Buying a Pied à Terre in Brooklyn

Pied à terres in Brooklyn have so much to offer residents. Brooklyn is a popular borough in New York City located on the western side of Long Island. It is easily accessible to downtown Manhattan and other areas of the city through its bridges and tunnels. Known for its hip vibe, Brooklyn is also home to several technology and startup businesses. Residents enjoy the beauty of Prospect Park and the Brooklyn Botanic Garden, as well as the cultural events at the Brooklyn Philharmonic and Brooklyn Museum. If you are looking to purchase a pied à terre in this signature area, here is what you need to know.

Start with your finances

As you start looking into homes for sale In Brooklyn, be sure you have a handle on your finances. As with most properties in New York City, Brooklyn homes for sale are typically more expensive than in other areas. In addition, the initial down payment for your home may be higher as lenders consider the additional financial burden it will offer the homeowner. Take the time to calculate your mortgage payments and obtain pre-approval from a lender if you are planning to finance your pied à terre. You will also need to factor in the additional expenses from home ownership, including HOA dues, property taxes, insurance, utilities, and maintenance costs.

Consider the benefits

Owning a pied à terre offers several additional benefits for homeowners. First, the Brooklyn area is a very popular borough and property values are likely to increase over time. Second, you already know the lifestyle that you are seeking and how a pied à terre in this area will suit your interests. If you know that you will be returning to Brooklyn to vacation, purchasing a second home here will save you those additional travel expenses over time. Finally, there are often tax deductions to take advantage of. For example, part of the property taxes may be deducted in addition to the overall tax break offered through home ownership.

Determine your non-negotiables

Once your finances are in order, take the time to determine exactly what you are looking for in a new pied à terre. Know what your plans are for the property, including how often you plan to use it. Decide whether you are seeking a stand-alone home on a plot of land, or if you would prefer a condo offering additional perks for residents. Research the different parts of Brooklyn to decide where you would like your new pied à terre to be located. For example, if you are passionate about the arts you may want to consider looking for homes near the cultural scenes within the city. If you want easy access to bars and restaurants, search for pied à terres with high walkability.

Weigh any additional factors

When you purchase a pied à terre in Brooklyn, you may already have an idea of how often you will be there. Be sure you have a plan for when you are not in residence, too. You may want to invest in a home with smart technology, allowing you to check on the property from your devices at your convenience. You may also want to see whether your pied à terre will have gated security or a round-the-clock doorman for additional protection. In addition, you should consider the maintenance of your property when you are not there. For example, arrange for repairs and basic cleaning to be attended to on a regular basis. If you will not be able to view your property yourself regularly, then consider employing someone to check in.

Hire an experienced real estate agent

Be sure to hire a real estate agent with a strong background and notable expertise in Brooklyn real estate.

Knowledge of the area

The real estate agent you hire should demonstrate a deep understanding of the area. They should be familiar with the amenities in Brooklyn, including opportunities for fine dining, shopping, arts and cultural events, and outdoor recreation. Your real estate agent should be familiar with the different sections of Brooklyn in order to help you narrow down your preferred location within the borough. They should arrange for you to view a variety of homes for sale in the area through showings and open houses. They should also be able to speak to any upcoming developments or modifications within your target area that could impact your purchase. Finally, your real estate agent should be able to provide recommendations for additional support or services you might need, including movers, designers, and landscapers.

Knowledge of the real estate market

In addition to their knowledge of the Brooklyn area, the real estate agent you hire should demonstrate an understanding of the real estate market too. They should be able to speak to the national market as a whole, as well as describe the trends occurring in the Brooklyn area. They should advise you as to the type of market you are purchasing a new pied à terre in, as this will impact how quickly you may need to make an offer and whether you can expect the seller to make any concessions prior to the sale. Your real estate agent should also be able to speak to the specifics of purchasing a pied à terre instead of a primary residence, as there are many nuances in this type of sale you will need to keep in mind.

Ready to get started?

Buying a pied à terre in Brooklyn can be an easy and less stressful process if you determine your finances, consider the benefits and other factors, and decide on your non-negotiables before you start. In addition, hiring a real estate agent with knowledge of the area and the market will further ensure a smooth transaction. When you are ready to start the process, look no further than The Novo Team. They are widely recognized as one of the most in-demand teams in their agency for good reason. They offer over thirty years of real estate experience in New York City.

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