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Bronx Real Estate Law Blog

Commercial real estate offers special perks

New York investors with experience in the residential property industry might want to quickly make the switch to the nonresidential side of the industry. The reason for this is that buying commercial real estate offers several advantages over purchasing residential properties. Here is a look at how commercial real estate differs from residential real estate and the unique perks that come with it.

Commercial properties are basically businesses, as they feature overhead costs. They can be utilized in a number of ways; for instance, they may be used as factories, warehouses, medical care facilities and even storage properties. In addition, several classes of commercial properties exist. Buildings that are new and easy to access fall under Class A; those that require minor upgrades fall under Class B; and those that require significant investments of capital are Class C properties.

Wills can be drafted in manners that will prevent family conflict

Individuals in New York oftentimes understand how important it is to plan ahead financially for a rainy day. However, what happens if they were to pass away suddenly? Many people have no idea how to answer this question, as they have not engaged in estate planning. Here is a look at why creating wills and trusts, for example, is so important and how to prevent family discord through a well-thought-out estate plan.

Estate plans essentially spell out how people would like their assets to be distributed when they pass away. These plans are critical whether asset owners have large estates or relatively small ones. An important step in the estate planning process is to name a proper executor. Although people often name their oldest children or their only male children, it is more critical to name parties who are ethical, organized and responsible.

Older commercial real estate properties present challenges

Investors throughout the United States, including New York, are increasingly searching for authentic and unique offices in buildings that are older. After all, these commercial real estate properties have architectural character. However, the challenge with these buildings is that incorporating cutting-edge technology into them can present a challenge.

Investors these days have a tendency to gravitate to older properties that they can develop into modern offices. This includes retrofitting the properties with monitoring, smartphone security access and even facial recognition technology. However, converting these properties to modern spaces can be a logistical challenge.

Don't buy problems when buying a home

If you are thinking about purchasing a home, you probably feel excited for what is ahead and ready to move forward. However, it is prudent to move cautiously and think about how you can protect yourself during this process. When buying a home, you want to take extra care to ensure you are not also buying unnecessary problems you did not know about.

Many little issues can arise during the home-buying process than can cause you harm and lead to financial and legal issues. However, preparing for the process ahead may help you avoid some of these and pursue a beneficial outcome. It is smart to know what to expect and know what to do to protect yourself, both now and long-term.

Proptech to impact commercial real estate

Technology is impacting how professionals in a variety of industries in New York operate nowadays, including those who own and lease nonresidential property. In the commercial real estate world, the specific type of technology that is starting to gain ground is called proptech. Here is a glimpse at what proptech is and its potentially far-reaching impacts in the future.

Proptech refers to technologies such as apps that have been designed to enhance the experiences of building occupants and building managers. Proptech is expected to become a crucial part of all real estate stakeholders' lives down the road. These parties include, for example, tenants, property managers and landlords.

Creating wills -- critical for adults of all ages

Putting together an estate plan might not seem like an essential task for young adults in New York. The reality, though, is that creating wills is critical for individuals both young and old. After all, tomorrow is not promised to anyone. Individuals who pass away before putting together estate plans may cause problems for their surviving family members.

The process of grieving over the loss of a loved is an emotional time. However, it can be compounded when the loved one didn't take the time to plan his or her estate. This is especially true when a large number of assets need to be distributed.

Residential real estate inventory levels at historic lows

The quantity of properties that are available for sale in the United States, including in New York, has reached historic lows. This is a major reason that many buyers may be struggling to find affordable homes. On the flip side, this may be great news for residential real estate sellers, who may be able to unload their properties at higher prices than they could have in years past.

The number of houses available for sale back in January was just 6.2 million. This is a major drop from the more than 14 million homes that were available in early Jan. 2009. In fact, the current levels of inventory in the United States are similar to the levels recorded back in the 1960s, when the government began to collect data and the nation had about half of its present population.

Wills play critical role in protecting assets long term

Thinking about death turns many individuals off from engaging in estate planning. However, creating wills and other estate planning documents is critical for ensuring that one's assets are protected long term. Here is a glimpse at what the process of creating a will involves in New York.

A will designates which parties should get a person's assets following his or her death. If a desired beneficiary lacks the maturity to handle such an inheritance, however, the testator may decide to put this person's share into the hands of a trustee. This trustee would manage the inheritance, including using it for the benefit of the beneficiary, until the beneficiary has reached a designated age.

Commercial real estate differs from residential properties

Individuals in New York usually view investing in residences as the same as investing in business properties. In reality, these two types of investing are very different. Here is a glimpse at what makes residential real estate and commercial real estate investing so different in New York and elsewhere.

One of the main differences between residential investing and commercial investing is that the latter involves operating, leasing, developing and acquiring a wide range of property types. These types may include, for example, industrial and hospitality properties, offices, retail shops and apartments -- also known as multifamily properties. Other property options for investors include student housing, senior living facilities and self-storage.

Problems with the closing could cause legal and financial issues

Buying or selling property in New York is a complex process. Real estate is expensive, and once you find the right buyer or the right property, you understand the importance of making sure you do not have any complications to delay closing. When there are issues with the process, it can lead to additional financial losses and keep you from completing the final steps.

Various problems can stand between you and your real estate goals. Many people do not understand the importance of having guidance during the transaction process, but you will find great benefit in securing help. Problems closing on a house are expensive and stressful, but they are often avoidable.