What is homesteading? If you think homesteading is only limited to moving from the city to the middle of nowhere across the country and living on an extensive off-grid property, then you really need to read this blog. Unlike what you might think, homesteading entails much more than you imagine.

In fact, you can be a homesteader even by continuing to live where you are!

Though it’s an age where urbanization and digital connectivity dominate, many people still prefer to seek a return to a simpler, more self-sufficient lifestyle by homesteading their property.

This blog will delve into understanding the concept of homesteading, its historical context, practical steps to get started, and specific considerations for those interested in pursuing such a lifestyle.

So let’s get started.

What Is Homesteading?

Earlier homesteading generally referred to moving to a whole new region and owning land where you can build a house to reside and engage in small-scale farming to become self-sufficient.

However, modern homesteading is still associated with farms and holds the spirit of ‘moving away’ not from your current residence but from industrial systems. This means you can even homestead right from where you are by engaging in urban or suburban homesteading.

These days, more and more people are interested in urban homesteads where people live sustainably through urban agriculture.

Choosing to live independently with a self-reliant approach, instead of just settling in a city or rural area, is what we can call homesteading in modern times.

Homesteaders strive to minimize their dependence on external resources by aiming to create a self-sustaining ecosystem on their land and adopting a holistic approach to living.

History Of Homesteading

Homesteading has deep roots in American history, dating back to the Homestead Act of 1862.

The United States began to devise plans for distributing federal or public land to individuals in the 1840s and 1850s. As a result, the Homestead Act was enacted in 1862.

In the past, Homesteaders could claim government-owned land under this Act, provided they lived there, farmed it, and made improvements to it for a period of five years. This policy aimed to encourage westward expansion and settlement, offering opportunities for many immigrants and citizens.

The federal government allotted 270,000,000 acres (420,000 sq mi) of public land for private ownership and granted 1.6 million homesteads between 1862 and 1934. This accounted for 10% of all US land in total. The government discontinued the practice of homesteading in 1976. However, in the state of Alaska, it was continued until 1986.

Though the Homestead Act was repealed in 1976, the ethos of homesteading – self-sufficiency, hard work, and a connection to the land – continues to inspire modern-day homesteaders.

How To Start Homesteading?

So, how can you start homesteading? Let’s get straight the steps below:

1. Consider What Homesteading Involves
   Homesteading is a significant commitment that requires time, effort, and a willingness to learn various aspects. Reflect on whether you’re ready to adopt the lifestyle changes and challenges that come with homesteading.
2. Set Goals For Yourself
   Ask yourself why you want to homestead. Is it to grow your own food, reduce your environmental footprint, or become more self-reliant? Defining your goals will help you create a focused plan and measure your progress.
3. Decide Where You Want To Live
   Whether you choose a rural setting or a suburban plot, ensure it aligns with your goals and has the resources you need to thrive.
4. Make A Budget
   Create a detailed budget that includes all the costs you may incur. Budgeting your finances carefully will help you avoid any unexpected setbacks.
5. Start Small
   It’s easy to get overwhelmed by the sheer scope of homesteading. Start with small, manageable projects and gradually expand as you gain experience and confidence.
6. Learn To Preserve Food
   Learning to can, freeze, dry, and ferment foods will allow you to preserve and store your harvests. This will ultimately increase your food security.
7. Connect With Other Homesteaders
   Building a network of like-minded individuals can provide valuable support, knowledge, and resources. Join local homesteading groups, attend workshops, and engage with online communities.
8. Learn Important Skills
   Finally, learn and practice crucial skills to fuel your homesteading journey such as gardening, composting, sewing and mending clothes, and construction and repair skills.

How Do Homesteaders Make Money?

Common ways to make money as a homesteader include selling surplus produce, eggs, and meat at farmers’ markets; creating and selling handmade crafts; offering workshops and agritourism experiences; and freelancing or remote work.

Some homesteaders also monetize their knowledge and experiences through blogging, vlogging, and writing books. Diversifying income sources ensures resilience and sustainability for homesteaders.

How Does The Homestead Exemption Work In New York?

The Homestead Exemption in New York provides property tax relief for homeowners. This exemption reduces the assessed value of a primary residence, lowering the amount of property taxes owed.

To qualify, homeowners must use the property as their primary residence and file an application with their local assessor’s office.

The Final Say

Homesteading is a rewarding journey toward self-sufficiency, sustainability, and a deeper connection with nature.

If you’re considering homesteading in New York, take advantage of the resources and communities available to support your journey. Embrace the challenges and joys of homesteading, and you’ll find yourself living a more meaningful and sustainable life.

Need help in finding land for a homestead in New York? Get in touch with Elite Properties today!

FAQs

1. Is it still possible to homestead in the US?
Although the Homestead Act no longer exists, you can still find plenty of free land provided you meet certain requirements.

2. Who started the homestead?
On May 20, 1862, President Abraham Lincoln signed the Homestead Act and on January 1, 1863, Daniel Freeman made the first claim under the Act.

3. Which state offers the best homestead exemption?
In terms of the value of property that can be protected, homestead protections in Texas, Florida, Lowa, South Dakota, Kansas, and Oklahoma are among the broadest in the US.

Real Estate Investment Group or REIG can be a good fit for you if you are someone new to real estate investing. Even if you aren’t new to real estate investing but lack the time or money to do it, REIG is for you.

