Welcome to the first edition of our “Ask an Agent” column with Michelle Mumoli of Sawyer Smith Residential
If you have a question you’d like answered email us: [email protected]
I’m interested in renting in a luxury building downtown. I know they all have their own leasing offices, is there any benefit in having my own realtor?
Although leasing offices are a great resource for renters in specific luxury buildings, other luxury buildings do not have leasing offices, leaving renters with minimal knowledge of all available luxury rentals. Having the representation of a Realtor will always give you an edge. A Realtor will help you see all rentals that are available on the market and get all adequate forms and applications done efficiently, as well as help you understand the process. Renters have nothing to lose by having the representation of a Realtor, if anything more knowledge to gain and more luxury properties to see. There’s also the added bonus of building a relationship with your Realtor and going back to them in the future, when deciding to buy or have questions about the market. Remember, realtors sometimes hold licenses in both NY, NJ and beyond, helping you navigate any real estate waters.
Is it risky to buy now with the tax re-evaluation pending?
Now is a great time to buy with interest rates as low as they have ever been in history and the housing market being so strong. Although it is tough to give actual numbers, re-evaluations happen in every town in every city across the nation and it will most likely be in minimal increments and according to the size of the property. Taxes are assessed proportionate to property square footage.
I want to buy a multi-family unit… live in one and rent the other one out. What neighborhood is the best investment if I plan on holding on to the house for 5-10 years?
That’s a great option to help subsidize your mortgage and build equity! You really have to find out what your budget is, and the best way to figure that out is by talking with qualified mortgage lender. Right now with all of the great redevelopment that’s going on throughout the entire city, Jersey City is a great place to invest. A mortgage lender can help you gauge what your budget is and that really is the deciding factor. Parts of the city have rapidly increased in value in the past few years and some are slowly increasing in value due to the redevelopment that is currently happening in those areas. So, call your lender and your Realtor for a tour of every part of the city, so you can get a feel for where you would see yourself living. You can also reach out to neighborhood groups and associations for information on their communities.
Thanks for the questions!
Until next time,
Michelle Mumoli NAR, ABR
