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New York Insider Tips – August 2016

When negotiating for a home, each side has over 15 different “value elements” at their disposal to offer or not offer to entice the other side to make a deal. These range from the simple, such as price or closing date, to the more nuanced, like how to structure a mortgage contingency when an appraisal is low. How each agent uses the elements, and when they are changed or added, often determines if a deal is made.

Want to design your alcove studio in a way which enhances it’s perceived size and open feel? Section off your alcove bedroom with a set of sleek bookcases, or a loft-style wall that doesn’t touch the ceiling (with no door). Create distinct living areas for entertainment, dining, and preparing food. Place mirrors on walls near windows. Keep paint and floor stain colors light.

Over 95% of co-ops carry an underlying mortgage, allowing owners to deduct a % of maintenance payments on tax returns. The % that is tax deductible changes annually, and is based on the portion of the building’s budget allocated to interest on said mortgage, as well as taxes to the city.

Small bedrooms are a drawback to many new condos. Since developers can sell a higher bedroom-count unit for a solid premium over a similarly sized unit with one fewer bedroom, they are being creative to find additional bedroom space in floorplans to up the bedroom count.

You probably don’t use the service door in your pre-war kitchen. If you are renovating, see if your board will allow you to drywall and build over it. You could buy yourself 4′ feet of counter space and cabinets, and a cleaner look.