But what exactly is a REIG?

In essence, REIGs allow the investors to pool their resources and take advantage of the potential returns of real estate ownership. Not only this but they free up the investors from the hassle of actively managing real estate properties.

Doesn’t that sound great?

So, let’s dig deeper and understand what Real Estate Investment Groups are, how they work, and much more.

Here we go!

What Is A Real Estate Investment Group (REIG)?

A REIG is a group of private investors that focuses on real estate investment, by pooling money, expertise, knowledge, and/or time to purchase income-generating properties.

Basically, all REIGs combine funds from different members and investors and utilize them to buy and invest in real estate while giving the participating investors a return, such as an interest payment or profit split.

In broad terms, REIGs give investors access to the advantages of real estate investing – like potential capital appreciation, tax benefits, and passive income – while lowering the costs and risks related to owning a single property.

Real Estate Investment Groups can opt to purchase, finance, sell, or renovate properties in an effort to increase their earnings. Purchasing multiunit properties, selling units to real estate investors, and taking over property management and upkeep are common activities that REIGs perform.

Each REIG will have a different investment strategy, but it may use any of the common real estate investing strategies, such as buying commercial real estate, rehabbing and renting, holding mortgage notes for properties, or fixing and flipping properties.

How Does A Real Estate Investment Group Work?

As a potential investor, it is important to understand the functioning of REIGs. Check out below how they work:

1. A REIG is formed by a group of individuals who collectively want to invest in real estate.
2. To structure this group, these individuals usually form a limited liability company (LLC), partnership, or other legal entity.
3. Depending on the size of the group, minimum investment requirements, and the overall investment strategy the members contribute money to the group. This money is then grouped to form a large investment capital.
4. Further, experienced professionals in the management team conduct research and perform analysis to identify potential investment opportunities for acquiring suitable properties.
5. Once a property is acquired, the REIG management team takes charge of the property management. This may include maintenance, repairs, tenant management, and other day-to-day management activities.
6. According to the terms of the investment agreement, once the returns on investment are generated they are distributed among the group members. The distribution can be based on some predefined criteria or factors like capital contribution percentage.
7. Talking about decision-making, the structure and governance of the REIG play a great role. Usually, the management team makes strategic decisions on behalf of the group, but some groups may also allow the members’ involvement in the decision-making process.
8. Lastly, the investment duration and exit strategy of a REIG can vary from group to group depending on the specific investment objectives and the terms mentioned in the investment agreement.

Pros And Cons Of Joining A REIG

Below are some pros and cons of a REIG that you should consider before joining one Have a look!

Pros

• You can invest in bigger real estate deals and hold tangible real estate with less money.
• Because the experts in the group take care of all aspects of property acquisition, and management. Also REIGs offer a passive investment opportunity.
• Joining a REIG gives you access to the knowledge and experience of seasoned experts. They are well-versed in the real estate industry.
• You and the other investors split costs associated with maintenance, repairs, and property management when you invest in a REIG. This can lower personal financial obligations and increase cost-effectiveness.
• Joining a REIG provides you opportunities to network, and work together with other investors who share your interests.

Cons

• It is possible for investment goals, management styles, duties, or outcomes to clash or come into conflict.
• You have little authority to make investment decisions if you’re a member of a REIG. The group’s management team makes strategic decisions, which can restrict your ability to personalize investments to your tastes.
• Depending on the terms of your agreement, it could be challenging to pull out your money.
• A membership fee might lower your returns.
• Generally speaking, REIG investments are less liquid than stocks or other publicly traded securities.

FAQs

1. How can you find REIGs to join one?
To find REIGs, using professional networking groups and websites like LinkedIn or the National Real Estate Investors Association can be a good start. You can also reach out to financial advisors or local real estate agents who specialize in real estate investments. Also they may help you connect with professionals or firms involved in such investment opportunities.

2. How much money do I need to join a REIG?
Thoroughly perform due diligence while assessing REIGs. Examine the management team’s performance history and experience. Also, understand the group’s investment strategy and objectives, and pay close attention to the terms and investment structure.

Further, it is also advisable to speak with a real estate expert and financial advisor. They can help determine whether REIGs are suitable for you depending on your investing goals, risk tolerance, and financial circumstances.

We hope you find this helpful!

If you are looking to buy or sell real estate properties in New York by seeking expert assistance, get in touch with Elite Properties today!

 Single-room occupancies (SRO) have existed and have been used for centuries. Yet, they have a complicated history!

Today many Americans are facing a home affordability crisis as a result of the rising cost of housing in cities like New York. In such high-cost markets, SROs, generally boost the supply of affordable housing and decrease homelessness.

On the other hand, there’s a common trend that people are purchasing these types of properties and converting them into single or multi-family residential to gain better profits.

So, let’s find out more by taking a closer look and understanding single-room occupancies (SROs) in New York.

What Is A Single-room Occupancy (SRO)?

A furnished single room that can be rented on a monthly basis or for an extended period is called an SRO.

Generally speaking, SROs are multi-tenant houses or apartment buildings with small individual rooms that share a kitchen and a bathroom in common areas. This type of housing is usually targeted at people with low incomes or single adults who prefer a minimalist lifestyle.

SROs are similar to low-end hotels, commonly huge buildings located in big cities. In fact, a lot of them feel more like hotels but with fewer amenities.

