The Real Deal turns to Adina Equities in these tumultous economic times for a vision of the ppresent and future of the New York City apartment rental market. In short, this is an excellent time to explore renting over buying as many landlords offer concessions like flexible move-in dates and free appliances - to lower rents. This makes working with Adina a WIN WIN for both the landlords and the renter. In short, at Adina equities, "We never let the brokers fee stand in the way of a deal."
You've just bought your first home. The down payment has been made and the papers signed. The boxes are packed, the truck is loaded and good-byes are said. With nervous excitement you are on your way to your new home. Finally, you have arrived, begin unpacking and suddenly realize that you can't change a light bulb because you don't have one!
Thus begins the first of many unexpected expenses of owning your first home. It may sound ridiculous, but there are many little things that people don't think of when they are moving into a new home and how daunting it can be to have to extra expenses that you didn't count on.
For example, lets say, a newly married couple who moves from their two bedroom apartment in New York City to a four bedroom house on Long Island. They didn't think to bring a mop and broom because their apartment was carpeted and the new house has hardwood or tile floors. Sounds silly doesn't it? But those small items, if you don't already have them, can add up quickly.
The purchases are small and are easily made over time, but if you need several items at once it can be an expense that you didn't include in your initial moving costs.
It's a good idea, if a person can handle the stress of adding one more thing to their list of things to remember when moving, is to get the things before hand or set aside some money for these unexpected expenses that may arise after you get to your new home.
Some good things to remember are: - Having to change the locks on all your doors including garage and exterior basement doors as you don't know who may have a key. - Possibly having to paint interior walls, as you may realize that after the former owners have moved out, they don't look as nice as they did when you first looked at the house. - Making sure that you have basic tools such as a hammer, pliers and a screwdriver. - Having extra utility bills such as garbage pick up or water. This is a must to remember for former renters as such things were usually included in the rent. - Extra cleaning supplies like garbage bags and paper towels. Extra light bulbs, batteries, flashlight and a first aid kit is always good to have. Put all these things into one box so that you don't end up searching the multitude of other boxes that you brought with you.
There is always a million little things to do when first moving into house when you are in the process of making it your own. There are things that just can't be done the minute you move into your new home. Another good idea, and this should be a priority, it to set up a Repair Fund. Setting aside one to three percent of the price of the home is recommended by some home manuals. Say you are concerned about energy efficiency and would like to put in a new water heater, but don't have the funding right away. Wrapping the heater with an insulated blanket is inexpensive and a good temporary way to start being efficient. Having the repair fund avoids the hassle of having to come up with the extra money.
Remembering or trying to remember all the little costs of moving in can make the first time home buying experience less stressful for the new home owner. Make your list and check it twice!
Deriving its name from Avenues A, B, C, and D, the only avenues in Manhattan with single letter names, Alphabet City is bordered by Houston Street to the south and 23rd Street to the north where Avenue C ends. The neighborhood once considered a slum area is now part of the trendy East Village. Tompkins Square Park, Nuyorican Poets Cafe and the Stuyvesant Town housing project are some of the historic landmarks located within this neighborhood.
Like so many of the neighborhoods in New York City, Alphabet City has been home to a succession of immigrants. In the 1840's and 1850's it was home to mostly German immigrants and was know as "Little Germany". By the 1880's the majority of the German immigrants had migrated Uptown to Yorkville and were replaced by Eastern European Jewish, Italian and Irish immigrants.
At the turn of the century, Alphabet City was one of the most densely populated areas due to its closeness to the garment district where many of the residents worked. After the building of the subway system, many residents moved out to the Bronx and surrounding areas. By the 1960's and 70's the neighborhood was seeing another transition as thousands of Puerto Ricans began to settle in the area. It became an important site for the development for the strengthening of the Puerto Rican culture in New York.
Today, Alphabet City has been going through a gentrification. Housing costs have risen sharply since the late 1990's. Many of the abandoned buildings have been renovated and converted into storefronts, restaurants and nightclubs. Empty lots have been made in community gardens providing much needed green spaces in this densely built area.
For more in depth information about Alphabet City, please visit here
FHA Commissioner Announces Changes to FHA Programs
Oct. 29, 2005--Brian Montgomery, head of the mortgage loan insurance programs at the Federal Housing Administration, announced significant changes that will make it easier for consumers to use and Realtors(R) to promote FHA products.
Speaking at a forum during the 2005 REALTORS(R) Conference & Expo here, Montgomery, assistant secretary for housing-Federal Housing Commissioner at the Department of Housing and Urban Development, said FHA will no longer have specialized FHA appraisals and will allow homebuyers to fold into their mortgage up to $35,000 in home repairs or minor remodeling.
The former met with applause from the Realtor(R) audience. Specialized FHA appraisals often required a laundry list of repairs that had to be made before settlement, that often delayed settlement, killed the transaction, or prompted Realtors(R) and lenders to direct homebuyers elsewhere for a mortgage. Required repairs were time-consuming and often unclear, and many times were minor, but underwriters were afraid to waive the requirements.
"The appraisals were intended to ensure that a property financed by FHA was in good condition for the borrower. Unfortunately, these appraisals drove you, our partners, and the prospective borrowers away from FHA," Montgomery said. "We've changed all that now."
FHA will continue to work with Realtors(R), lenders and appraisers to be consistent with the rest of the market, Montgomery said, and will no longer impose unnecessary repairs or require inspections and evaluations that aren't customary for an area. "Instead, we will accept the new Fannie Mae appraisal forms," he said.
"Similar to Fannie Mae and Freddie Mac, we will defer to state and local requirements regarding the condition of the home," Montgomery said.
The new version of the "Streamlined (k)" loan will permit homebuyers to finance up to $35,000 in their mortgage to pay for straightforward home repairs, like replacing a roof, windows or furnace.
"The program is a financing tool for the average homebuyer who wants to make simple changes, such as updating the appliances or replacing flooring or installing new windows to make the home more energy efficient," he said. "You, as the buyer's agent, can assure your homebuyers that they can close on the house, and then make the repairs."
He noted that the two major changes are the first of many, and that the recommendations came from the real estate industry. He assured the Realtor(R) audience that FHA is continuing to study its operations and programs, and to consider changes recommended by users, Realtors(R), and lenders.
Montgomery said he was nominated by President Bush several months ago because the president saw FHA as an organization in need of revitalization. "FHA was set up originally to play a critically important role in the American housing market, to serve as an innovator, and help underserved families," he said. But FHA has fallen behind in its mission, he said, and that was not acceptable.
"FHA needs to be compatible with the rest of the industry. I feel very strongly that FHA is here to serve the American public in a way that protects the consumer. But consumer protection that drives away the consumer is no protection at all," he said. "Bottom line: FHA is under new management and we are changing. We'll be bringing you a lot more than you've had in the past."
The National Association of Realtors Lucien Salvant, 202-383-1176
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