Seeking advice - buying into family brownstone

My husband’s family owns a wonderful brownstone, and we rent the bottom floor. We are now exploring buying into the brownstone and taking over another half or full floor as part of the purchase. I want to make sure we are thoughtful about this and would like advice on how to proceed. We are all going into this with the best of intentions – we have good relationships with each other, and we all want to make sure that we keep these in tact as we move forward. Here are my many questions. I welcome all advice:   1/ The brownstone needs some work and we would like to bring in someone to help us assess the work that needs to get done, and prioritize it for us. Do we bring in a home inspector, an engineer or an architect? We will clearly need an architect down the line to help with space reconfiguration, but I assume we should start with structural work that needs to get done.   2/ We need to figure out the price point for buying in. We have been in conversation for a while, but clearly need help figuring out what is a good and fair deal for all of us – and the best way to structurally set up the deal. Should we be talking to a financial advisor who can help us figure this out as a family – or should we bring in some type of facilitator to help us through this? Any recommendations on good financial advisors who have done this?   3/ Any other issues we should be thinking about as we proceed? Much thanks, Cheryl

cheryl112

in Family and Parenting 13 years and 4 months ago

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eric3872 | 13 years and 4 months ago

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Wht exactly do you mean by “buying in”?  Are these separate units?  Is it a ‘Tenancy in Common’ sort of arrangement?

cumpierre | 13 years and 4 months ago

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An architect could help you figure out NYC codes issues so the renovation is done legally.  The architect could draw a quick layout for estimating purposes.  The architect, with the help of a builder, could estimate the renovation cost.  Architects have a team of structural engineer, expediter, builder, etc.  www.cu-a.com

callalily | 13 years and 4 months ago

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Hire an engineer, an appraiser, and a lawyer.

Bklnite | 13 years and 4 months ago

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re: structural work that needs to get done – I’d think you want to talk to an engineer and/or one or more contractors who do that kind of work. re: fanancial advisor – I don’t think that’s the type of help you need, though maybe your husband’s family does is the brownstone or the proceeds from selling an interest is a major part of a retirement plan. I think you need a good attorney familiar with tenancy in common to talk you through the issues and record a new deed if you go forward. An attorney can help you with an agreement to spell out the TIC issues – who’s responsible for maintenance of common areas and separate living spaces; what happens if someone wants to sell;  and maybe sort through the issue augustiner raises – what happens if you & your husband split. As far as the fair value, you should get an appraisal (more accurate than a broker “opinion of value”). If you apply for a loan you’ll pay for a bank’s appraisal, which you can request a copy of. It also makes sense to get someone to appraise not only the value of the entire brownstone but also the value of each of the separate living areas as you’re proposing to divide it.

Augustiner | 13 years and 4 months ago

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“we have good relationships with each other, and we all want to make sure that we keep these in tact as we move forward” -> exactly, not to sound sarcastic but the best way to make sure of this is probably to continue renting or buy somewhere else.
if you plan to renovate you need to manufacture into the contract what you and the other party plan to invest and who will pay for it. E.g. it does not make too much sense to renew electrical in half the house.
Besides that you should make a contract between you and your husband about what should happen with your investment when you split up. As the majority of owners in the house is not your family, it´s them against you. Just saying. If it´s not dead cheap, buy something else and drop by for coffee and cake sometimes.