What are the benefits of home ownership? The American Dream is to own a house!

Other than the psychic benefits of being an owner rather than a renter, there are two primary financial benefits – building equity (or savings) and tax deductions.

Building equity – Instead of paying rent, ownership allows you to build, over time, an equity stake in the property. Your mortgage payment goes towards interest and principal. Many people view the monthly principal payments as savings. So that when it comes time to sell, you can monazite the equity stake – or savings – you have built up over time. This compares to being a renter, where you have not built up any equity, or savings, in the property.

Tax deductions – Again, your mortgage payments are comprised of both principal and interest. The interest you pay is tax deductible, as are your real estate taxes. In houses and condominiums, real estate taxes are paid separately, whereas with cooperatives, they are embedded in the monthly maintenance payment. And in a cooperative, the corporation may also have an underlying mortgage on the property, so interest payments may also be included in the maintenance payment. Usually the tax deductibility of a cooperative’s maintenance payment is expressed as a percentage of the total maintenance payment.

Your tax savings are equal to the total mortgage interest and real estate taxes you pay each calendar year multiplied by your Federal marginal income tax rate. So, for example, if your interest and real estate taxes for the year totaled $10,000 and your Federal marginal income tax rate is 28%, your tax savings are the product of the two, or $2,800 per year or $233.33 per month.

What is the difference between a cooperative and condominium?

In a cooperative, you purchase shares in the corporation that owns the building. These shares entitle you to a proprietary lease that allows you to occupy the unit. You are a tenant-owner in the cooperative, and are entitled to the same tax deductions as if you owned real property (a house or condominium), namely real estate taxes and mortgage interest (for both the cooperative corporation’s mortgage and your own mortgage). Cooperatives also have rules that specify a specific down payment percentage. This can vary from 10% t0 35% of the purchase price. Again, this is a cooperative corporation, not a bank, requirement. Cooperatives also require financial disclosure from the buyer, in the form of a comprehensive purchase application, and approval by the corporation’s board of directors.

The cooperative corporation issues rules, which may limit the right to sublet, or rent, the unit, and restrict the ownership of certain pets. There may also be what is generally known as a “flip tax,” an amount paid to the cooperative corporation when the unit is sold. This payment is typically borne by the seller, and is often expressed as a dollar amount per share or a percentage of the sales price.

Condominiums are considered real property, so you are purchasing the interior (four walls) of the unit plus a share of the common elements (hallways, basement, etc.) of the building. The condominium does not have a down payment requirement, however, your lender may require 10% down. The size of the down payment is dependent on your creditworthiness. A fairly simple purchase application is submitted, and the condominium does have the right of first refusal to purchase the unit. In virtually all transactions the condominium board signs away this right and the property proceeds to closing.

What are the financial requirements to purchase a house, condominium or cooperative? Today, given the recent turmoil in the financial markets, a prospective buyer’s financial wherewithal and solid credit history is of paramount importance. Every buyer needs to consider the following: Credit Scores – There are three credit rating agencies (Experian, TranUnion and Equifax) that compile information on your use of credit and issue a FICO score than ranges between 300 and 850. 850 being excellent – 300 very poor Usually, from 750 and up is what the lending institutions are looking for in this turbulent financial climate. Should I buy or rent?

This is dependent on your needs, time horizon, and financial situation.
Your needs… What a family, couple or single person may require in a home.
Your time horizon... The amount of time projected to live in a certain place.
Your financial situation... The affordable amount one can pay monthly.

How much house or apartment can I afford?

This depends on the needs of the family coupled with the financial situation of the purchaser.

How long does it take to close on a property, once my offer has been accepted?

It could be as short as a month with an all cash purchase of a house or condo. Usually it is 60 to 90 days from accepted offer to closing. It can be longer when purchasing a coop.

How long does it take to close on my property?

It could be as short as a month with an all cash purchase of a house or condo. Usually it is 60 to 90 days from accepted offer to closing. It can be longer when purchasing a coop.

What does Beaudoin Realty Group offer?

We are a team of brokers and agents who live in the area in which we sell. We offer flexibility in how your home is listed: Exclusively in our office, on the Multiple Listing Service, The New York Times online, our website and other real estate sites. We interview and pre-qualify buyers before we invite them into your home. Before an offer is presented, rest assured that we have undertaken extensive financial due diligence on the prospective buyer.

What do we need to do before we place our property on the market?

Clean up
Remove Clutter
Renovations
Deal with any Estate issues

How will our property be advertised and promoted?
Your property will be featured on our website.
We can help promote your home though an open house.
We are members of the Multiple Listing Service, which allows your listing to be seen by over 20,000 real estate professionals from Queens to the tip of Long Island.
Your property will be sent to the Beaudoin Realty Group email list and advertised on all of the following websites:

Use Fluorescent Bulbs

Replace conventional incandescent light bulbs with compact fluorescent light bulbs (CFLs). They last up to 10 times longer and use two-thirds less energy.

Get Unplugged

Most devices in standby mode will continue to use power. Unplug these devices or use a smart strip power strip that senses when appliances are off. It knows when to turn your devices on automatically - saving you time, money, and energy.

Machine Washing

As much as 85% of the energy used to wash clothes goes to heating the water. Using cold water can help to reduce energy cost.