Modern SROs today are marketed as co-living spaces or micro-apartments. A co-living space is a form of communal living in which you get a private bedroom and the rest of the rooms or common areas are shared. A micro-apartment is a tiny studio which is a small, two-room flat with a kitchen or bedroom combo and a bathroom.

Classification in SROs

SROs are usually classified as “Class B” residences in New York City.

A “Class A” residence is regarded as a proper apartment rented on a monthly basis or more. A “Class B” residence is a multiple dwelling that is rented out on a temporary basis to individuals or families who are lodged with or without meals.

Class B properties are a level below Class A properties and are typically older, with renters who have lower income, and may or may not be professionally managed. Commonly, rental income under Class B is less than Class A.

For SROs, a Certificate of Occupancy will say “Class B,” “Rooming Units,” or occasionally just “Rooms” or “Furnished Rooms.”

Background Of SROs

SROs were there for a long time, but they peaked in the late 1800s when a large number of workers from the West and Europe arrived in NYC and other major eastern US cities in search of work in the rapidly industrializing eastern region.

Many of these workers were single and sought out single rooms; female SROs had curfews to keep residents safe, and hot meals were usually served in the common areas.

Men’s SROs, on the other hand, quickly became a magnet for vagrants and criminals. Further, SROs began to decline by the mid-20th century, primarily because the majority of urban residents wanted them gone.

Though SRO housing initially emerged as an economical alternative for urban migrant workers, they later saw restrictions and declines as a result of changes in housing laws.
Many were destroyed or converted midway through the 20th century as a result of urban redevelopment initiatives.

Current Status Of SROs In New York

Today, single-room occupancies have once more gained attention real estate pricing keep rising. In fact, they are beginning to draw in a younger, up-and-coming demographic.

There are about 210,000 small units that are currently available in NYC but they are unlikely to satisfy the potential demand for a cheaper renting choice, given that there are about 1.2 million single adult renters in the city.

This is why renters are drawn to SROs because they offer more privacy, independence, and affordability, which can potentially raise demand for such affordable residences.

Also, SRO-designated properties often entice investors with reduced prices and revenue potential. However, due to restrictive rental policies and limited financing alternatives, these properties are ending up being an operational burden rather than a profitable investment.

As a result, standard multifamily residential apartments are what most of the SRO-designated property owners are constantly trying to convert such SROs to.

Converting Single-room Occupancies SRO

SROs mostly emerged after the Great Depression, when owners started turning their residences, such as townhouses and brownstones, into SROs. Because these SRO rooming units can no longer build for profit in NYC.  The property owners are constantly converting them into regular multi-family residential or Class A apartments.

An architect will apply to the New York City Department of Buildings (NYC DOB) for a new Certificate of Occupancy and do all the required alterations to bring the property up to code in order to convert SROs into Class A apartments. The application also require a copy of HPD’s Certificate of No Harassment.

What Is A Certificate Of No Harassment (CONH)?

To convert a property out of the SRO category or to conduct any significant changes to an SRO. The owner must get a CONH from HPD.

This certificate serves as proof that the owner did not harass any of the SRO unit tenants. This aimed at persuading them to vacate the building for improvements.

Common Uses For SRO

Those in need of affordable accommodation benefit most from SROs. They’re an excellent option for those on fixed incomes, low-wage workers, and students.

SROs are also a great choice for those who require temporary housing. Temporary employees and recently divorced individuals can also easily reside without signing a long-term lease.

That is it!

We hope this blog has helped you gain better insights into SROs.

If you want to make informed decisions while dealing in real estate, professional guidance is the key. You can get in touch with Elite Properties’ experts now!

Land ownership is a considerable form of property ownership, navigating the intricacies of which is essential for anyone looking to own or invest in real estate.

Whether you want to build your dream home on a piece of land or simply want to make a real estate investment, your unique needs and requirements play a great role in deciding what type of land ownership is suitable for you. Here is where understanding the types of land ownership becomes important.

Well, there are usually two types of land ownership options: freehold and leasehold. Both these types of ownership have their own pros and cons.

Let’s take a deep dive to understand both freehold and leasehold ownerships more closely so that you choose to have the best-suited land ownership for you.

What Is Freehold Ownership?

Having freehold ownership means you are the sole owner of the land and any buildings on it for all time. So, a freehold property is any estate that is “free from hold” by any entity other than the owner.

As long as the usage of the land complies with local regulations, you have the right to use, modify, sell, and transfer the property without any restrictions. The right to ownership is inherited and is transferable to future generations.

Generally, undeveloped land parcels and many single-family houses are held as freehold properties, granting owners complete control over their real estate holdings.

What Is Leasehold Ownership?

Subject to the terms and conditions of a lease agreement, purchasing the right to use and occupy the land and any structures on it for a certain period is known as leasehold ownership. The lessor or landlord regains ownership of the property from the lessee or tenant after this period.

As payment for using the property, tenants are usually obliged to pay ground rent to the landlord. Ground rent is a fixed amount that is outlined in the lease agreement and is often paid annually or semi-annually.

Due to the scarcity of land and high property values, leasehold ownership is common in metropolitan areas and developments.

Freehold Ownership vs. Leasehold Ownership

To understand whether freehold or leasehold ownership is better for you, you should consider the below key comparable factors and decide which type of land ownership best suits your needs.

