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Renting |
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Why should I use Colfax Realty?
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1) Our service is built entirely around the needs of people relocating to New York.
2) All of our associates are trained experts in the relocation process and have worked with a wide variety of clientele, US and international alike.
3) We walk you through the whole process-end to end.
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We are a client-centric firm, and we tailor our services to your specific situation. |
| When is the right time to start looking at places? |
Give yourself plenty of time so that you can familiarize yourself with the New York market and the different options available. That way, you will be able
to see a variety of housing in different locations, and it will be easier to make the right decision.
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| What is the process to secure a place? |
You must fill out an application, pay an application fee, provide your background info and sign the lease. |
| What documents do we need to bring along to close the deal once a suitable apartment has been found? |
All landlords request more or less the same docs. You should have your Driver's License, Social Security card, your most recent bank statement, your most recent pay stubs and your W-2 or tax statement. In NYC, you are required to have an income that is 40 to 50 times your monthly rent if you do not have a guarantor (a co-signor). Owners or property managers will often ask for a letter of reference from your previous landlord, a letter of personal reference and verification of employment that states your position, length of employment and gross annual income on company letterhead. Once you fill out the application, you will need two checks - one for the application fee ( this varies, but usually runs between $35-$150) and the other for 2 months' rent (the first month's rent plus the security deposit). |
| How long will we need to look at all the places? |
We filter out the properties you don’t like before you come and hit the ground running when you get here. All we need is one afternoon or morning to see 6-8 properties. |
| Are there any furnished apartments? |
No, but it is very easy to buy “furniture packages” from the students that are graduating. Check out our free classifieds. |
| Do I need to come to New York to look at places? |
We help a lot of people find homes remotely, using our “virtual” resources - phone, fax and e-mail. Check out http://www.colfaxrealty.com/resources_nyc.php |
| I have a dog or cat. Is this a problem? |
Finding a place that allows pets can be challenging in NYC. Some properties take them, some don't, and buildings usually have weight limits. Colfax Realty will work to meet the challenge so that you can house your pet. |
When we start narrowing down the list to specific units, will you be sending me pictures and/or layouts of the actual places that fit my criteria?
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Yes. There is a lot of info on our website as well. If you are not coming to New York, we give you a "virtual" tour of the properties by sending you plenty of pictures of the units. |
| Is there any information that you could send us on the different neighborhoods in the New York area? We would like to get a feel for the city before we move. |
Sure. Check out http://www.colfaxrealty.com/resources_nyc.php or go to the New York page on our website. Also, we would be happy to refer you to resources that you can access online. |
| What is the difference between an independent rental and a rental community? |
An independent rental is a unit that is individually owned and rented by its owner. Renters are much less transient. The places are designed to be longer term homes, so they usually have nicer finishes and features. The units vary by owner and building. Processes, procedures and policies vary greatly by landlord.
In a rental community, all the units are rentals, and the building is managed by a property manager. The residents are much more transient, and the units are cookie-cutter. They usually have a price list and pretty defined processes, procedures and policies. |
| What is a co-op? |
A cooperative, or co-op, is a building in which your right to live there is obtained by the purchase of stock in the corporation that owns the property. All residents in the building are part of the co-op. Usually, a board of directors governs the corporation and makes decisions on property issues. As a shareholder, or resident, you receive one vote. When you buy into a co-op, you do not receive a deed as you would with a condo. You own the stock and a proprietary lease that usually runs from 10-50 years and is automatically renewable or by the approval of all shareholders.
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| What can I expect my utilities to be? |
From $100-$250/mo. |
| What is a feature? |
Items that are part of the apartment itself: microwave, dishwasher, fireplace, etc. |
| What is an amenity? |
Items that are part of the apartment complex: a party room, pool, gym, coffee shop, etc. |
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Buying |
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| Why should I consider buying? |
• Build equity
Rather than pay rent and help your landlord build his equity, make your monthly payments go towards paying off your mortgage and building your own equity.
You also build equity as your property's value appreciates.
• Tax deductions
Rent is not deductible, whereas mortgage interest and property taxes are.
• Today’s rates
Interest rates are hovering near 40-year lows. As rates (and rents) go up in the future, your monthly payments will be locked in at today’s rates.
• No capital gains taxes
If you live in your property for at least two years, you will not have to pay any capital gains taxes when you sell.
• Colfax Realty can help with the next phase
If you decide to rent your property if you move away or upgrade, Colfax Realty can market, lease and manage it for you. Or if you decide to sell your property, we can help with every step of the process. |
| What is the New York market like? |
It depends on the neighborhood in which you buy. You should contact a Housing Advisor to learn about the various deals available. |
| How do I know what the mortgage rates are? |
Mortgage rates are linked to different factors. For example, some rates are determined by the yield for the 10-year treasury bill. Home sales/purchase activity is directly tied to mortgage interest rates… The lower they are, the more people buy and the faster properties appreciate. The higher rates get, the more people rent, causing properties to appreciate slower (and the rent market strengthens, causing rents to go up). |
| Why should I use a Housing Advisor to find my place? |
Since the commission for the sale of a property is almost always paid for by the seller regardless of who the buyer is, buyers are able to get invaluable assistance and information from our Housing Advisors at reduced costs. It is for this reason that the vast majority of home buyers employ the services of an agent or housing specialist for their purchases. In addition, since most places are listed by real estate agencies, buyers are able to view and consider many more properties. We specialize in helping people on the move with their housing needs, so we can answer questions that are specific to your situation. |
