THINGS YOU SHOULD KNOW BEFORE INVESTING IN REAL ESTATE IN NEW YORK
New York is an exciting place to live. The food, the people and the fashion all make it a great place to settle down. Before you cut the check, there are a few simple things you need to keep in the back of your head. Follow me down below.
THE AGREEMENT: WRITTEN NOT ORAL
If you are going to have someone share your place,get it in writing. Going on someone’s word is a very dangerous thing these days. There is an old saying, “actions speak louder than words.” Take this motto with you to the grave
If someone is interested, even if it’s a friend of yours, have this person sign a written agreement. It doesn’t need to be anything fancy. Just get it all in writing. People tend to back out of things. In fact, it’s becoming human nature to say one thing and do another. Don’t let a person’s good nature fool you. It’s just good business. This way the person can’t go back on his/her word citing, “I never promised that I would move in. I said I would think about it.”
Don’t kid yourself thinking this will never happen. It happens more often then you think.
HAVE ALL YOUR PAPERS IN ORDER
The worst thing you can do is come to sign the papers, and not have all your financials in order. It’s like not having your financials in order during an IRS audit. It’s just bad business. You need to have all your ducks in a row. Bring the pay stubs. Bring your bank account statements, yes the person will want to see those things. You need to prove to them you can afford the place you are looking to buy. The last thing a landlord will want to risk is doing business with a deadbeat tenant. This also happens, quite regularly. Unless you have all your paperwork ready to go and it’s in order, don’t even bother asking for a meeting. You will be wasting your time and theirs.
Hire someone who knows the ins and outs of the city. This person should be familiar with all the laws, both past and present. Things change. You need someone who is on top of his/her game. He or she should also be doing this type of business for at least ten years or more. Never hire someone fresh out of law school. These men and women don’t have the experience or the mental skills to tackle the touch paperwork.
If you are looking for NYC apartments for rent look no further. Give TOWN Real Estate a call. They are the best of the best.