6 Important Considerations That Should Be Made When Buying a Brownstone Property in NYC

Brownstone Property In New York

Brownstone homes that line the tree-lined and beautifully historic sections of NYC are in exceptionally high demand among individuals that appreciate the exquisite craftsmanship and historical significance.

To purchase such a home speaks volumes in terms of luxury, prestige, and accomplishment.

While there is no doubt that such an investment is a smart and strategical one, there are a few considerations that should be made prior to committing to such a purchase.

#1: High Initial Investment

Brownstone properties exhibit the highest level of magnificence when it comes to overall design, the quality of materials used, and aesthetic beauty; however, with these advantages comes a very high initial investment.

You can generally expect to pay well over $1 million dollars – just to take ownership of the property.

In addition to this, you should expect to have some degree of renovations performed on the home. This, too, will result in a hefty expense.

#2: Disclosures Are Necessary

When purchasing a brownstone property in NYC, it is essential that you only opt for those whose current owners are willing to provide disclosures; that is, information about issues associated with the property, warranted repairs, and similar types of information.

This will make it easier for you to determine just how much financial backing will be required to make the purchase and ensure that the structure is livable.

#3: Home Inspections Are Essential

To protect the investment that you have a desire to make, you should have a home inspection performed prior to purchasing a Brownstone home in New York City.

While the beauty and appeal of these structures have the ability to captivate, there could be underlying issues – given the age of these properties – that will need to be contended with once you make a purchase.

By having a thorough home inspection performed, you will not run into any surprises after committing to the purchase.

#4: Structural Integrity

While the material used on Brownstone homes is absolutely breathtaking, it is considered to be highly soft and porous. Due to this, it is common to discover that – over time – it starts experiencing decay and varying degrees of erosion.

When you make the purchase, you will need to likely have a façade renovation performed. This will be very costly, but it will enhance the structural integrity of your new home.

#5: Updates May be Imposed by the Homeowner’s Association

While you will be the owner of the Brownstone home that you purchase and – ultimately – responsible for it – it is important to understand that there are updates that may be imposed by the homeowner’s association that is in charge of the NYC neighborhood where the property is located.

You should become aware of these requirements prior to purchase and make certain you are capable of meeting their expectations prior to committing to a purchase.

#6: Insurance is Necessary

When you purchase your Brownstone property, you will need insurance to cover your investment; however, only certain companies provide coverage for these types of homes.

You will need to research this and choose a company that offers complete coverage and specific add-ons to completely protect your investment.

If you are interested in Brownstone insurance in Brooklyn and other areas of New York City, you may contact us today by calling: 718-855-1836

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