1. Ownership Rights
   As a freeholder, you get the absolute ownership rights of the property. Since you are the property’s sole owner, you have total authority over how it is used, modified, and disposed of. Leasehold ownership grants the right to occupy and use the property for a certain period which is mentioned in the lease agreement.
2. Tenure
   Under freehold ownership, the owner has a perpetual and constant right to the property. Land Ownership under a lease is temporary and for a specified period mentioned in the lease agreement. Unless the lease is renewed or renegotiated, ownership of the property reverts to the lessor after the end of the lease term.
3. Cost
   Since you are just buying the right to occupy the property for a certain period, leasehold properties are usually less expensive to buy than freehold properties. Nonetheless, it’s crucial to account for the extra expenses associated with leasehold ownership, such as ground rent and maintenance fees.
4. Sale And Transfer
   Freeholders can sell, transfer, or lease the property independently. While subject to the lessor’s approval and terms, the lessee has limited rights to transfer leasehold interests.
5. Decision-making
   Freeholders have the exclusive decision-making authority over the property. Leaseholders are required to adhere to lease terms and guidelines when it comes to decision-making.
6. Usage Restrictions
   A freeholder has complete freedom to use the property as desired. However, there could be certain restrictions under local regulations. For example, any construction or modification to the property must go by the rules established by the municipality in which the property is situated. In leasehold ownership, the property is still owned by the landlord, who has the authority to impose usage restrictions. Depending on the conditions of the lease agreement, tenants may be restricted from subletting, modifying, or using it for a specific purpose.
7. Resale Value
   Due to the owner’s total control over the property and the land it is situated on, freehold ownership usually carries a higher resale value than leasehold ownership.

Pros And Cons

Below are some pros and cons of having freehold ownership and leasehold ownership. Have a look!

Pros Of Freehold Ownership

• Absolute ownership
• No ground rent
• Freedom of usage
• Complete control
• Potential for capital appreciation

Cons Of Freehold Ownership

• Higher upfront cost
• Responsibility for maintenance
• Property tax liabilities

Pros Of Leasehold Ownership

• Lower upfront cost
• Lower maintenance cost
• Lease extension
• Access to amenities and facilities

Cons Of Leasehold Ownership

• Time-limited ownership rights
• Limited control
• Restricted usage
• Ground rent and service charges
• Mortgage complexities and higher interest rates

Frequently Asked Questions of Land Ownership

1. Which kind of property is better – freehold or leasehold?
   Freehold properties are appropriate for residential use, investment, and obtaining bank loans. Leasehold properties, on the other hand, are preferable for low maintenance requirements and economical commercial use.
2. Is investing in freehold real estate safer?
   Given that a freehold property has been registered and is anticipated to appreciate in value, it is regarded as a safer investment.
3. Who actually owns leasehold property?
   The lessor of the lease agreement holds actual ownership of the leasehold property.

Final Verdict

Your unique situation and preferences will determine which type of land ownership – freehold or leasehold – you should choose.

Freehold ownership is a well-liked option for people looking to make long-term investments because it provides total autonomy and perpetual ownership. On the contrary, leasehold ownership is a more feasible choice for urban residents and commercial enterprises since it offers more reasonably priced access to properties with shorter lease durations.

However, before choosing, it’s essential to carefully understand the advantages and disadvantages of each type of land ownership. You can consult with property experts like Elites Properties, where we can help you make an informed decision. Contact us here.

Selling a house is a significant milestone yet a daunting task. Right from preparing your house for selling to finding buyers, negotiating, and closing the deal, is all a complex journey. Further, if you think that once you sign the sales contract you are done with all the responsibilities, you might be mistaken.

Selling a house in a state like New York comes with certain responsibilities. But exactly when and how long are you liable for any issues arising after closing?

Let’s find out, as understanding your liability after selling a house is crucial to avoiding legal disputes and protecting your interests.

When Is A Seller Held Liable After Selling A House?

Being a homeowner entails routine maintenance and repairs. After closing, new homeowners (buyers) often discover defects in the property, but your (seller’s) liability for any issues that existed before is limited.

However, it is your, your representative’s, and your inspector’s responsibility to disclose any known property defects as well as important information that can influence the property’s appeal.

Therefore, if you conceal material facts like the need for repairs or knowingly give false statements or make omissions, it could be considered fraud on your behalf and you could be held partially or fully responsible for the problems like repairs after closing.

According to the law, to make the seller liable for issues after the closing, the buyer must be able to prove that the seller breached the sales contract or any repair warranty, failed to disclose as required by state law, was fraudulent or negligent in disclosing information, or willfully misrepresented the state of the property.

When Is A Seller Not Held Liable After Selling A House?

If it is proved that you disclosed to the buyer all known defects or crucial information and did not do anything to prevent the buyer from finding any defects in the property, you are unlikely to be held accountable for any property issues after the closing.

Besides, rather than the seller, the real estate agent or the inspector can be held responsible for their failure to disclose if the seller was unaware of the defects but they were.

For instance, a real estate agent may be charged with fraud and deception if they conspire with a home inspector to hide damages to protect a deal from falling through. The seller can not be held accountable in this scenario.

That is why buyers need to do thorough property analysis and inspections before closing.

