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Bronx Real Estate Law Blog

Why do you need a survey of your New York property?

If you own property in New York, you will want to do everything you can to protect your financial investment and property rights. It's important to know as much as possible about your property, and one way you can do this is by having a survey done. Even if you are not currently involved in a boundary dispute or want to build on your land, there are many benefits to taking this step. 

A survey is often a requirement to complete a transaction when buying new property or a piece of land. However, if you've never had one done or it has been awhile since you had a survey done, you may want to schedule one soon. Knowing everything about your property, especially the exact location of boundary lines, can help you avoid costly legal disputes and other complications.

Creating wills, other estate planning docs often misunderstood

Estate planning continues to be a greatly misunderstood process. Many individuals in New York and elsewhere decide to create financial plans but not estate plans for this very reason. Still, developing wills along with other estate planning documents is an important part of planning for the future, too. Here is a glimpse at some estate planning myths and why believing these myths is not a good idea.

For starters, a common myth related to estate planning is that this process is necessary only for the rich. In reality, any person who owns items such as homes, investments and cars could use an estate plan, as these items are all part of an estate. An estate plan is designed to protect these assets, no matter how many or few there are of them.

Multiple methods exist for valuing commercial real estate

Researchers recently reported that non-residential properties are worth 10 trillion dollars today. In other words, the commercial real estate market is booming, so now appears to be an excellent time for investors in New York to enter it. Because valuing properties accurately is an essential part of real estate investing, here is a look at a couple of approaches that investors can use to determine a property's value.

A popular approach is the sales comparison or market approach. This approach involves relying heavily on similar properties' recent sales. Investors usually use this approach to determine apartment buildings' valuation. However, it may not be a completely reliable approach when the market is slow, as finding similar sales of properties for comparison purposes may be challenging.

A few moves can help with buying residential real estate

Some individuals in New York have decided to transition from renting houses to buying them this spring season. The residential real estate buying process, however, can quickly become overwhelming due to the many moving parts involved. Nonetheless, a couple of tips might help homebuyers to have positive purchasing experiences from the start.

An important first step when it comes to purchasing a home is to locate a responsible nd trustworthy mortgage lender. A mistake that some buyers make is talking to just one lender. In reality, it is wise to talk to three or more lenders to compare lender fees, loan terms and rates, as this will help to ensure that a borrower gets the best deals available.

Listing service may lack information about commercial real estate

Technology today is changing how both tenants and buyers in New York explore the world of non-residential properties. Specifically, listing services online showcases the commercial real estate properties that are available in various markets, and as a result, investors can access a wealth of information about various properties in an instant. However, quite a bit of information may not be available that could alter a property's value proposition considerably.

For example, a listing service cannot highlight any incentives created to draw investors to certain commercial properties, such as tax abatements, tax credits or competitive financing. These incentives have an impact on a property's occupancy cost. As a result, it is wise for investors to consult consultants or brokers who are cognizant of such incentives before they make proper purchases.

Wills are important even for those with small estates

People in New York often believe that estate planning is appropriate only for those who are wealthy. The truth is, though, that creating wills is a wise move even for those who may not have a lot of money in the bank. Here is a glimpse at how to start the estate planning process in New York.

First, it is important to recognize that people who feel that they lack estates likely actually do have them. Estates are more than large amounts of money and a house on a hill. Instead, an estate also includes a bank account, a car, a meaningful memento, digital accounts and physical possessions. Failure to create a will that spells out where these items should go when one dies means that these assets might end up in the hands of those who were never intended to receive them.

Avoiding mistakes when buying a home in New York

Making the decision to buy a home is a significant legal and financial decision. There is really much more involved in this process than just looking at homes online and dreaming about what your potential home could look like. When you are buying, you would be wise to be cautious and careful as you move forward.

It can help you know what to expect from the process of buying a home. Preparing for what is ahead can help you avoid mistakes and missteps that may prove costly down the road. It's exciting to buy a home, but you want to be certain that you are taking every step necessary to avoid buying problems in the future as well.

Spring season a hot time to sell residential real estate

The market for residential properties is extremely hot at the moment in the United States, including in New York. For this reason, it may behoove homeowners who would like to sell their residential real estate to jump on the opportunity to do so right away. Here are a couple of tips that may help homeowners to capitalize on the current spring selling season.

First, sellers may want to arrange selling consultations with real estate agents as soon as possible. During the consultation, a real estate agent can walk through an individual's home and discuss what must be done before the homeowner can put the home on the market. Work might be necessary both outside and inside the home.

DIY wills increase the likelihood of serious mistakes

People who live in New York are resourceful, and they understand the benefit of trying to cut costs and save money by doing certain things themselves. However, estate planning should not be one of them. People can do pretty much anything online these days, including create wills and drafting papers that can have a significant impact on their future. While it may sound like a good idea, it is not usually a prudent path to take. 

With DIY wills, there is a significant chance that a person will accidentally make mistakes that could cause major complications down the road. People may include terms that contradict themselves or leave something important out. Many services that allow people to do their wills themselves make it difficult to ask questions and get help when needed. 

Recession fears in commercial real estate world may be unfounded

Financial headlines these days indicate that experts in New York and elsewhere are worried about a coming recession. Unfortunately, a declining commercial real estate market often accompanies a recession. However, current concerns about a looming recession and a coming downturn in the commercial real estate market may be unfounded for a couple of reasons.

First, overbuilding, which usually happens before a recession occurs, is not currently a problem. Late last year, the building of commercial properties made up only a little over one percent of the gross domestic product. In addition, commercial construction has not reached average levels for the past 11 years.