5 Signs It’s Time To Sell Your Home

Making a decision to sell your home isn't always easy. However, sometimes it's just necessary. Many different circumstances can affect your decision to move. Sometimes unexpected life events happen, or you get new opportunities. Other times, you just find yourself craving a change of scenery. Simply put, not every house you live in is meant to be your forever home, and that's perfectly okay. Knowing how to recognize signs that it's time to sell your home is vital for making the best decision. Keep on reading and find out what the most common ones are.

1. You're planning to expand your family

Outgrowing your living space is one of the most common signs it is time to sell your home. While welcoming new members to the family is always joyful, it comes with certain changes. Kids bring so much happiness to our everyday life, but they need space (in fact, a lot of it). For most people, starter homes can usually comfortably house two to three people. Often, your first place will not be able to give you everything your family needs for a comfortable life.

While moving to a bigger house before you even have a baby is not absolutely necessary, it is good practice. Moving with small children can be stressful. In order to make a seamless transition, it is better to plan ahead. Also, if you're moving for family reasons, be mindful of school districts when choosing your new home. This will allow you to select the best possible option, both space and lifestyle-wise.

Babies need space to play and learn as they grow

2. The market is favorable

The real estate market is very dynamic, and it is constantly fluctuating. Before making any decisions, the first thing on your list should be doing market research. While timing the market is never recommended, if you find that selling your house could be profitable at the moment because of neighborhood popularity, overall market strength, etc., it may be worth considering. There are a few signs that the market is in your favor as a seller. The first and most obvious one is the increase in price per square foot. Apart from that, low time on market is also a good sign.

Being familiar with the average house prices in your area is important for pricing your home appropriately. However, keep in mind that your selling price depends on many other things. For instance, the amenities your home has are a crucial factor. Entertainment rooms or smart systems will help drive the cost of your home up, making the sale more profitable. The general state of your house is also crucial. If any minor repairs are waiting, consider tackling them before putting your home up for sale.

An increase in real estate selling prices is one of the main signs it's time to sell your home

3. You want (or need) to relocate

Sometimes, the town or city you live in just does not do it for you anymore. Becoming bored with your surroundings is among the main signs it is time to sell your home and relocate. This whole process is much easier nowadays than it was in the past. Even long-distance moves can be a piece of cake if you decide to rely on an expert team to help you. Just make sure you plan everything, so there are no unpleasant surprises.

 Professional opportunities are also one of the main reasons people choose to move to a different place. Having a job lined up for you is a great incentive to relocate. If you do not have plans to return to your current city, selling your home before leaving is a good idea. This will give you some extra money in the new city, which is always handy.

4. Your house does not fit your lifestyle anymore

Your living space should be a reflection of who you are and what you do in everyday life. After all, it is where you should feel the most comfortable. However, the fact is everyone's life habits fluctuate over time. Circumstances constantly change, whether expanding your family or something smaller like picking up new hobbies. If your current house is not fit for your current lifestyle, it might be time to move on.

Sometimes it's hard to recognize which lifestyle change is 'big enough' to require moving houses. A good example is your little ones growing older, developing different habits, and requiring more space. On the other hand, if your children have left home, it might feel a bit too big and empty. This is a good sign that it might be time to downsize. Also, if you need room for amenities like an art studio, you might need to look for a bigger place and sell your old one.

5. You're financially ready for the move

Whether you're entering the real estate market as a buyer or a seller, financing is one of the key aspects. Being financially stable is crucial, especially if you want to upsize and upgrade from your current home. Think about how things like unpaid debt or loans affect your financial position. Apart from that, you should consider the effect of selling your home on your finances.

As the value of real estate keeps increasing, chances are that you could profit from selling your home. If you still have some money left over after selling your home and paying off your previous mortgage, it means you have equity in your home. This is usually a good sign, making selling your home a financially sound decision. Plus, it gives you some extra capital for buying your new place.

Selling your home can sometimes be challenging, especially if you're not entirely sure that you want to sell. That's why getting into the right mindset for the whole process is important. Apart from being emotionally ready, you should also pick the right moment to do it. Knowing how to recognize signs that it's time to sell your home is crucial and will significantly help you. It will also ensure that you make an excellent financial decision besides a lifestyle change. This is vital for the overall successful selling-and-buying process

Benefits of Investing in a New York Luxury Home

New York City is a cultural and financial powerhouse, attracting people from all over the world. The city's strong job market, diverse population, and vibrant energy make it an ideal luxury real estate investment destination. Owning a luxury home in New York City is not only a status symbol but also a smart investment. But what makes investing in a New York luxury home a good idea? As experts in New York luxury real estate, we’ve rounded up some of the top benefits of choosing New York for your next high-end investment. 

Why Is Investing in a New York Luxury Home a Good Idea?

New York City has long been regarded as one of the world's most exciting and dynamic cities, with its iconic skyscrapers, bustling streets, and world-famous attractions. But what makes New York City truly special is its status as a global finance, culture, and innovation hub. The city has some of the most influential businesses and institutions, such as the New York Stock Exchange, the United Nations, and more recently, is an emerging tech hub. It's also a cultural melting pot, with people from all over the world coming to live, work, and play.

Investing in a New York luxury home is a wise investment that can bring you significant returns.

