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How much is the property tax in NYCquestion

Every month, an owner pays property taxes, which is part of the city’s way of generating revenue. Property taxes amount to about 0.5 percent to 1 percent of the property’s market value per year. This tax is paid regardless of whether the investment property is profitable.

What is the difference between a Coop and  a Condoquestion

In New York City, 85% of units available for purchase are in Cooperative (coop)buildings. When you purchase a coop, you buy stock in the corporation that owns the building. The building then “leases” the coop to you under what is known as a “long-term proprietary lease”. Monthly maintenance charges include building operations, upkeep, property taxes and underlying mortgage (if one exists). Depending on the building, the tax deductibility portion of the monthly maintenance charges may differ.  With the purchase of a condo, you buy an individual parcel of real property, much like a house or townhouse. A condo owner owns its apartment and an interest in the common area and is responsible to for paying individual real estate taxes and a share of the common charges for the expenses to maintain and operate the common areas. Unlike a coop, there can be no underlying mortgage on a condo building.

What are the requirements for renting an apartment in NYCquestion

Each landlord has their own set of expectations, some more stringent than others. In general, leaseholders should expect an application process to include a verification of income, creditworthiness and assets. Minimum annual income requirements are usually 40x the monthly rent for combined leaseholders but can be higher, depending on the building. Paperwork requirements can vary for those who are self employed. Consult your real estate advisor on what to expect to ensure a painless leasing process.

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