Amortized or net effective rent is calculated by dividing the total rent you have to pay (after any rent discounts or concession) over the lease term by total months in the lease. A rent discount or rent concession is when a landlord offers you one or more “rent-free” months on your first lease. This is […]
The Official Definition of A Doorman Building is a building where a dedicated doorman is present, usually 24 hours a day, 7 days a week (depending on the structure) at the entrance and ensures only residents of the building, their guests, and relevant people can get into the building. Apart from providing basic security, a […]
What Is A Security Deposit? A security deposit is the amount of money a landlord can ask for, besides the first month’s rent when you move into an apartment. It can be used to cover the cost of repairs if you damage the property during your stay or as payment if you leave without paying […]
What Is Rent-To-Own? Rent-to-own or rent-to-buy is a method of buying a home and a part of your rent (or the whole rent) goes towards the purchase of the home you are renting. Rent-to-own programs are offered by building owners and builders (for new constructions) to attract more buyers, especially in a buyer’s market. These […]
Co-op financial requirements in NYC include a sizable down payment, a healthy debt-to-income ratio, and proof of post-closing liquidity (money you have left after you have made the down payment and paid most of the closing costs). When you buy a condo, you are buying a piece of real estate that’s your own. But when […]