Moreover, New York City is a city of opportunities, especially for those looking to invest in luxury real estate. With a range of high-end properties available across the city, owning a luxury home in New York City is not only a chance to live in one of the most desirable locations in the world but also a smart investment that can provide significant returns. But before hiring moving services to help with any moving task and moving to NYC, let's find out why investing in a New York luxury home is a good idea in 2023.

New York Luxury Real Estate Market Trends

The luxury real estate market in New York City is a niche market that caters to a small but highly active buyer pool. This exclusive market offers a wide variety of options, ranging from luxury condos with state-of-the-art amenities to towering penthouses and from contemporary townhouses to vintage brownstones. Unlike the regular market, luxury residential real estate in New York City operates differently, with top-tier real estate remaining a must-have for the city's elite.

Despite the impact of climbing mortgage rates and persistent inflation on the overall real estate market, the luxury segment continues to thrive. According to Compass data published by Variety, there has been a 35.6% increase in luxury home sales in Manhattan alone through August of 2022 when compared to the same period in 2021 and pre-pandemic luxury sales in 2019. This indicates that the luxury market in New York City remains robust and shows no signs of slowing down. But having the recession in mind and current global events, what can we expect in 2023?

What to Expect in 2023?

A recent study by Luxury Portfolio International conducted among 200 member brokers aimed to shed light on what luxury residential real estate professionals believe is in store for the New York luxury real estate market in 2023. The report titled the Business of Luxury Real Estate surveyed brokerages, their principles, and top-producing agents. The study discovered that 95% of respondents reported being optimistic about the overall market in the next 12 months.

However, signs of a shift towards a buyers' market are starting to appear due to larger inventories, increased days-on-market, and price reductions in some markets. According to the study, updated amenities, prime location, and size are currently the most common factors that sell luxury homes. But despite rising interest rates, experts expect that luxury real estate buyers will remain in the market. In fact, 76% of likely homebuyers admit that they buy high-quality products even in times of personal financial uncertainty. That's one of the main reasons most professionals surveyed believe that the market will stabilize in 2023.

Location, Location, Location

One of the biggest advantages of investing in a luxury home in New York City is its prime location. New York City is home to some of the most desirable neighborhoods globally, such as the Upper East Side, Tribeca, and Chelsea. Plus, there are plenty of coveted neighborhoods for luxury real estate in New York. These neighborhoods offer a wide range of cultural experiences, such as the Metropolitan Museum of Art, Broadway shows, and world-renowned restaurants.

From state-of-the-art condos to stunning high-end penthouses, there are plenty of luxury properties to choose from in New York.

The expert team from Pack & Go Movers advises that the city's central location also means that residents have access to some of the country's best schools, hospitals, and businesses. On top of that, real estate experts suggest that, apart from the prime location, investing in a luxury home in New York City offers the potential for significant returns. According to recent data, the median price for Manhattan homes remains at $1.1 million. This is a 10.2% increase from 2019, which is expected to continue.

Luxurious Amenities

Luxury homes in New York City come with a wide range of amenities that are hard to find elsewhere. Private elevators, panoramic views, state-of-the-art fitness centers, and spas are just a few examples. Luxury buildings often offer round-the-clock doorman service, concierge service, and valet parking, adding an exclusive touch to everyday life.

Luxury homes in New York City are located in close proximity to high-end amenities, such as designer boutiques and Michelin-starred restaurants, adding to the city's glamorous lifestyle. Living in a luxury home in New York City ensures a high-end lifestyle without ever having to leave the neighborhood.

Long-Term Investment

Investing in a luxury home in New York City can be a wise long-term investment. The city's real estate market has proven to be resilient, even during times of economic uncertainty. According to a report by StreetEasy, New York City's luxury home market has seen steady growth over the past decade, with the average price per square foot increasing by 44% from 2010 to 2020. The report also notes that luxury homes in New York City are more resistant to price fluctuations than lower-priced homes, making them a stable investment in the long run.

Investing in a New York luxury home is a smart investment that can pay off significantly in time.

So Will You Be Investing in a New York Luxury Home?

In conclusion, investing in a New York luxury home is a wise decision that offers numerous benefits. Apart from being a status symbol, owning a luxury home in NYC provides a safe and profitable investment that can provide substantial returns in the long run. Despite a brief slowdown caused by the pandemic, the NY luxury real estate market has remained robust, with a notable increase in sales in 2022. And as the market is expected to stabilize in 2023, investing in a New York luxury property remains a smart decision for anyone looking to build their real estate portfolio. So wait no more and reach out to a top expert in New York luxury real estate. Whether you're looking to make a long-term investment or to live in the city's most prestigious neighborhoods, a luxury home in New York City is an excellent investment opportunity that is worth at least discussing with a pro.

The Most Coveted Neighborhoods for Luxury Real Estate in New York

The Most Coveted Neighborhoods for Luxury Real Estate in New York

There isn’t a person who would not want to own real estate in NYC. It is one of the most popular cities in the world and the desired place to be. Needless to say, with such popularity comes a premium price. New York City is known for its high-end luxury real estate, with some of the world’s most expensive and coveted neighborhoods. From Uptown to Soho to Noho and Brooklyn Heights—NYC has it all. These neighborhoods are famous for their exclusivity, high property values, and access to top-rated schools, restaurants, and amenities. If you're in the market for a luxurious home in the Big Apple, take a look at some of the most coveted neighborhoods for luxury real estate in New York.