Requirements Under The New York Property Law

Regarding a home seller’s liability after a sale, different states have different laws and regulations.

Early on in the history of property law, New York adhered to the traditional principle known as “caveat emptor,” or “let the buyer beware“. This meant that sellers would not be held liable if they disclosed nothing about their property defects.

Later, New York courts implemented measures to safeguard buyers by establishing exceptions. For instance, a seller who possesses a special relationship of trust with the buyer, like that of trustee-beneficiary, guardian-ward, agent-principal, or attorney-client, could be held responsible for concealed property defects.

Furthermore, the courts declared that sellers can be held accountable to the buyers for any damages if they actively concealed defects. ‘Active concealment’ refers to a situation in which the seller obstructed the buyer’s attempts to inspect the property and knew about any damage but chose not to disclose it.

Property Condition Disclosure Act (PCDA)

The Property Condition Disclosure Act (PCDA) is the disclosure law in New York for property sales. Under this act, the seller is required to make certain disclosures about the property by giving the buyer a disclosure statement before the sales contract is signed.

Until now, the seller had the option to pay a credit of $500 towards the purchase price to the buyer at the closing if unable to deliver the disclosure statement. However, as per the latest amendment in the act, PCDA will no longer allow a seller of residential real estate to give the buyer a $500 credit instead of the disclosure statement, effective as of March 20, 2024.

Is The Seller Held Liable After Selling A House In Case Of As-in Clause?

An ‘as-in’ clause in a sales contract simply indicates that the house is being sold in its existing condition and the buyer accepts it ‘as-is’. This also means that you (the seller) need not need to fix any property defects disclosed or otherwise discovered by the buyer before the closing.

That’s why the buyer is still responsible to conduct an inspection and asses any property defects or find issues to make an informed decision.

If the buyer finds some defects in the property yet buys it anyway, cannot hold the seller liable after closing. However, despite the as-in clause, sellers can be held liable for fraudulent misrepresentation if they have sold the property without disclosing any known defects, or their inspections didn’t reveal the problem.

Statute Of Limitations In New York For Real Estate Transactions

If the buyer holds you responsible for any property repairs or other issues after closing, they can file a lawsuit but within a limited amount of time. This window of time is the ‘statute of limitations’.

Depending on the type of case and claim, the statute of limitations in New York State for real estate transactions typically ranges from one year to six years or even 10 years in some cases.

For example, in case of fraud or breach of contract in the sale of property, the statute of limitations is six years from the date of the fraud or from the date the contract was broken respectively.

The Final Say

By being transparent, making precise agreements, and getting expert advice, you can protect yourself from problems that may arise after the sale. You can contact our experts at Elite Properties today if you’re planning to have a smooth home-selling journey.

If selling an inherited property is what’s on your mind, you might be surrounded by a bunch of questions – How to sell an inherited property? What are the legal requirements? What are the tax implications and so much more?

When you inherit a property, you have multiple options for how to proceed. You may decide to live in it, rent it out, or sell it. Emotionally, inheriting a property can be demanding, but it may even put a financial strain on you. If you feel that the obligation of inheriting property is huge for you, the best way out is to sell it.

However, selling an inherited property can be complex and take longer, especially if it goes through a probate process. Yet, once you know which hurdles you need to cross, the process of sale or transfer can become relatively easier to navigate.

So, let us help you with what you must be aware of before you even jump into the selling process.

When Can You Sell An Inherited Property?

You can only sell an inherited property if you already have its ownership. Considering this, the following are the ways of owning a property through inheritance.

1. Probate

In New York, almost every inherited property has to go through the probate process. Probate involves the court which determines the legal owner of the inherited property.

During the probate, you must provide the owner’s death certificate and ownership documentation. Through this process, the court also ensures that the outstanding debts of the deceased are settled before transferring the property to the inheritor or inheritors.

Probate proceedings can be costly and time-consuming, it can even take up to 12 months. Once you inherit the property under probate, you can sell it.

2. Joint Ownership

When you and another person own property jointly and that ownership includes the “right of survivorship,” the surviving owner will take over ownership of the property upon the death of the other owner. Although it will require some documentation to demonstrate that title to the property is held exclusively by the surviving owner, no probate will be required to transfer the property.

3. Transfer-on-Death Deed

A transfer-on-death deed helps the executor manage the property owner’s assets after death by automatically transferring property to a designated beneficiary upon the owner’s death without the need for probate.

If you inherit the property through such a deed, you get the right to sell it.

Please note that New York doesn’t allow real estate to get transferred through this method. However, if one doesn’t live in a state that allows TOD deeds, but owns property in such a state, they might still be able to use a TOD deed — but it is advisable to check with an estate lawyer first.

4. Living Trust

A living trust is a legal arrangement that is drawn up by an individual while they are still alive. It names a trustee and lays out clear guidelines for how assets will be distributed upon the grantor’s death.

If you become the inheritor through this method you can benefit from the sale of the inherited property.

What To Consider Before Selling An Inherited Property?

An inherited property is not like a property that you directly get ownership of. That is why the process of selling one can be quite complicated. There are certain factors that you must look at before you decide to sell the inherited property, such as the following:

1. Value Of The Property

Before you look into anything else, first research the fair market value of the inherited property. Compare it with other properties in its vicinity to accomplish this task.

