If you are attempting to determine whether or not you should buy a brownstone home in New York City, it is quite likely that you have found yourself in awe of one of these exquisitely-crafted homes on the picturesque, tree-lined streets in the historical neighborhoods scattered about in and around the area.
To make such an investment means volumes in terms of prestige, reputation, luxury, and real estate investment accomplishments. The purchase of a brownstone home is a smart and strategic move – especially considering that these structures are currently in high-demand.
Prior to committing to the purchase, though, there are a few factors that should be considered. Continue reading to learn more.
A Highly Significant Investment
The craftsmanship of a brownstone home is absolutely exquisite. The structures abound with historical significance. The prestige of brownstone ownership is immense. Prior to purchase, though, you should understand that these structures do NOT come cheap.
Just taking ownership usually costs in excess of a million dollars – and that is before adding the costs associated with renovating the property. If you have a real interest in purchasing a brownstone within New York City, it is essential that you have a large financial backing to support the cost and associated expenses.
Homeowner Association Requirements
Each of the brownstones available in New York City are under the direct evaluation and mandates of the homeowner’s association of the location. Each association has their own set expectations associated with these historical buildings.
Prior to purchase, you should become familiar with these expectations as once the sale is closed, you will be responsible for meeting those expectations.
For example, you may have to update the plumbing or HVAC components and even have a complete façade renovation performed.
Insurance is Required
Once you purchase a brownstone in New York City, you will be required to obtain insurance on the structure. You should know and understand that only a select few insurance companies actually offer insurance for brownstone homes.
Research will be required and the cost of a policy could – potentially – be hefty. Ensure that you completely research each of the coverage types available as well as any add-ons that may be required of the property.
Remember, it is essential to protect your investment as thoroughly as possible. Anything that is not covered by the brownstone insurance policy will have to come directly out of your pocket.
Contact Us Today
To learn more about brownstone insurance programs, we here at Modica Associates encourage you to contact us today. We have insured hundreds of these specially-designed homes since the year of 1961. In fact, in terms of experience, we have the most of any insurance broker on brownstone homes in New York.
Just a few of the benefits we offer include an “All Risk” policy, endorsements for green rebuilds, water damage, flood coverage, and building components.
If you would like to learn more about the coverages that we offer, contact us today by calling: 718-855-1836