Uptown, Manhattan

Covering the Upper East Side and Upper West Side, this area is home to some of the most prestigious addresses in the city. Uptown is known for its tree-lined streets and elegant brownstone houses, as well as luxury apartment buildings with stunning views of Central Park and the Hudson River on the Upper West Side and East River on the Upper East Side. Many of these buildings offer high-end amenities such as fitness centers, rooftop decks, and concierge services.

Uptown, Manhattan has great views of the city whether you enjoy the skyline, water views, or both!

Residents of Uptown enjoy the convenience of being close to world-class shopping and dining destinations, including Fifth Avenue and the Upper West Side's Columbus Circle. The area is also home to world-famous attractions such as the Metropolitan Museum of Art and the Lincoln Center for the Performing Arts.

Cobble Hill, Brooklyn

This neighborhood has a rich history, charming tree-lined streets, and a wealth of cultural amenities. In addition to that, it is located in the very heart of Brooklyn. One of the main draws of Cobble Hill is its close proximity to popular destinations such as Brooklyn Bridge Park and the Brooklyn Bridge. This area is also home to numerous art galleries, boutique shops, and trendy restaurants, making it a popular destination for both tourists and locals.

Cobble Hill offers a mix of beautiful townhomes, brownstones, and high-rise apartments. These properties feature stunning architectural details, large outdoor spaces, and modern finishes. Prices for luxury real estate in Cobble Hill can range from $1 million to over $10 million, depending on the size and location of the property. Despite its high price tag, Cobble Hill remains a popular choice for luxury buyers because of its excellent school district, vibrant community, and easy access to transportation.

NoHo, Manhattan

NoHo, or North of Houston Street, is a luxury real estate neighborhood in the Lower East Side of Manhattan. It is known for its trendy and upscale atmosphere, with high-end shopping, dining, and entertainment options throughout the neighborhood.

One of the main draws of Noho is its proximity to other popular neighborhoods in Manhattan, such as SoHo, Greenwich Village, and the East Village. This makes it a convenient location for those who want to be in the heart of the city but still have the privacy and exclusivity of a more upscale neighborhood.

NoHo is also home to some of the most expensive real estate in the city, with many properties offering luxurious amenities like rooftop pools, fitness centers, and concierges. Most of the properties in Noho are luxury condominiums, with some of the most sought-after buildings being The Mercer, The Greenwich Lane, and The Greenwich Court. The neighborhood is also known for its vibrant arts scene, with numerous galleries, performance spaces, and studios.

Tribeca, Manhattan

Located in Lower Manhattan, Tribeca is known for its cobblestone streets, trendy restaurants, and celebrity residents. It's home to some of the city's most expensive real estate, with multi-million dollar lofts and apartments in converted warehouses.

TriBeCa, or Triangle Below Canal Street, is also known for its boutique shops and vibrant nightlife scene. Property values in TriBeCa are among the highest in the city, with many apartments going for over $2 million. 

SoHo, Manhattan

Another fashionable neighborhood in Lower Manhattan, SoHo is known for its upscale shopping and dining options. It's home to many high-end boutiques, galleries, and historic cast-iron buildings that have been converted into luxury lofts. SoHo, or South of Houston Street, is a popular neighborhood for young professionals and artists. The real estate in Soho offers many apartments well over $1 million.

 Upper East Side, Manhattan

The Upper East Side is one of the city's most affluent and iconic luxury neighborhoods in New York. It is famous for its tree-lined streets, upscale boutiques, and high-end apartment buildings. It is home to multi-million dollar mansions, apartments, and townhouses being the norm. It is also home to many of the city's elite, with luxurious pre-war apartments and mansions lining the streets. The Upper East Side also has many prestigious schools, including the Dalton School and the Spence School, making it a popular neighborhood for families.

SoHo is the best choice for upscale shopping and fine dining

Brooklyn Heights, Brooklyn

This historic neighborhood is known for its brownstones and panoramic views of the Manhattan skyline. It is a popular neighborhood for families and young professionals and has a thriving arts and culture scene. The real estate in Brooklyn Heights is among the most expensive in Brooklyn, with apartments costing over $1 million.

Which one of the hot neighborhoods for luxury real estate in New York will you call home?

Deciding which neighborhood to call home in NYC can be difficult – that is where we come in!

As NYC real estate experts, we can help you narrow down your “must haves” and “nice to haves” and map those to the city’s various neighborhoods so you can make a decision with confidence.

GET READY TO MOVE IN

Once you have picked the neighborhood that best fits your needs, you want to make sure to move in style as well. You will most likely have lots of valuable possessions and furniture that you do not want to get damaged. Make it a priority to turn to skilled people, especially if you are making a long distance move to NYC. Hiring the best movers is a must.

Japandi Design Ideas for Your NYC Apartment

The Scandinavian interior design style started in northern Europe but quickly spread worldwide. It's famous for its neutral colors and simplicity. On the other side of the globe, the Japanese also developed their distinct interior design style. Minimalism and practicality are the main ideas it tries to convey. The similarities between the two inspired a unique fusion of styles that focuses on functionality, purposefulness, and appreciation of natural materials. And thus, Japandi was born. The clean, soothing aesthetic and the mindful usage of space make it very popular in NYC apartments. Take a look at this list of Japandi design ideas to see if this style is the right fit for you.

