Author Archives: Jay Butchko
Putting the Unaffordability of New York Homeownership in Perspective
For decades, New York City has been a byword for the high cost of living. People who live almost anywhere else in the United States either look longingly at New York for its fast-paced lifestyle or balk at the cost of lunch from a sandwich counter or food truck while they visit, while the… Read More »
The J-51 Tax Abatement
It is painful to think about how much of your earned income goes to income taxes, whether you spend your days juggling 1099 gigs or whether you have a cushy job that pays you so much that you still have enough money left for some fun splurges even after the IRS claims its share. … Read More »
It’s Legal for New York Landlords to Make Tenants Pay Broker Fees, but Don’t Expect Them to Be Happy About It
In the Internet Age, stage musicals require more suspension of disbelief than most other works of fiction. Therefore, the musicals whose soundtracks were first released on CD or on music streaming services must contain just the right mix of cynicism and childlike wonder to achieve any staying power. In the early years of the… Read More »
Section 8 Vouchers Often Lead to Disappointment in New York City
Section 8 vouchers are a federal program that enables low-income individuals and families to obtain subsidized housing. Section 8 recipients may choose any available housing unit in their cities. The tenant pays 30 percent of his or her income, and the voucher covers the remainder, up to a certain amount. This gives low-income tenants… Read More »
Are Assumable Mortgages as Great as They Sound?
Complaining about the cost of one’s home mortgage payment has been a popular humblebrag since the days of white picket fences, decades before the term “humblebrag” existed. Today, you cringe, according to the 20th century meaning of the word “cringe,” when you think about your housewarming party humblebrags of a decade ago, when you… Read More »
Estate Planning Guide for Seniors
As we age, the future becomes increasingly uncertain, making it more challenging to predict and plan. This can be particularly stressful for seniors and their families. A proactive approach to manage these uncertainties involves getting financial and healthcare matters in order ahead of time. Estate planning plays a vital role in this process, providing… Read More »
Starting From a Place of Strength When Selling Your House
Buying a house is fraught with stress and uncertainty, but selling a house is not exactly a walk in the park, either. Prospective buyers lose big if the deal falls through. Yes, the real estate agent will refund your earnest money if you don’t buy, but all those credit checks when you did not… Read More »
Buying Real Estate as a Retiree
Now that you are retired, you should feel relieved. Even though, at your age, you naturally wake up with the sunrise, you can sit at your kitchen table in your bathrobe and drink coffee for as long as you want instead of rushing out the door to commute to work in rush hour traffic. … Read More »
Are Short Refinances Too Good to Be True?
Every so often, you hear about a home mortgage option that sounds like a dream come true. For example, most of us must choose between a fixed rate mortgage, where the interest rate starts out high and stays the same throughout the term of the mortgage, and an adjustable-rate mortgage, where the interest rate… Read More »
Behold the Era of Huge Down Payments
Everyone knows that housing is unaffordable in New York City, but just how unaffordable is it? By most estimates, your housing is affordable if less than one third of your paycheck goes to rent or mortgage payments. The advantages of homeownership are obvious; you spend a hefty portion of your paycheck on housing each… Read More »