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How to buy in the BK!

It can be daunting navigating through the real estate world in Brooklyn. We have condos, coops, brownstones, investment properties, commercial warehouses and more...

Here are some simple descriptions.

Condos usually don't have approval boards that examine your offer and financials. Purchasing one is straight forward and you treat it like buying a house or something of its own entity. They do have monthly maintenance fees that typically include: garbage removal, building insurance, and sometimes other expenses like utilities. Taxes are typically separate and vary according to year of construction or other factors. Newer condo constructions may come with a 15-25 year tax abatement which means low taxes for years to come, so that's a big bonus. The city did this as an incentive for new development and many developers are taking advantage of applying these abatements to their projects.

Coops do have approval boards that examine your offer and financials. This requires extra paperwork plus a personal interview - an extra step than the standard "getting an accepted offer and an approval for a mortgage". Coops also have common charges instead of maintenance fees. Both are similar except common charges usually do include taxes and other expenses.
When buying a Brownstone, before you enter into a contract, have a structural engineer examine the property top to bottom. Brownstones have beautiful classic details and great bones, but because of their age, a vigilant inspection is necessary to ensure building soundness. Handsome, multi-family brownstones or townhouses often have rental units that can generate extra income, which is a big plus. These properties can range in size from 1200 to 6000 square feet, so even a family of 6 can still have rental income from an unused portion of your newly purchased property. The Brooklyn market is HOT! It’s always good to work with an agent you trust.

for more information on purchasing in Brooklyn! It's a great investment! We see it everyday with our clients!