Warm Neutral Color Palette

Both Scandinavian and Japanese interior design styles use a neutral palette of colors. However, they often differ in shade and tone. Light colors such as white and grey and typical for nordic houses. On the contrary, Japanese color palettes are typically darker and warmer, leaning more toward earth tones. The perfect fusion of those two is the main palette of Japandi: light warm neutrals. You can never go wrong with combining warm off-white walls with light browns and beiges in the furniture. If you're looking to make your place pet-friendly, try leaning towards darker but still neutral, earthy tones. It will still look just as nice and won't get dirty as quickly.

Wall Texture

A concept that comes up in many Japandi design ideas is using some sort of texture on the walls. This idea stems from Japanese interior design, where wood and bamboo paneling are very common. A good way to include this in a Japandi-themed apartment is by using thin wooden strips laid vertically on the wall. It gives the space more dimension, and it can also be used to visually separate different areas. If wooden strips are not something you like, consider shoji screens. These are screens made from wooden frames with paper panels. They're an exciting addition to any room and completely fit the overall style.

Wall panels are one of the most common Japandi design ideas via

Minimalistic approach

One of the main characteristics of Japandi is the clean and streamlined space. In order to achieve that, getting rid of all unnecessary things in your home is an absolute must. There's simply no place for furniture and pieces of decor that serve no purpose. While minimalism isn't for everyone, getting rid of some things can feel quite refreshing. If you're not ready to part with your belongings completely, you can move them to another location. Experts from consumeropinion.org suggest taking a look into a variety of services that can help you with that. Doing this will create a serene and grounded atmosphere in your Japandi home.

Natural materials

Craftsmanship appreciation is one of the key values of both Scandinavian and Japanese design styles. One of the best ways to honor this profession is by using natural materials. When looking at Japandi design ideas, you'll notice that absolutely all of them include wood in some form. Hand-crafted wooden furniture is an absolute must in a Japandi home. There are many woodwork shops in NYC and the surrounding area. Whether it's a bed or furniture for your home office, you'll almost certainly find what you're looking for. If you want to go a step further, you can get some of your wooden furniture custom-made to your liking.

Even though it's the most popular, wood is not the only natural material there is. Any other are also more than welcome in a Japandi-themed room. You can have fun with different combinations of paper, bamboo, and rattan, including natural fabrics such as linen or wool, which is also a great idea.

Wooden furniture is both good-looking and durable

Plants

Establishing a connection with nature in interior design can be tricky. However, it should be pretty straightforward if you're going for the Japandi design style. Going one step further from using natural materials is incorporating plants into your living space. If there's a balcony in your NYC home, this will be very easy for you. Even if you don't have a balcony, don't worry - you can still create your zen garden inside. The key here is to not overdo it. It's easy to get carried away when buying plants. While there is nothing inherently wrong with that, it doesn't go well with the Japandi philosophy. Instead of 10 different plants, try getting a few that make an impression. This works so much better with the ideas of simplicity and elegance you want to convey.

Well-incorporated plants can bring life to any room

Multifunctional furniture

As we already mentioned, less is more when it comes to Japandi. When you don't have many pieces of furniture, you want to ensure that the ones you own are multifunctional. This complements one of the main ideas of Japandi: everything needs to have a purpose. Of course, this doesn't work with everything: a dining chair can hardly double as storage space. Still, working around this idea is worth it, especially if you're new to more minimalistic styles. It will give you more room to adapt while maintaining the desired aesthetic.

Open-space plan

Having separate spaces for different activities can be convenient at times. However, you may want to avoid that in order to convey a true Japandi vibe in your home. Sharp walls and separations go against the free-flowing concept that is crucial to Japandi. Instead, an open space concept for the living room-dining room-kitchen area is a much better option. If you have a possibility do to so, removing structural obstacles would significantly open up the space. This will make your space seem much more luxurious and will allow a free flow of natural light and air all throughout.

Overcrowded living spaces are becoming a thing of the past. Instead, a mindful approach with an appreciation of free-flowing space and natural materials is taking over NYC. Taking the best of both Scandinavian and Japanese interior design styles and combining them offers exactly that. While there are many Japandi design ideas to choose from, they are all based on the same principles. If simplicity and functionality are something you appreciate, consider giving Japandi a shot. 

2022 Holiday Tipping Guide

The Holiday Season has officially kicked off. With Black Friday and Thanksgiving over, holiday decorations are going up across town. With the arrival of the Holiday Season comes the question on the mind of many - “How Much Should I Tip?”

Building staff in Residential New York City buildings have been essential to all residents throughout the evolving pandemic. Building Staff have been responsible for increased cleaning protocols, receiving and managing an exponential increase in deliveries, and checking in on vacant apartments for residents that have escaped to second homes.

We’ve adjusted our annual tipping guide to account for the inflation being experienced in 2022. Giving additional this year will be appreciated by workers bearing the brunt of increased prices. If you are considering giving more this year to your valued Building Staff and are concerned they will expect this amount in future years, consider stating in your note with the tip how grateful you are for all they’ve done during this challenging year to set expectations. 