Alternatively, you can use online value estimation tools. Despite the estimated value that you get, remember that several factors can directly affect the property’s value such as the condition of the property.

2. Outstanding Mortgage

Reach out to the mortgage company if there is an outstanding mortgage on the inherited property to determine the required payment amount. This is how you can get to know how much you might earn after selling the property.

3. Debts If Any

Settle any outstanding debts, such as unpaid bills or taxes, for which the deceased person was responsible before proceeding. This way you get an idea of whether the selling of the inherited property would only go to paying the debts.

4. Agreement Of All Inheritors

It might be possible that you are not the only inheritor, but multiple persons/family members are inheriting the property.

In such a case, you must see that all the inheritors agree to sell the property. This will ensure that you have a smooth selling process without any potential conflict.

Tax Obligations

There is no inheritance tax in the state of New York. However, if the value of your property exceeds $6.58 million, you will have to pay an estate tax ranging from 3.06% to 16%.

Moreover, when you sell the inherited property, you must fulfill tax obligations including payment of transfer tax, property tax, and capital gains tax.

How To Sell An Inherited Property?

Selling an inherited property is really no different than selling any other property. You can sell it on the open market for the most profit either through a real estate agent or sell it yourself.

Also, you can sell it directly to a cash buyer without making any repairs or changes. You can move quickly and get cash for the property without needing to make large upfront investments if you sell it as-is.

Elite Properties is a real estate company that will buy your property “as-is,” with no costs or commissions! You receive the greatest cash offer and we also pay for all closing and legal fees. No open houses or showings, and a speedy three-day closing!

The Final Say

Selling an inherited property can be overwhelming with all the legal processes that you need to go through. So, if you want to sell your inherited property with lightning speed, we are just a click ahead, contact us!

Fair housing is not just a fancy term, but a real necessity in the real estate industry across the globe.

Hello, fellow New Yorkers! Did you know that despite progress, housing discrimination is still a significant concern in the Big Apple?

According to recent data, reports of housing discrimination have been on the rise, highlighting the urgent need to address this issue head-on. Not only in New York but several housing discrimination complaints have been recorded nationwide. If you don’t believe, here are some numbers (as numbers never lie, do they?).

As per the data provided by the National Fair Housing Alliance, the most number of fair housing complaints ever recorded in a single year nationwide was 33,007, which came in 2022. The data also shows that discrimination based on disability accounted for the majority of complaints with a whopping 53.26%.

In addition, 2,490 sex-based complaints were received, which is the most since 2005. Despite the huge volume of complaints, the majority of cases of housing discrimination remain unreported or unnoticed.

The Fair Housing Act aims to prevent discriminatory practices that exclude people from housing opportunities because of circumstances outside of their control. In the quest for fair housing in the U.S., people as well as families have rights that this crucial legislative shield seeks to defend.

In this blog, let’s shed light on housing discrimination by taking a closer look at the Fair Housing Act.

Fair Housing Act: Understanding The Concept

To help you gain a better understanding of the concept of the Fair Housing Act, we have listed a few questions and answers below. Have a glance!

What Is Fair Housing?

In simple terms, fair housing is equal and free access to residential housing – that is a housing choice.

What Is the Fair Housing Act?

Basically, it’s a law that says discrimination in housing is prohibited. This law prohibits discriminatory housing practices and housing market denials to individuals based on factors they can’t control.

When you are renting, buying, or financing your home, this law protects you from discrimination based on your:

• Race
• Color
• National origin
• Religion
• Sex
• Disability
• Family status

When And Why Was The Act Established?

The Fair Housing Act was established in 1968 and came out of the civil rights era activism.
The need for the Fair Housing Act stems from a long history of discrimination and segregation in the housing sector.

Before its enactment, many marginalized communities faced blatant discrimination when trying to rent or purchase a home. The Fair Housing Act seeks to rectify these injustices by prohibiting discrimination based on protected characteristics, also promoting diversity and inclusion in housing.

Whom Does The Act Protect?

Although the Fair Housing Act applies to New York City, it is a federal law. The law believes that housing is a basic right that should be accessible to every American. It safeguards borrowers, buyers, and tenants and strives to end discrimination in public and private housing on a nationwide scale.

Who Should Abide By This Act?

All individuals and entities active in the housing market have an ethical duty to abide by this regulation. This covers everyone engaged in a home transaction, such as lenders, appraisers, real estate agents, landlords, and property managers.

A Few Examples Of Housing Discrimination

A landlord refusing to rent to a family with young children, citing concerns about noise, could constitute familial status discrimination. Similarly, denying housing to an individual because of their disability or nationality is a clear violation of the law.

What Are The Protected Classes?

A protected class comprises individuals who have historically been discriminated against due to a particular attribute. This Act, along with the New York State and New York City Human Rights Laws, protects individuals belonging to protected classes against housing discrimination on both state and city levels.

The protected classes are safeguarded against housing discrimination based on:

• Race
• Color
• Sex
• National origin
• Religion or creed
• Disability
• Family status

The New York Fair Housing Act also protects individuals from discrimination based on the following factors in addition to the above federally protected classes:

• Age
• Gender
• Citizenship status
• Marital status
• Sexual orientation
• Military status
• Lawful occupation
• Lawful source of income
• Partnership status
• Status as a victim of domestic violence, sex crimes, or stalking.

