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 […]
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 […]
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 […]