Our friends at Brick Underground publish a go-to holiday tipping guide, which has been circulating since 2013. We condensed it, and put our take on what is appropriate as you budget for your holiday tipping. Remember, these are simply guidelines. There are many factors that can influence the tipping decision such as the size of the building (a larger staff equates to smaller individual tips), level of service, seniority, and time in building. Additionally, owning versus renting in a building can play a big factor as well.

Of course, if you live in a building with a part-time doorman, virtual doorman, or no staff at all, the below levels could be adjusted downward.

Renters: Tips do not have to equate to the dollar amount you are paying each month for rent. If you receive a lot of packages, have a stroller that is carried in and out of the building, etc., factor this into your tip. 

It is recommended that you tip in cash. Doorman, Concierge, Supers, etc. all of bills to pay like you and I- they are not looking for fruit cakes, cookies, or homemade gifts at the holidays!

Many buildings have organized drop off locations for your tips so you can safely give to your Building Staff rather than direct contact due to public health guidelines.

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Tipping Guidelines

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Super: $175-$225
Doorman/Concierge: $150-$200
Package Room: $75-$100 per individual*
Housekeeper: 1 Week Salary
Dog Walker: 1 Week Salary
Garage Attendant: $75-$125
Personal Trainer: $125
Personal Assistant: 1 Week Salary
Hairdresser: $80-$120

*In the post-pandemic world, it is important to remember all the people fielding the large increase in orders you are placing and the sheer volume of orders they are now receiving, just for you alone. From Uber Eats to Amazon and every shopping destination in-between, there is no denying that we all place significantly more online orders than prior to the pandemic. We recommend tipping Package Room staff more than previous years. In most buildings it will be the package room employees, however, Doormen/Concierge are likely fielding these requests after hours.

When: Most building staff will prefer to receive their tips in early December so they can plan their own holiday spending accordingly. Tips account for a large part of building staff’s anticipated income at this time of year.

This guide was presented in 2018 and has been re-shared to include updated information, most recently from 2021

Unexpected Costs to Prepare for When Buying a Home in NYC

Whether you are just beginning your home search in NYC, or you have conducted multiple real estate transactions in the Big Apple, it is important to be aware of or reminded of what costs to expect when buying a home in New York City that may have been glossed over when determining your budget.

Down Payments in NYC On the Rise

The initial investment or down payment is often the largest cost for homebuyers. How much of a down payment you'll need to make is determined by the property's value and the loan's terms. The standard down payment required by banks is typically 20%, however, this number is a guideline today as many lenders offer various mortgage products that have lower (or higher) down payment requirements. Because interest rates have climbed throughout most of 2022, some buyers are opting to put a larger down payment on their purchase than they might have when rates were 2-3% in order to reduce their monthly mortgage cost.

All over the country, the typical down payment is much below 10%. You may buy a home in New York City with as little as 0% down (with a VA loan) or as much as 50% down (for the most competitive co-ops).

Ensure to work with both your Real Estate Advisor and Lender as you work to set your budget, factoring in the type of building at which you are looking as well as current interest rates.

 Charges at the Start of a Loan

Most of the NYC buyers chose a mortgage as a way to finance their desired property. Mortgage rates have been fluctuating in recent years because of the Pandemic followed by high inflation. Mortgage loan origination fees typically range from 1% to 2% of the loan amount, with the higher number covering the higher costs associated with in-house processing and underwriting. If your financial standing is solid, you may be able to bargain (or shop about). If the seller wants to attract buyers in a competitive market, they could offer to cover the origination fee.

Tax on mortgage recordings

Mortgage recording taxes are assessed according to the loan amount, not the purchase price. 1.8% for loans under half a million dollars and 1.925% for loans above it apply to condominiums and one- to three-family residences, respectively. Since cooperatives do not qualify as "real property," they are excluded from this regulation.

Calculating taxes can be a daunting project, and you can easily get lost in the numbers. via

Reserves as unexpected costs to prepare for when buying a home in NYC

Liquidity needs after closure are another name for reserves. Cash, cryptocurrency, equities, and bonds are all examples of liquid assets. To convince the board of a New York City co-op that you won't have any trouble making your mortgage or maintenance payments after closing, you should have two years' worth of living expenses in liquid assets.

You can fund an escrow account with your savings as well. Non-mortgage costs, including:

• real estate tax

• common charges/monthly maintenance

• insurance premium
  

  The mortgage servicer may add these costs to the monthly mortgage payment. All of these charges will be included in your one monthly mortgage payment. Since just one payment is required, the procedure is simplified. The lender will separate the charges and pay them as appropriate. This way, you will know in advance what to prepare for when buying a home in NYC.

Paying duties on transfers

The seller is typically responsible for paying the New York City Real Property Transfer Tax. However, the transfer tax is the buyer's obligation when newly constructed condominiums or sponsor units are sold for the first time. If the purchase price is more than $500,000, you may expect to pay a tax of 1.425%, but if it's less, you can expect to pay 1%.

Moving expenses

Most people leave thinking about moving costs at the very last minute. So, moving expenses can come rather unexpectedly to them. Even more so because if you don't plan and end up moving on short notice, you'll have less choice in terms of moving companies and more bills to pay. If you're moving long distance to New York, make sure to look for affordable help, meaning, start searching for reliable movers as soon as possible.