What Is Prohibited Under The Fair Housing Act?

The Fair Housing Act strictly prohibits various forms of discriminatory practices. Some common discriminatory practices include:

1. Refusing to rent or sell housing to an individual based on their protected characteristics.
2. Setting different terms, conditions, or privileges for housing based on a person’s protected status.
3. Making false representations about the availability of housing to deter certain groups from applying.
4. Harassing, intimidating, or coercing individuals to prevent them from exercising their fair housing rights.
5. Failing to accommodate reasonable requests for disability-related accommodations, such as wheelchair ramps.

What Type of Housing Is Covered?

The Fair Housing Act applies to most housing. However, the Act exempts from its provisions some types of housing, including:

• Single family houses sold or rented without the help of a broker,
• Owner-occupied structures with no more than four units, and
• Housing operated private clubs with limited members’ occupancy.

Furthermore, just like the Federal Housing Law, New York also has its own exemptions which are as follows:

• Either one or two owner-occupied family home buildings
• Room rentals in housing for same-sex individuals.
• Room rentals in owner-occupied housing

The Final Say

If you believe you’ve experienced housing discrimination, you can file a complaint not only with the U.S. Department of Housing but also Urban Development (HUD) through various modes.

Ensuring equal access to housing is not just a legal obligation but a moral imperative. Not only by understanding your rights under the Fair Housing Act but also taking action against discrimination, you can help create a more inclusive and equitable society for all.

Looking to ease your home buying or selling experience? Get in touch with Elite Properties today.

The term ‘we buy any house’ sounds so relieving, doesn’t it? Well, it really does!

If you wish to sell your home as soon as possible and have no time to go through the traditional lengthy home selling process, ‘we buy any house’ companies can be your savior!

Due to the swift, hassle-free, and convenient method of selling homes that ‘we buy any house’ services facilitate, the concept has gained great popularity in different housing markets.

So, let’s try digging deeper to understand more about the ‘we buy any house’ companies and how they can help you with a smooth and quick sale.

What Are ‘We Buy Any House’ Companies?

The term ‘we buy any house’ is used for companies that buy houses directly for cash or are in the quick home sale industry. Property is purchased directly from homeowners by these companies.

They provide a simplified and streamlined approach to property sales, unlike the traditional property sales which entail real estate agents and perhaps lengthy, drawn-out procedures.

Their main selling points are convenience and speed. Regardless of a property’s condition, they can make quick offers on it and finish the transaction far faster than they might on the open market.

Purchasing properties, often renovating them, and then reselling or renting them out for a profit is the core of their business model. Even if they make the selling process hassle-free, they usually do so in exchange for paying less than the property’s market value.

Why Would You Deal With A ‘We Buy Any House’ Company?

When selling your home, there are several reasons why a ‘we buy any house’ company can be a better option than a traditional real estate agent, who can usually take months to finalize a deal.

Let’s have a look at how dealing with these companies can benefit you.

1. Speedy Process Of Selling

A quick home sale or cash sale can be finished in as little as two weeks or less, which is especially helpful if you need to sell your property quickly for reasons like financial constraints, shifting, or other urgent reasons. While traditional estate agent sales can take several months to complete.

2. Elimination Of Property Chain

A property chain, as defined by the traditional sales process, is a series of interconnected transactions in which the sale of one property is dependent upon the sale of another.

Because of this, they can be a major cause of stress and uncertainty as the sale depends on the transactions of several parties. Unlike this, ‘we buy any house’ companies terminate the need for a property chain.

3. Assurance Of Sale

In a traditional sale, the transaction may collapse for many reasons, including buyer finance difficulties or a change of decision, even after an offer has been accepted.

Due to their readily available money, ‘we buy any house’ companies eliminate the risk of last-minute cancellations, providing homeowners with greater assurance of sale and peace of mind.

4. Helps Save Repair Expenses And Time

A ‘we buy any house’ company will purchase your home “as is.” You can easily escape renovating expenses or repairs.

Additionally, there’s no need to organize the house in anticipation of numerous viewings. This might spare you from the ongoing headache of maintaining a pristine home as well as help save both time and effort.

5. Helps Avoid Estate Agent Fees

A typical commission for estate brokers is a percentage of the transaction price. Dealing with ‘we buy any house’ companies can help you save money by avoiding estate agent fees.

You will directly receive the amount these companies offer, assuring transparency and certainty in the transaction.

How Does The ‘We Buy Any House’ Process Work?

Selling property to a ‘we buy any house’ company is an easy and quick process. The majority of legitimate companies will walk you through the below steps.

• Fill out the online inquiry form found on their website. They will take some time to look into the property after you give them the necessary details. There is no need to come in person for this. Instead, they rely on appraisal software linked to homes similar to yours. They can then assess a property’s true value in the current market in this way.
• Within a day of receiving your information, the company will send you an offer. Typically, a phone call will be made to go over the offer, the timeline, and when you might anticipate receiving the money. At this time, you will also have the opportunity to ask questions.
• Further, upon reaching a mutual understanding, the business will submit a written offer to you. You’ll complete the papers and send them back.
• An independent solicitor will represent you. It will also be covered by them, so there will be no expense to you.
• The company you are selling your home to will also pay for a surveyor to evaluate your property. They will submit a final offer after obtaining a valuation report and legal check.
• The company will confirm the completion date that works for you once again. Finally, there will be funds in your account on the completion date.

