The Real Estate Broads of New York

You have found the home of your dreams. Think high beamed ceilings, stunning views and it's flooded with sunlight. However, there's carpet everywhere and mirrored walls in every corner. Also the red walls in the bedroom have to go. It looks like if you're going to enjoy living in your dream home you're going to have to renovate but there are quite a few things to consider. Today we are talking about what you will need to know before you start renovating, the process for approval and what constitutes a major vs a minor renovation.

When you're looking to buy you want to think about if you want to renovate or not. It can be very costly and there are sometimes time restrictions on how long as per the building's rules. You need a plan. When the renovations are extensive you need an alteration agreement, you might need an architect and a licensed contractor. If it's just light painting, etc. then you will typically need a decorators agreement. Regardless of the renovation, will you continue to live in the home or will you need to live somewhere else. It's also great to get to know your super and make sure they have a good relationship with your super so that they can work together during the renovation.

Have a plan before you start. Use a licensed contractor who knows what they are doing and file everything with the DOB. Make sure you are allowed to do the renovations before you start. If you have a budget, try to stick with it. Expect the unexpected and understand the timeline and realize it might cost a little more or take a little more time than you think.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com and please subscribe and download so that we can keep bringing you more great content.

You can also email us at [email protected].

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, and Spotify so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

Today we are discussing the walk-through. What it is and what to look out for. So it's the day of or the day before your closing, you've been approved and you're ready to own that home but we still have the walk-through. It's the last chance to look at the property and make sure everything is in working order before you empty out your bank account and own that home.

The walkthrough is when you check that everything, appliances, drains, electrical outlets, etc, are in working order. If something isn't working you can always have money held in escrow until it's fixed or you can get a credit. There is a benefit to putting money in escrow as then you can still close on the property. Worst case scenario, the closing is postponed until everything is fixed.

Do the walk-through either the night before or the morning of the closing. Once you close, you have no recourse, so this is your last chance to make sure everything is right.

Walk-Through Checklist

1. Check all outlets
2. Check HVAC units and/or Central AC

Lights

1. Check all light fixtures to make sure they are working and fans
2. Check lights under or over kitchen cabinets
3. Check light in the microwave
4. Check lights in closets

Floors

1. Check areas that were previously concealed by rugs and furniture; look at the overall condition

Doors

1. Make sure all open and close properly
2. If move-out occurred, make sure no damage was done to doors or door jams

Windows

1. Make sure all open and close properly and none of the seals are broken

Bathroom

1. Flush the toilet and make sure it doesn't run
2. Run water in the sink on hot and cold and check for leaks under the sink
3. Make sure shower/tub works and any other accessories

Kitchen

1. Run water in the sink for hot and cold and make sure it doesn't leak under the sink
2. Check all appliances - run the dishwasher, make sure refrigerator, freezer and ice maker work
3. Check burners on the stove
4. Check oven and make sure both bake and broil work
5. Check microwave - run it and make sure light works if applicable
6. Washer/dryer - run the washer and check for leaks and make sure the dryer gets hot

Miscellaneous

1. Fire alarm - there should be both fire/carbon monoxide alarms in the apartment and test to make sure they work- there should be one in each bedroom and one in each hallway
2. Look up at the ceiling for any leaks

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com and please subscribe and download so that we can keep bringing you more great content.

You can also email us at [email protected].

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, and Spotify so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

Your space is too small and you need more room. Maybe you decide you're ready to downsize or there's a great job opportunity across the world. These are all good reasons to move. So it's time to sell your home but you're not sure how to pick the person you're going to work with. Choosing an agent to sell your property is an important decision and there are questions you should ask and things to consider before picking an agent to sell your home because if you make the wrong choice it could be an awful experience and worst-case scenario your home doesn't sell and you could lose out on money, time and your sanity. So today we are talking about how to choose an agent, what to look out for, and how to find the right person to get the job done.

When you're choosing an agent there are so many things to consider. They should first and foremost relieve you of the stress of selling the property as it can be very stressful. You sign a legal contract with this person so make sure you get the right person who understands what you want to accomplish.

Communication is key with your broker and makes sure you have someone who listens to your needs and tries to accomplish your goals together. You want them to market and price it correctly and make sure they are with you every step of the way during the process. Expectations should be managed properly on both sides of this important relationship.

There needs to be trust between you and your broker so that as things happen along the way you can feel comfortable with listening to them and know what is going on with your property. You also will want the agent who is working with you to sell your property to keep you updated on what is going on in the building and the neighborhood once your property is put on the market and during the process until you are in-contract.

Asking for references or being able to speak to past customers that an agent has worked with can help you find out if you want to work with this person or not.

Experience and knowledge are very important. Pricing is something that everyone should be aligned on regarding the number and the strategy. Make sure you feel your agent listens and that you feel heard. Lastly, trust is everything, and if you have that all the above will work beautifully.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com and please subscribe and download so that we can keep bringing you more great content.

You can also email us at [email protected].

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, and Spotify so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

You have a chunk of money and you have decided to own a home in NYC. Typically you have 2 choices. Co-ops and condos. What are the differences between a co-op and a condo and what should you consider as both a buyer and eventually a seller of these properties. There are pros and cons of both and we are going to explain this and help you figure out what will work best for you.

