hangonsloopy's Profile
Author's Posts
July 14, 2008
Window lock?
Our new apartment has 2 windows in the bedroom: one opens onto the fire escape, and the other has the A/C unit installed in it. On cooler nights we prefer to sleep with the A/C off and the windows open, but I'm hesitant about leaving the window on the fire escape open while we sleep. Having it closed leaves the room pretty stuffy.
Does anyone know of a window lock that would (a) allow the window to remain open, but not too wide, and (b) be easily disengaged from the inside in case of fire? I definitely don't want anything requiring a key - more of a physical barrier that's easily removed from inside. Thanks!
June 25, 2008
How much insurance for a coop?
We're in the process of purchasing our first apartment, and we're trying to determine how much homeowners' insurance to carry for the interior of our coop. This is to cover the walls, floors, fixtures, and appliances (as opposed to our actual possessions) in the event of some catatrophe inside our apartment not covered by the coop's building-wide insurance.
The "recommended amount" quoted to me by Geico was $30,000, but to me that seems low - if the entire interior of our apartment (3 rooms) is destroyed, it will cost more than $30K to fix it.
If anyone could give any input as to how much is a good amount, or what you carry on your coop, I'd greatly appreciate it. Thanks!
April 10, 2008
Inspection on a coop?
We're hoping to go into contract on a coop soon, and I'm wondering whether it's standard practice to get an inspection done on a coop before closing. It certainly seems advisable to me, but so much of real estate custom in NYC is ill-advised, that I wonder if the seller might balk. Any experience with this? Thanks!
October 24, 2007
How do I know how much to offer?
We're thinking about putting in an offer on a coop. We've never done this before and I just have no idea how much to offer. Should I just offer something I'm comfortable with? A certain % less than the asking? I can look up some comps, but having not seen the apartments I have no idea whether they're comparable. Any guidance much appreciated!
October 4, 2007
Is it foolish to count on rental income?
We've been thinking to buy a coop in Ditmas Park, Sunset Park, or a similar nabe. Lately, though, I've noticed a couple of 2-family houses that, if we were to rent out half the house, would leave us paying only slightly more on a mortgage than we'd be paying in mortgage + maintenance in a much smaller coop. I love the idea of having our own house that we could expand into as our family and (hopefully!) income grow. But I'm wondering whether it's smart to count on rental income - because it would be a helluva stretch to afford without it. Assuming that the rental is in decent shape, is this common? Do people generally figure they'll be able to rent out the apartment to afford their mortgage? Or is that hideously ill-advised?
October 1, 2007
Is Ditmas Park "fringe"?
We're looking to buy a coop in the greater Ditmas Park area. Do people think this is a nabe where we'll risk overpaying in the coming months? Better to wait? Things seem to be selling briskly there, but would be interested in your opinions. For what it's worth, we love it there and would love to be in a place of our own sooner rather than later. Thanks in advance!
August 24, 2007
Another broker question
Do brokers list all of their listings on their websites? Or only the best ones. I'd like a place with unrenovated kitchen and bathroom, which I imagine wouldn't look as good as all the SS appliance-kitchens I see on broker ads. If a broker has apartments in the areas I like, is it worth checking to see if they have others? Thanks!
August 22, 2007
How to start looking?
Were slowly gearing up to start looking to buy our first place, with an eye on the credit crunch and a hope for a softening market. We'd like an older 1+ or 2BR in one of the "south of the park" nabes - ideally Kensington or Windsor Terrace - for under $400K. Putting aside whether or not this is a pipe dream, can anyone give me some guidance on how to start looking - more to get a sense of the market and what's out there than to snap something up - we have time. Do we just show up at open houses? Find a broker? Thanks!
Author's Comments
Thanks all for the great responses! Another question: to what extent do you all think this depends on neighborhood? We're looking at places that aren't totally prime - moving toward Sunset Park - do you think that it will be a big difference in finding good tenants there as opposed to somewhere like Park Slope?
Posted by: hangonsloopy at October 4, 2007 1:24 PM in response to Is it foolish to count on rental income?
3rd ward in Bushwick does carpentry and furniture building classes, which might come in handy later.
Posted by: hangonsloopy at October 4, 2007 2:32 PM in response to Information about home repair/maintenance classes
Perhaps more what you're looking for:
http://www.nhsnyc.org/content/otherprog/home_maintenance.html
Posted by: hangonsloopy at October 4, 2007 2:51 PM in response to Information about home repair/maintenance classes
Maybe I'm dumb, but looking at the floor plans on the bed-stuy place, I can't see how the top-level tenant gets to their pad without walking through the owner's duplex. Or am I missing something?
Posted by: hangonsloopy at October 5, 2007 2:54 PM in response to Open House Picks
Check out the sublets board at the Park Slope Food Coop (if you are cooperatively inclined!). I'm often amazed at how many people are looking to sublet their places for a short time there. If you're not members a friend who is can sign you in.
Posted by: hangonsloopy at October 11, 2007 5:24 PM in response to sublet/temp housing sources?
We're in a similar situation. Although you might not need access to the funds to actually make an offer, friends who have gone through the process have told me that it helps in getting the mortgage to have all your funds in your name. You look more financially responsible and less like you just got a check from your folks (not intended as a judgment, just how it could look!).
But if you're getting one of those stated income stated assets mortgages then that doesn't matter.
Posted by: hangonsloopy at October 11, 2007 6:25 PM in response to Down Payment Gift Question
I kind of think the whole Lyceum could do a better job with its advertising. I think it's so great that they've cleaned the place up, and it's such a great space - but it seems very mishmosh. One week it's batting cages, then a trapeeze workshop, film festival, and there's a coffee shop...It's terrific that they have so much going on, but maybe one large unified professional-looking sign (not taped to the railing) would help convey that it's a performance space (or whatever) as well as a coffee shop/cafe, as well as tell passersby what's on for the week. I think that could do a lot to raise the profile and let the neighborhood know what a cool place it is.
Posted by: hangonsloopy at October 16, 2007 3:44 PM in response to StreetLevel: At the Lyceum, Coffee But no Klatsch
Gah. I am being driven nuts by how *every single apartment I see* has the exact same kitchen and bathroom. Those stupid cherry cabinets and those big beige tiles. Man I hate them! All the sponsor units are being renovated to look just like this, and the ones I'm seeing aren't selling.
Posted by: hangonsloopy at October 18, 2007 1:28 PM in response to Condo of the Day: 119 St. Marks Place
6.25 is what I was quoted by a broker for Park Slope with about the same amount and credit.
Posted by: hangonsloopy at October 18, 2007 4:41 PM in response to Current Mortgage Rates?
Responses to Author's Forum Comments
What you want are sash locks. They prevent the window from opening more than 8" or so (or at whatever height you install them). There are many different styles and some windows come with them built in. The primary difference is how you engage and disengage them.
Posted by: jimdisc at July 15, 2008 4:29 PM in response to Window lock?
Thanks Dave in Bed Stuy, I look at the big picture when it comes to investing some money.
I was sad to see the tin go also, but the ceiling was very damaged & would cost more to repair than what it was worth. In some higher end apts I would consider spending the extra cash. I was investing in straightening out the floors & didnt want to see a slanted ceiling. Oh well, what can you do... At least now I have straight lines.
Posted by: caseycrespo at July 22, 2008 6:14 PM in response to South Slope Renovation
Thanks all - a followup: when it comes time to make a deal, etc, who helps us figure out what to offer and guides us through the process? Are we on our own throughout? At what point do we hire a lawyer?
Posted by: hangonsloopy at August 23, 2007 10:51 AM in response to How to start looking?