People who live in the 5 boroughs of New York who notice that their neighborhood is attracting more residents should know that recent changes in local zoning laws give them the opportunity to profit from the situation. In fact, homeowners may be able to remain in the neighborhood and live rent free for the rest of their lives.
According to Mindy Burton of Realty Warehouse, many property owners do not realize that they can benefit from increased equity and a steady income stream. “New York is the place to be these days, and space is at a premium,” she said. “Homeowners in the boroughs are sitting on a gold mine and they don’t even know it.”
As a representative of Realty Warehouse, Mindy identifies both residential and commercial properties, even houses of worship, that can easily transition to multi-family units and she notifies the homeowners. “Important new zoning laws let people build on a greater percentage of their property,” she said. “They may be able to add a level up or down, or expand the square footage on the side or toward the back. What was zoned as a 1- or 2-family home 20 or 30 years ago may now be zoned as a 10 – 20 unit property.”
“Our company has a program that we offer to qualified owners to turn their property into an exciting new development project, she said. “Homeowners partner with Realty Warehouse and its developers. They provide all the funding and do all the work. The project is funded, and the architects and developers joint venture does everything else that needs to be done.”
It’s easy for homeowners. They enter into a joint venture agreement and participate in the project from equity to net income from rentals.
-Mindy Burton, Expert at Realty Warehouse
This blog is for informational purposes only, subject to change.