Renovation Costs Can Add up Quickly

Depending on how well the actual property goes with your end vision, you'll need to adjust and invest in some renovations. Of course, you expect the major ones, but it's important to put on paper how much money you will put into them. Also, minor things like pet-proofing your apartment can come to mind at the very last minute, and you might end up costing you more than expected.

 Legal costs

When purchasing a home in New York City, you must hire a real estate attorney. The purchasing procedure in New York City is more complicated than in other markets, making the assistance of an attorney essential. A real estate lawyer's fees are often structured differently from those of an hourly rate law firm. You may expect to spend between $1,500 and $4,000. The most you should ever pay is $5,000. Avoid anybody who offers to act on your behalf for a few hundred dollars.

A good lawyer can help you with all the unexpected costs to prepare for when buying a home in NYC.

Warranty on title

Title insurance shields you against any financial obligations the previous owner may have left on actual property, such as a condo or townhouse. You must set aside a few thousand dollars to guarantee a clear title. In other words, less than 1% of the buying price). On a $1,000,000 property, this may cost upwards of $4,000. But your peace of mind is worth much more than that.

Final thoughts

As you see, there are a lot of unexpected costs to prepare for when buying a home in NYC. You need to consider all of these to avoid any unpleasant surprises. You can always call a reliable real estate agent and ask for help when in doubt.

How to Pet-Proof Your New Manhattan Apartment

How to Pet-Proof Your New Manhattan Apartment?

Finding an apartment in a pet-friendly building in Manhattan can be challenging. So, if you managed to find one, you are lucky. Whether you own or rent, protecting your home from damage is important, and this includes damage caused by your furry family member. That is important because any damage can reduce property value or cause you to lose your deposit. Here are some tips on how to pet-proof your new Manhattan apartment.

Tips on how to pet-proof your new Manhattan apartment

Anyone that has had a puppy or kitten knows that pets are very similar to toddlers. They are very curious and love to explore any new place. Unfortunately, just like toddlers, they can also be unintentionally destructive. It is natural to scratch all surfaces and chew on various items. Not to mention that pets can also be pretty clumsy, like toddlers. A dog might accidentally break things with its tail, while a cat might break something while jumping on furnishings. At the same time, they can also get injured in the process. So, here are some tips on how to pet-proof your new Manhattan apartment.

Choose the right flooring

If you own a pet, flooring is the first thing you should address in your new Manhattan apartment. You need floors that won't scratch, stain or retain odors, so you must analyze your options and decide which would work best. Here are some of your best options:

●      Laminate floors are one of the best solutions for pet owners because they are easy to clean and water resistant. Plus, even if they scratch, it’s not that noticeable. However, they can become slippery when wet, which can be uncomfortable and dangerous for your pets. Therefore, make sure you keep them dry while your pet is around.

●      Vinyl floors are efficient since they can withstand clawing and are easy to clean. Furthermore, one of the best parts about this material is its quietness. That means it will reduce clawing and jumping noises. But once again, you must keep them dry. Otherwise, they can lift and produce mildew.

●      Carpets are a great solution, particularly for tenants. Since you cannot redo the entire flooring in your rented apartment, you can at least protect it. One of the most significant advantages of carpets is that they are much more comfortable for you and your pet. However, the downside is that they quickly absorb fluids, thus retaining odors and staining.

●      You can invest in a waterproof carpet if you’re worried about frequent peeing incidents. Of course, this is not as soft and comfy as a traditional carpet, but it’s practical in cases like this.

Carpets help protect your floors and are more comfortable for your pet and yourself.

Pet-proof your furniture

Both cats and dogs love sofas and comfy chairs. The problem is that they cover them in pet hair and sometimes even potty stains. Not to mention that cats enjoy scratching your furniture. So, how can you protect your furnishings? Firstly, make sure that you groom and brush your pets regularly. Do not forget to trim their nails as well. Secondly, use lots of washable blankets and slipcovers. Thirdly, spread lots of scratching posts or chew toys around the house to provide an alternative for your pets.

Remove fragile items from your new Manhattan apartment

If you have valuable and fragile furnishings and home accessories, removing them from your apartment might be the best option. Because accidents happen, no matter how many safety precautions you take. So, you should consider renting some storage to ensure the safety of your belonging. Plus, you never have enough storage space when you live in an apartment. So, if your home is getting smaller by the day and you can never find what you need, that’s a clear sign that you need some extra storage.

Protect your pets from electricity

Electrical wires and cables are hazardous. On the one hand, they represent a tripping hazard for your pets. Because, just like toddlers, when pets get excited, they don’t pay attention to these things. On the other hand, they love chewing on and playing with everything that isn’t a toy, so they risk getting electrocuted. Therefore, you should use floor cord covers or hide wires and cables behind baseboards.

Hide or remove anything that might be toxic

We all love decorating our apartments with plants because they brighten up the place, look great, and can increase oxygen levels. However, our furry friends also enjoy chewing on them. The problem is that many indoor plants are toxic for pets. So, you should do some thorough research before buying plants. Of course, if you have a dog, you can also solve this problem by positioning the plants out of reach. Unfortunately, this doesn’t work for cats since they are good climbers.

Make sure you decorate your new Manhattan apartment with indoor plants that are not toxic for pets.

Moreover, it’s not just plants that you have to worry about. Cleaning products are just as toxic for animals as they are for humans. So, you should keep them under lock and key. Furthermore, you should hide away food as well. Anything left out in the open can become a target for your pets. And it’s not just that they will gain some weight, but some human food can harm pets. Therefore, if your Manhattan apartment has ample storage space, you should use it.