The Final Say

Despite all the benefits, the most important step you shouldn’t miss out on if you want to sell your house quickly for cash to a “we buy any house” company is to make sure you’re dealing with a legitimate company. You can do this by ensuring to complete some background checks so you can get a genuine and better deal.

We really hope this blog helps you.

Are you looking to close your deal with lightning speed in just 3 days? If yes, we have got your back!

At Elite Properties, based in New York, we buy your home “as-is,” with no costs or commissions. For your home, you receive the highest cash offer. Not only this but we also pay for all closing and legal fees and most importantly – you can trust us! So, let’s get in touch!

For many home buyers and sellers, 2023 has been a challenging year. This is due to the fact that many people cannot afford the costs of houses and mortgages. Meanwhile, a scarcity of available housing has increased rivalry among buyers, making it difficult to locate the ideal property. In this case, housing market predictions for the next 5 years will help you take correct decision.

A valid question that a lot of buyers and sellers are posing is: Will things in the real estate market get better soon?

Numerous forecasts already exist predicting the trajectory of the US housing market in the next five years. This is because, ultimately, real estate buying and selling usually require long-term planning.

In spite of being a hot topic, the US housing market seems to be slowing down after growing rapidly during the pandemic years. Experts believe that things will get worse before they get better. This given the turbulent ride that the US housing market has been on in recent years. Some forecasts also predict that there will be fewer homes available for purchase, which may drive up prices.

Let’s take a deeper dive to understand more about the US housing market predictions for the next 5 years. So, here we go!

Current State Of The Housing Marketing

It’s useful to evaluate the current status of the US housing market before you jump onto the predictions for real estate forecasting for the next five years.

The recent data shows that U.S. home prices increased by 5.1% in January 2024 over the same month the previous year. Currently, the median price of a home in the US is approximately $402,242.

There were 2,87,009 homes sold in January of this year, up from 279,249 homes sold in the same month last year. This representing an average 2.8% annual increase in the number of homes sold.

At 6.6%, the average 30-year fixed mortgage rate nationwide has increased by 0.4% in the past year.

Housing Market Predictions For The Next 5 Years

While the housing market prediction for the next 5 years is challenging, the following gives an idea of what data shows and what most experts believe is possible.

The land use and real estate industries have been significantly affected by the COVID-19 outbreak. Over the following five years, these effects will still have a mark on the supply and demand in regional housing markets.

The fitness of local job markets, the prevalence of hybrid work mode, emerging technology, and shifting demographics are some of the factors that are anticipated to continue having an impact on the housing market in the future.

On the other hand, if real incomes increase more quickly than inflation, affordability, home sales, and prices. This may all increase due to increased purchasing power and reduced mortgage rates. Home prices will probably increase by 1% to 2% over the present inflation rate if real incomes increase between 2025 and 2027. It may take some time to get to the mid-2022 home value highs.

Let’s also have a look at what more the data has to say about the home prices, home sales, and mortgage rates below.

1. Home Prices

The National Association of Realtors predicts that by the end of 2024, home prices, which were down 0.8% year over year through December 2023, will have increased by 1.8% to $390,000.

Given the significant increase in home prices from 2021 to 2023. It is anticipated that by 2025 through 2028, prices will climb more gradually at a pace. That is approximately 1% higher than the rate of inflation, or an estimated 13% to 14% higher than 2023 levels.

2. Home Sales

In 2024 and 2025, we anticipate a significant increase in existing home sales as mortgage rates continue to drop. This following their sharp decline in 2023 to the lowest level seen since 1995.

Builders’ ability to reduce mortgage rates, thereby enhancing affordability. This fueled the surge in new home sales in 2023, with expectations for this trend to persist.

3. Mortgage Rates

During the forecast period, experts anticipate a gradual decline in 30-year fixed mortgage rates. However, it’s unlikely they will fall below 5.0% due to increased public debt in the US and globally. This would limit available financing.

Some Expert Predictions

Nobody owns a crystal ball, and accurately anticipating five years in advance is difficult. Since it’s still a long way off, a plethora of unforeseen circumstances could arise and throw off our predictions about how the economy and home market will behave.

Despite this, experts remain ready to offer a long-term perspective.

According to McBride, during the next five years, average yearly growth in house prices will be in the low- to mid-single digits. According to him, this rate of appreciation is in line with the long-term average of house prices rising at a rate. That is marginally higher than the rate of inflation.

Lawrence Yun, chief economist for the National Association of Realtors. He predicts that during the next five years, the rise of total price growth across the country would likely range from 15% to 25%.

Greg McBride, chief financial analyst at Bankrate. He predicts that during the next five years, the US real estate market would likely yield an average annual return of the mid to low single digits.

We are aware that, over time, real estate often yields stable long-term returns that outpace inflation. Although there is never a straight line. We may be more certain of the general direction of travel over a longer period of time. Also, in the case of real estate, that has historically been upward.

We really hope this blog was helpful to you in gaining better insights!

Are you looking for more guidance from professionals? This will help you to make the right decision at the right time to ace your real estate transactions.

Elite Properties is acknowledged as one of the top real estate companies in New York City because of our extensive experience. We are dedicate ourselves to delivering unparalleled real estate services of the utmost quality to our valued customers. Contact us today!