70% of the housing market in NYC are rentals and the rest are co-ops, condos, and townhouses. You want to look at the specifics of a co-op or a condo. What is the end-use of the property. Will it be an investment, primary residence, or both? Condos are much more expensive but they have more flexibility in terms of subletting. There are people who want co-ops exclusively because they like the vetting process done by the building on all of the owners and they feel safer making a purchase in a co-op.

There are different financial requirements in a co-op verse a condo and there are buyers and sellers who don't want to go through that process. You want to understand these properties and what the differences are.

Both co-ops and condos are run by boards and have different policies and you want to understand them for either type of property before you purchase.

Things to keep in mind are your budget, what you want to do with the property, the rules of the building, the different financial requirements each one has, and then what you think will best fit your lifestyle.

If you have any other questions about co-ops and condos or anything else please reach out to us at www.therealestatebroadsofnewyork.com

or email us at [email protected].

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, and Spotify so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

Is your space getting a bit cramped? Are you expecting a new baby? Have all the kids moved out and you find yourself with too much space? Are you permanently working from home and you realize you want a proper office? These are all great reasons to decide to sell your home. Today we are talking about when to list your home, what to think about before you list and why preparation is key to hitting the market and reaching your goals.

Deciding on when to list it can have a real impact on the outcome of the sale and for some properties, it might be better to wait while with others you will want to put them on the market right away.

A few things to consider: know where you are going once you do sell, look at current market data including sales and properties in contract to get an idea of pricing, and then depending on your objectives you will figure out if you are ready to list or not.

You can't time the market but there can be better times to list certain properties in certain neighborhoods so it can be something to consider. Waiting isn't the worst idea depending on why you're waiting and it can give you time to prepare the property as well.

If there is an inventory shortage that is typically the best time to sell. You want to sell with the "momentum."

The property if it's priced right, put on the market at the right time in the best possible condition that's how you can achieve top dollars.

If you have any other questions about when to list or anything else please reach out to us at www.therealestatebroadsofnewyork.com

or email us at [email protected].

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, and Spotify so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

New York City is a unique place to buy real estate. Most of the housing stock are co-ops that require a buyer as the last step in the sales process to be interviewed by your neighbors known as the board. Hence, the dreaded "board interview" where buyers often have to grovel, donate their firstborn, or don an outfit that does not involve yoga pants. You may have heard horror stories about this. Well, we are here to tell you, they are all true. You've gotten this far with one more hurdle to go. Do you make it to the finish line?

We're talking about what to expect when you go before a co-op board for the interview in order to purchase the home of your dreams. Some questions are mundane, others can be off-putting. We'll prepare you for the unexpected and make sure you nail that interview.

A few things to remember is that you will need to be prepared for anything, dress casual is best, don't ask any crazy questions, and get ready to be your most boring self who will happily answer questions with the end goal in mind. The goal being to get that approval from the board so that the next step is to close!

These are the tips and tricks you can learn when you're working with a great agent who is going to get you through the process.

If you have any other questions about the board interview or anything else please reach out to us at www.therealestatebroadsofnewyork.com

or email us at [email protected].

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, and Spotify so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

In a hot market, or just even if a property is priced well, many buyers will be attracted to the same listing. This causes the ever-dreaded, stress-inducing, frenzied situation known as the bidding war! Buyers hate them, sellers love them and they cause stress to everyone. Nobody wants to lose them, but there can only be one winner.

Preparation is key when entering a bidding war. You want to have all your ducks in a row in terms of what you will need to submit an offer. You will also need to be ready psychologically to often pay a much higher price than the asking price if you want to win. However, what is that magic number and how can you make an above-ask offer and still feel good? This is the topic we are tackling today.

A few items you will need to have ready in terms of preparation. You will need to have chosen your real estate attorney, have a pre-approval for a mortgage if you are financing ready-to-go, and have a financial statement prepared so a seller can understand your financial picture which can often help push you ahead of the pack.

Also, figure out the highest number you're willing to pay for the property and that if you lose the property at this number you won't regret it! Also, you won't regret it if you happen to get the property at that number too.

These are some of the tips you will learn from a good agent who is going to get you through the process.

If you have any other questions about bidding wars or anything else please reach out to us at www.therealestatebroadsofnewyork.com

or email us at [email protected].

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, and Spotify so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

Denise Bongiovanni and Sharon Held are Licensed Associate Real Estate Brokers working in New York City. They have a combined experience of 30-plus years and millions of dollars worth of transactions. They've also been friends for years.

One day while talking about the crazy work week they were having while sharing war stories they realized the conversation would make a great podcast and "The Real Estate Broads of New York" was born. They demystify the process of buying and selling real estate in New York City so that you can own a home that you'll love.

The weekly episodes are released on Thursday and will be around 10 minutes long. They will give you tips, tricks, and war stories so that you can learn from their mistakes giving you all the knowledge you'll need the next time you decide to make a move to buy or sell. If you are actively buying or selling in this market right now, love real estate, or New York City then this is the podcast for you.

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