Conclusion

As you’ve seen, pet-proofing isn’t all that different from child-proofing.  When it comes to how to pet-proof your new Manhattan apartment, you have to consider the safety of your pet and your belongings. However, be advised that no matter how many safety measures you take, accidents can still occur.

Mortgage Rates 2022: How High are Mortgage Rates? [INFOGRAPHIC]

The housing market in 2022 has certainly been characterized by higher mortgage rates as the Fed continues to increase its benchmark Federal Funds rate in an effort to combat inflation. With the Fed making its third 75 basis-point increase at its recent September policy meeting, what does that mean for mortgage rates?

It is important to note that the Fed does not control or set mortgage rates, however, it greatly influences them via monetary policy. Mortgage Rates typically tend to track the 10-year Treasury yield, so when yields rise, mortgage rates tend to go up as well.

 Are Mortgage Rates High Today?

While mortgage rates are currently the highest they have been since approximately 2008, the average rate for 30-year fixed mortgage according to Freddie Mac’s historical data shows that rates have been much higher than they currently are as well. Rates were in excess of 10% for most of the 1980s.

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 Today’s Average 30-year Fixed Rate: 6.43%

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via bankrate

While nobody wants to pay higher rates as it can erode home purchasing power, it is not all bad news. Interest Rates are still relatively low compared to historical standards. There are always benefits to homeownership and the predictability in monthly costs that a fixed-rate mortgage provides compared to renting.

Additionally, higher rates have impacted demanded which means there is less competition at certain price points and property types compared to the height of the busy 2021 market. This means that serious Buyers can still find opportunity and value in the market as the regain some of their negotiating power.

Easy Home Office Ideas for Small NYC Apartments

The last few years have turned working from home into the new normal. And many people enjoy it because of the more relaxed work environment. Not to mention that they can save a lot of time and money by avoiding those long commutes. However, many people struggle with staying productive at home because of all the distractions. Kids are running around the house and house chores are calling your name. Therefore, a good solution is to set up a dedicated space to conduct your work. But while you can find great luxury building amenities in NYC, most apartments were not designed to incorporate a home office. Thus, it can be hard to make room for one. So, here are some easy home office ideas for small NYC apartments.

 Finding the right location is key

If you want to stay productive, working from the sofa or the kitchen counter is not an option. You need dedicated office space, no matter how small it is. Having a defined space for work within your home can help you compartmentalize work vs. “home”. Go through every room of the apartment to identify areas that could fit a small desk. Here are a few ideas that could work:

• Convert a closet into your office space. Of course, storage space is important, but so is your work. So, make a compromise, and transform one of your closets into your office. And if you have nowhere to move the stuff in there, you should consider renting storage. Explore this solution because it can help you maximize the space in the entire apartment.

• Find an empty corner. Many apartments have empty corners, which is a waste of space. You can easily fit a small corner desk in there.

• Use the under-stair space. If your apartment has indoor stairs, the space underneath is probably empty. So, why not turn it into an office? Just make sure that your family members don’t use it as a dumping ground for their stuff.

• Create a nook or convert an existing one. One of the top easy home office ideas for small NYC apartments is to carve out a nook. For example, you can sacrifice a small part of your wardrobes to create a nook between them. Or, you can transform your reading nook into an office nook.

Make sure you have enough light

While the above-mentioned ideas are great, they lack proper lighting. And this constitutes a problem for your work productivity. Therefore, making room for a small desk in front of a window would be best. Natural light helps you stay focused and improves your mood, so you should have plenty of it. Nevertheless, this isn’t always possible. So, if the office area you choose is dark, make sure you add enough artificial lights.

Your home office should benefit from a lot of natural light, so, if possible, place your desk in front of a window.

One of the best easy home office ideas for small NYC apartments is creating a multi-functional area

If you’re not willing to sacrifice any part of your NYC apartment, the best option is to create a multi-functional area. And the best way to do that is by investing in transformable furniture. These pieces of furniture help you save space and hide your office whenever you have guests. Or you can simply get creative and identify furnishings around the apartment that can become multi-functional. For example, a bedroom vanity can be used both as a makeup table and as a work desk.

Create office storage space

For most jobs, you need more than just your laptop. You might need printed documents, stationery, and more. Therefore, you’ll need some space to store all of this. When space is a valuable resource, you need to take advantage of every inch. To do this, you might want to consider the option of a floating desk that leaves room underneath for storage cabinets and drawers.

Another great option is to use all the available vertical space. You can install cabinets and shelves on the wall. And you can even get creative by hanging pots and spice racks to use as storage. Nevertheless, if you want to make the most out of your vertical space, then custom built-ins are the way to go.

When you have a small office space, it can easily look messy and overcrowded. And this, in turn, makes you less productive. So, keep your desk tidy at all times by keeping everything stored away in cabinets and drawers. And make sure you declutter your office space regularly. Plus, according to the consultants from divinemoving.com, you should declutter your entire NYC apartment regularly to maximize the space.

One of the best home office ideas for small NYC apartments is to regularly declutter your office area to maximize the space.

