travel to foreign shores end up living on rent, there are also those who wish to live in homes they purchase. Incidentally, buying a home in a different country might or might not be as easy as buying one in the U.S.

Pay Attention to Government Regulations

Home buying regulations for foreigners tend to vary from one country to the next. For instance, while American citizens may purchase property in Mexico, they cannot own property within designated restricted zones. Thai law requires foreigners to purchase property in condominiums or apartments that have at least 51% local ownership. If you plan to buy a house in Australia, you will need to limit your search to new homes, because the law prohibits sale of established homes to foreigners. In India, you will have to qualify as a person resident in India to be able to purchase a home. Buying a home in the UK, Germany, or Spain gives Americans largely the same rights as local citizens.

Identify All Applicable Taxes

It pays to determine your tax residency status before you think about buying a home in a foreign
country. For example, if you buy a home in Australia as a foreigner, there is a very good chance that the Australian Taxation Office will treat you as a resident for taxation purpose. Property taxes are common in several countries, which homeowners need to keep paying for as long as they remain homeowners. Selling a home where the proceeds results in any kind of a profit might require that you pay capital gain tax.

Seek Professional Assistance

Buying a home in a foreign country can be tricky, given that various aspects require your attention. Using the services of a local attorney who specializes in real estate law can help you understand the legalities of the process. Besides, your attorney can also help verify the property’s title and look for existing liens that might be attached to the home. While hiring an attorney comes at a cost, their fees are usually open to negotiation. Turning to local real estate agents might provide to be beneficial, as some may have access to unique listings. However, while homebuyers in the U.S. do not need to pay real estate agent fees, this is not the case in all countries. For example, homebuyers in India end up paying one to two percent f the home’s
selling price as real estate agent fees, and in Germany it can vary from two percent to six percent.
Think about hiring a professional surveyor to inspect the home you plan to buy to avoid nasty surprises down the road.

Look at Financing Alternatives

Banks in several countries are legally allowed to provide home loans to foreign nationals. However, finding banks that cater to this segment is often a challenge. In addition, banks tend to follow more stringent eligibility criteria for foreigners when compared to locals. As a result, take time to find out which banks offer loans to foreigners, and compare their offerings well. Getting pre-approved gives you a good indication of how much you might be able to borrow. Depending on where you plan to relocate, you might need to pay more than 40% of the home’s selling price as down payment.

Save When Making International Payments

If you plan to make the down payment or pay any kind of fees while you are still in the U.S., think twice before using the services of a bank. This is because most banks tend to offer less-than-competitive exchange rates while charging exorbitant transfer fees. Specialist overseas money transfer companies, on the other hand, are typically more cost effective and also provide their customers with hedging tools. Some of the leading players in this field include WorldRemit, TransferWise, WorldFirst, and FC Exchange.

Conclusion

The first step in buying a home outside of the U.S. is to look at local regulations. Then, do not shy away from seeking professional assistance through an attorney and a real estate agent because they can help make the process considerably smoother.

Article Contributed by iCompareFX

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 Real Estate Agents: 3 things a successful agent will always do that you’re not.

Queens Real Estate Agents: 3 things a successful agent will always do. That you’re not. 

Don’t ruin it for everyone! New York Real Estate Agents suffer from a bad reputation at times because of the actions of a few. Unfortunately, when it comes to the practice of real estate there are many grey lines and rules that are bent for more commission. Here are three things successful agents do that you’re not.

Continuing Education:

So, agents tend to get their license and think they are lawyers, financial advisors, and doctors. This is where the problems come from. When you stop learning and sharpening your skills you start giving illegal and sometimes false advice that does not help or serve your client.

Every successful agent that I know is constantly improving their skill set by reading, attending classes, and networking with the right professionals. Always is learning.

Co-Broke: Many realtors try really hard to sell all their properties themselves. This not only hurts your efforts but makes you “sleazy” in the eyes of your customer. Our job as fiduciary entities is to put our client’s interest above our own.

All the successful realtors I know focus on SALE VOLUME, not just commission. If you focus on adding more value to your clients you will never have to worry about not having a listing. 

Network: Creating a network of agents and other professionals will help you in some many ways. Not only will they provide you with support but will help you build up your referral base. All the success an agent has is in direct correlation with one’s network. You are who you walk with. 

Are you a top producing agent or broker in your area? What are some things you do that you find is lacking in the real estate community?