Bindra Maharaj
at R New York
Frequently Asked Questions
We're Here to Help!
Welcome to our FAQ page, a place where your real estate journey is met with clarity, guidance, and inspiration. Drawing upon our collective experience and unwavering dedication, we're here to empower you to navigate the world of real estate with confidence and purpose. Whether you're embarking on the adventure of buying, selling, or renting, our curated answers and insights aim to illuminate your path and ignite your passion for achieving your dreams. Explore our FAQ section, where each question answered is a step closer to realizing your aspirations. Together, let's turn your real estate dreams into a vibrant reality!
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FAQ Questions When Selling Your Home
How do I prepare my home before I sell it?
Enhance your home's appeal for sale with a thorough cleaning and minor repairs. From refreshing paint to fixing appliances, these small touches can make a big difference in a competitive market.
How long will it take to sell my home?
Homes typically sell within 60-90 days, factoring in 30 days on the market and 45-60 days for closing. Time to sell varies based on factors like listing season, local market conditions, home conditions, and buyer financing. Longer selling times incur ongoing expenses like mortgage, taxes, and utilities.
When is the best time to sell a home?
Spring and early summer, particularly June, are prime seasons for home sales, representing 40% of annual volume. Sales remain steady through early fall, though activity declines in winter. January sees the lowest market activity, making it the least favorable time to sell.
How much does a seller pay in closing costs?
​Typically, a seller covers 8–10% of the total sale price in closing costs, with 5–6% allocated to realtor commissions. The remainder includes expenses such as Title Search, Title Insurance, Escrow fees, Transfer Tax, Prorated property taxes (dependent on local rates), and legal fees. Additionally, if contributing to the buyer's closing costs, expect to pay an additional 2–5% of the sale price.
Are real estate agents fees negotiable?
Absolutely! Negotiating your realtor’s fees is possible. Typically, it's 6%, split equally between buyer’s and seller’s agents. You can negotiate fees directly or opt for discount brokers, although they may offer less assistance. Ultimately, a top-notch agent prioritizes their client's best interests.
​How can a real estate agent help me sell a home?
A top-tier real estate agent knows the local market well and can accurately price your home for maximum offers and a swift sale. They handle all aspects of listing, from paperwork to marketing and open houses, while also providing access to a network of professionals throughout the selling journey, from closing agents to photographers.
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FAQ for Home-Buyers.
When is the best time to buy a home?
The ideal time to buy depends on your priorities: April sees the most new listings, November offers the best deals, while August strikes a balance with lower prices and ample options. Sellers eager to close deals before summer's end often lead to price reductions in August, making it a favorable time for buyers.
How can I save money when buying a home?
Explore financial programs like FHA and VA loans for eligibility. As a first-time buyer, you may qualify for FHA loans or other home buying programs. VA-backed loans offer benefits like no down payment and favorable terms. Financial experts suggest saving for a 20% down payment to avoid private mortgage insurance, which can add significant costs monthly.
Are real estate prices negotiable?
Understanding the market and seller's needs is crucial. In a seller's market, lowball offers can jeopardize your chances. Negotiation skills are key to affording your dream home, with a real estate agent's expertise ensuring fair deals. Wait until after the home inspection to negotiate a lower price, if necessary.
How much does a buyer pay in closing costs?
​Closing costs typically range from 3–5% of the home's sale price, averaging $6,087 nationally in 2020. This payment covers essential buyer expenses like Loan Origination Fees and Appraisal Fees. Depending on location, additional fees such as attorney fees or pest inspections may apply. Buyers can negotiate with sellers on covering closing costs, but be mindful of seller contribution limits based on mortgage type.
​What should my down payment be on a house?
A 20% down payment is ideal to avoid private mortgage insurance (PMI), but lenders typically require at least 3% for the sale to proceed. Depending on location and mortgage eligibility, some lenders may mandate a minimum of 5%. Special programs exist for first-time buyers, veterans, and rural residents, alleviating the need for a down payment in certain circumstances.