Don’t go overboard when you decorate

When you decorate your small home office, you should keep it simple. Don’t go overboard because it will look cluttered and will distract your attention. So, leave the decorative home accessories for other parts of the room. Instead, opt for one or more beautiful indoor plants. This solution is great because it looks good and it also improves air quality. And according to the research, good air quality increases productivity.

Decorate your home office with indoor plants that are both beautiful, and improve air quality.

Another idea that can be both esthetical and practical is defining your work area. On the one hand, you can use room dividers that will make your workspace more private. They represent a great solution for hiding your home office when you have guests. And at the same time, they create a more professional background for video meetings. On the other hand, you can define your work area by painting the strip of the wall in front of your desk. In this case, you should use a contrasting color to the rest of the wall. This will make it stand out.

Final thoughts

Working from home has many benefits. Nevertheless, it can be hard to stay focused and productive in such a relaxed environment. Therefore, you should consider setting up a home office. But sometimes, finding room for one can be very hard. It doesn’t  matter if your NYC apartment is big or small because it is likely it was not designed with a home office in mind. Thus, you need to get creative and maximize the space you have. So, use these easy home office ideas for small NYC apartments.

Features to Look for in Luxury Homes for Families

What is a luxury home? Or, in other words, what makes a home feel luxurious? Is it a home with facilities that make the owner feel pampered or indulged? When the word luxury is mentioned, large pools, indoor gyms, game rooms, backyard tennis courts, and home theaters come to mind. But what are the most desired features to look for in luxury homes for families?

An Open Floor Plan

The open floor plan concept has become so popular in luxury homes because it emphasizes the size of the home and is a compliment to the modern lifestyle many luxury buyers lead today. Instead of many smaller, copped-up rooms with an open floor concept, you get a huge living area that feels rich. Furthermore, having larger, open spaces in your home will make entertaining groups of people much more effortless. Having the right amount of space, whether in your kitchen, dining room, living room, or outdoor space, provides a more comfortable party or get-together. Plus, it gives you increased flexibility when it comes to designing your spaces. You can create a quiet corner in your living room, just for your indoor plants, that feels more like an indoor garden.

Plenty of Outdoor Space

When considering features to look for in luxury homes for families, the second thing that comes to mind is outdoor space. If you are a family with kids, you probably want your kids to have more than enough space to run around and enjoy their time outside. Since the pandemic, outdoor space has become an incredibly desired amenity. A large yard with enough space for a pool, a garden, an outdoor kitchen with a grill, and a shady relaxation spot is a must. Moreover, if your kids are still little, consider leaving space in the backyard for a jungle gym or swing set.

When looking at luxury houses, the amount of outdoor space is very important.

Smart Technology

Technology has advanced to levels that most of us cannot even comprehend in the last several years. As a result, it is no surprise that smart houses are becoming more popular. Smart homes were one of the top luxury home trends last year, and it does not appear that things have changed much since then. As technology advances, smart appliances are becoming an increasingly crucial feature for luxury home buyers. Smart home technology may be integrated into any home, starting with a smart thermostat, fridge, home security system, doorbell, and even an electronic home personal assistant.

Extensive Storage Space is a Must in Luxury Homes for Families

For some people, a walk-in closet is a true sign of wealth, for families, having thoughtful and functional storage throughout the entire home is also a must. According to experts at benhur.com, huge storing options such as walk-in closets have always been a popular sign of wealth among the general public. In part, this could be due to the number of reality shows that feature huge walk-in closets filled with expensive things.

We have never heard a Buyer say they regret having a large walk-in closet in their primary suite….sometimes even two!

A walk-in closet is an excellent way to both store and showcase your luxury belongings.

If the Kardashian-style “boutique” closet in the master bedroom is not for you, you will never regret having large closets in all bedrooms and common high-traffic areas such as the foyer and off the garage.
Game & Theater Rooms

When it comes to opulent living for the entire family, gaming and movie rooms have been popular for decades. For years now, an in-home theater and game room have become standard features in most million-dollar homes. Moreover, wealthy property owners are attempting to push this trend even further by installing amenities like indoor basketball courts and expensive sports bar setups with televisions and indoor bars. The main objective is to create an environment where a homeowner of this luxury property never needs to leave the comforts of their own home because everything they need is within their reach.

A Home Gym

Having to drive to go to the gym filled with other people? The focus on home gyms has skyrocket since the pandemic for a number of reasons including convenience and privacy. Home gyms at their pinnacle would have plenty of space for equipment, machines, and weights, as well as additional amenities like built-in wireless speakers and TVs. Like a cherry on top, luxury homes should also have a private sauna and an indoor pool as places to relax after a hard workout.

Home Office

In the years since the pandemic started, millennial homeowners popularized home offices among the general population, not just the wealthy. However, a beautifully decorated and well–organized home office is another feature you should look for in a luxury home for your family.

In recent years, home offices have become an essential part of luxury homes.

Final Thoughts

When it comes to luxury homes, everyone has their own preferences, however, we covered some of the most popular and requested features that luxury buyers look for in family homes.

In a competitive market, it is important to partner with professionals across the entire home buying process from purchase to moving. That starts with working with real estate agents that are knowledgeable about the neighborhoods in which you are interested. When it is time to move into your new home, we highly recommend higher professionals to help take some of the burden off of this typically stressful process. If you are moving within the NYC area, get all the help you need and hire reputable local movers to take care of and transport your belongings.