Thermostat Settings

Lowering you thermostat by just one degree can reduce costs by about 4%, by lowing the thermostat just a little you can save on heat and A/C costs. Ceiling fans also help in reducing energy consumption in both the summer and winter months.

Faucets Low-flow water fixtures such as showerheads, faucets and toilets reduce water consumption and water heating costs by as much as 50%. Eat smart Purchasing from local farmers keeps money in the local economy. Our famers market is located on 34th Avenue between 77th and 78th street every Sunday during the summer months. Bottled water Use a water filter to purify tap water instead of buying bottled water. It will save you money and also reduce container waste. Use a reusable water bottle when traveling or at work. Buy smart Purchasing food from bulk bins can save money and reduce packaging waste.

Energy Star

Energy Star-qualified appliances and electronics use far less energy than standard appliances and in addition reduce pollution.

Windows

Replacing old single-pane windows with double pane-windows helps reduce heat loss in winter and heat gain in the summer. They can also help reduce noise pollution in your home.

U.S. Department of Housing and Urban Development, Federal Fair Housing Law

We Do Business in Accordance with the Fair Housing Act (The Fair Housing Amendments Act of 1988). It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin

• In the sale or rental of housing or residential lots
• In the advertising or sale of rental housing
• In the financing of housing
• In the provision of real estate brokerage services
• In the appraisal of housing
• Blockbusting is also illegal

National Association of Realtors, Code for Equal Opportunity

We subscribe to the policy that equal opportunity in the acquisition of housing can best be accomplished through leadership, example, education, and the mutual cooperation of the real estate industry and the public. In the spirit of this endeavor, this board proclaims the following provisions of its Code of Equal Opportunity to which each member is obligated to adhere:

1. In the sale, purchase, rental, or lease of real property, REALTORS and their REALTOR-ASSOCIATES have the responsibility to offer equal service to all clients and prospects without regard to race, color, religion, sex, handicap, familial status or national origin. This encompasses:
   
   
   • Standing ready to enter broker-client relationships or to show property equally to members of all racial, religious, or ethnic groups.
   • Receiving all formal written offers and communicating them to the owner.
   • Exerting their best efforts to conclude all transactions.
   • Maintaining equal opportunity employment practices.
   
   
2. Members, individually and collectively, in performing their agency functions, have no right or responsibility to volunteer information regarding the racial, religious, or ethnic composition of any neighborhood or any part thereof.
3. Members shall not engage in any activity which has the purpose of inducing panic selling.
4. Members shall not print, display, or circulate any statement or advertisement with respect to the sale or rental of a dwelling that indicates any preference, limitations, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin.
5. Members who violate the spirit or any provision of this Code for Equal Opportunity shall be subject to disciplinary action.

• Armondo’s Restaurant: (718) 429-8552
  74-27 37th Avenue Jackson Heights, NY 11372

• Arunee Thai Cuisine: (718) 205-5559
  37-68 79th Street Jackson Heights, NY 11372

• Café La Nueva: (718) 505-3700
  85-02 37th AvenueJackson Heights, NY 11372

• Happy Kitchen: (718) 803- 1600
  80-12 37th Avenue Jackson Heights, NY 11372

• Italian Farms: (718) 446-0933
  80-01 37th Avenue Jackson Heights, NY 11372

• Jackson Diner: (718) 672-1232
  37-47 74th Street Jackson Heights, NY 11372

• Jackson House: (718) 639-6201
  82-14 37th Avenue Jackson Heights, NY 11372

• La Flor Bakery Café: (718) 426-8023
  53-02 Roosevelt Ave Woodside, NY 11377

• Sapori d’ischia: (718) 446-1500
  55-15 37th Avenue Woodside, NY 11377

• Sripraphai: (718) 899-9599
  64-13 39th Avenue Woodside, NY 11377

• Bella Via: (718 361-7510
  4746 Vernon Blvd. Long Island City, NY 11101

• Manducatis: (718) 729-4602
  13-27 Jackson Avenue Long Island City, NY 11101

• Don Peppe: (718) 845-7587
  135-58 Lefferts Blvd. Ozone Park, NY 11420

• Park Side: (718) 271-9274
  107-01 Corona Avenue Corona, N.Y. 11368
  

• Stamatis: (718) 204-8964
  3114 Broadway Astoria, NY 11106
  
  
• La Portena: (718) 458-8111
  74-25 37th Avenue Jackson Heights, NY 11372

• Manducatis Rustica: (718) 937-1312
  46-31 Vernon Boulevard Long Island City, NY 11101

• Novo Restaurant & Lounge: (718) 426-7272
  78-23 37th Avenue Jackson Heights, NY 11372

• Pio Pio: (718) 426-1010
  84-15 Northern Blvd Jackson Heights, NY 11372

• Plaka Medertainan Grill: (718) 505-0515
  37-68 79th Street Jackson Heights, NY 11372

• Seba Seba: (718) 478-4691
  79-28 37th Avenue Jackson Heights, NY 11372

• Tomo Japanese Cuisine: (718) 205-6222
  86-12A 37th Avenue Jackson Heights, NY 11372

• Trieste Restaurant: (718) 899-0035
  73-16 Northern Blvd Jackson Heights, NY 11372

• Piccola Venezia: (718) 721-8470
  42-01 28th Ave. Astoria, NY 11103