How can a real estate agent help me buy a home?
A buyer’s agent streamlines your home search, schedules visits, and negotiates on your behalf. With extensive local knowledge, top agents save you time and money by pinpointing the best options. Access to multiple listing service databases gives them an edge in finding homes before others. A skilled agent eases the home buying process, providing peace of mind and a smooth experience.
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FAQ for Renting out your apartment.
How much is a tenant expected to pay at lease signing?
Your payment comprises the security deposit, rent, and fees. In most cases, landlords expect the first month's rent upon lease signing. New York State Law limits the security deposit to one month's rent. Broker fees, if applicable, are specific to the apartment. While landlords sometimes cover these fees, in high-demand markets, you may need to pay them. These fees are non-refundable and not reimbursed at lease end.
​When should a tenant be notified if the homeowner plans to increase rent by more than five percent or will not renew the current lease?
Notification periods:
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30 days before renewal for tenants with less than one year of occupancy or less than a 12-month lease.
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60 days before renewal for tenants with one to two years of occupancy or a lease term between one and two years.
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90 days before renewal for tenants with more than two years of occupancy or a lease term of at least two years.
Are there any disadvantages to renewing my current tenant's lease?
Renewing your current tenant's lease may have drawbacks such as:
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Limiting your ability to adjust rent according to market trends.
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Missing opportunities for major repairs or renovations.
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Retaining undesirable residents.
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Allowing complacency with existing tenants, potentially neglecting necessary actions.
What are the benefits of renewing a lease?
Renewing a lease offers several key advantages:
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Retaining reliable tenants.
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Avoiding turnover expenses.
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Saving time and money on tenant search.
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Decreasing vacancy risks.
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Strengthening landlord-tenant relationships.
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Encouraging long-term tenancy.
How much can a landlord raise the rent on their lease renewal for the current tenant?
In most cases, there are no limitations on increasing lease amounts unless you reside in a rent-stabilized or rent-controlled area. Tenant willingness to pay and regional rental market trends influence pricing decisions. Landlords cannot raise rates unfairly, as punitive increases may lead to legal consequences. Additionally, retroactive rate hikes are prohibited, requiring landlords to disclose new rates at the time of renewal.
Should I use a real estate agent to list my property for rent?
Using a real estate agent to list your property for rent offers several benefits. They possess expertise in the rental market, accurately price your property, and employ effective marketing strategies to attract tenants. Agents handle tenant inquiries, screening, and negotiations, ensuring reliable renters and maximizing rental income. They also ensure legal compliance, saving you time and effort while providing a smooth rental experience from start to finish.
FAQ about Commercial Real Estate
How can I maximize the rental income from my commercial property?
To maximize rental income, consider enhancing the property's curb appeal, implementing strategic renovations, and staying updated with market trends to adjust rental rates accordingly.
What is the standard commission for a commercial lease in NYC?
​The commission paid to the broker for a lease depends on multiple factors, such as the lease's length, the property's location, and the broker involved. Typically, the commission percentage paid varies throughout the lease. For instance, for a five-year lease, the broker might receive 5% of the base rent for the first year and 4% for the remaining four years.
How can I attract reputable tenants to lease my commercial property?
Attracting reputable tenants involves highlighting the property's unique features, offering competitive lease terms, and using effective marketing channels to reach potential tenants within the target market. This will increase the chances of finding the right tenants for the property.
How long are most commercial leases?
​Landlords typically require three to five-year leases to guarantee sufficient rental income to recoup their investment
How do I determine the optimal pricing strategy for leasing my commercial property in New York?
Determining optimal rental prices involves conducting thorough market research, comparing similar properties, and considering factors such as location, amenities, and demand to establish competitive rental prices that maximize profitability.
What benefits are there to hiring a commercial real estate agent?
Hiring a commercial real estate agent provides numerous benefits, such as access to market insights, negotiation expertise, assistance with paperwork and legal matters, and the ability to leverage their network to find qualified tenants or buyers efficiently.
