Welcome to NYC’s 2019 mansion tax. The original mansion tax was created in 1989 by Gov. Mario Cuomo. It was a flat 1% statewide tax on homes that sold for $1 million or more. The 2019 mansion tax was signed in to law by...
Category - Buyer’s Guide
Navigate the complex and nuanced world of NYC real estate with Marketproof’s Buyer Guide. We’ll give you everything you need to be your own real estate expert!
marketproofPros and cons of buying directly from a listing agent in NYC
Conflict of interest is the main issue at stake when one agent represents both the buyer and seller in a real estate transaction in NYC. It is a term known as ‘dual agency’. How do ‘dual agency’ transactions arise...
From offer to close in NYC: A step by step guide
In New York City, where real estate prices and stakes are high, the closing process is complicated and emotions can flare. Here is a step by step guide to help you keep calm as you navigate from making an offer on a...
Jeff VasishtaNYC Housing Types: single-family, multi-family, condo, and co-op
In NYC, like in many places, there are four main housing types to choose from: single-family, multi-family, condominium, and co-op. Unlike the rest of the country, in NYC each housing type is extremely nuanced with a...
A condo offering plan: All you need to know
When a phonebook size offering plan for your new condo thumps down on the table in front of you, you might get an instant headache at the thought of actually having to read it. However, ignoring it could give you more...
Property Taxes: Condos vs Houses NYC
If you’re weighing up whether to buy a house or a condo in NYC (and by a house we also mean a townhouse as well as a single family) property taxes will weigh heavily in your decision making. Here’s what you need to...
Assembling a team to help you buy a home in NYC
If you’re the type of person who likes to work alone and demurs whenever asked to take responsibility, you might need a pep talk before buying a home in NYC. You’re about to have a whole bunch of people working with and...
Mortgage broker or direct lender? The advantages of each
Okay, so you’re ready to buy a home. You have your bank statements, tax returns, W2’s, pay stubs and/or a financial statement for your business. You’ve pulled a credit report and feel confident about your approval...
Buy or rent a condo in NYC? The case for renting
Buy or rent a condo in NYC? It’s hard for many people to understand why that’s even a choice. The dream of home ownership is woven into the fabric of American culture. It’s the number one source of wealth...
Buying a new condo: What to ask on the first tour?
A shiny new condo building in NYC has a lot of appeal. It’s a chance to separate yourself from the chaotic, congested streets outside. A cosy cocoon in a pristine, air conditioned building with the type of amenities you...
Fair housing laws in NYC: Why it is important for buyers to know them
Housing discrimination in a progressive and diverse place like New York City might seem like a non-issue in 2019. That’s not the case. According to the National Fair Housing Alliance, New York City ranks third in the...
Should I use a buyer’s agent or work directly with the sponsor (developer)?
Working directly with the sponsor instead of with a buyer’s agent is bound to split opinions. Agents will always insist it’s better to work with them. However, if you already found a condo you want to buy much of...
