Showing posts with label #realestate. Show all posts
Showing posts with label #realestate. Show all posts

Monday, February 6, 2023

Concerned about frozen pipes in your home- You should be concerned

 

The Dangers of Frozen Plumbing



As a Realtor, I have witnessed the aftermath of a few homes, especially vacant ones, suffering from frozen pipes. The damage caused by thawing pipes can be extensive and costly to repair. To prevent this from happening in a vacant home, there are steps you should take. If you are in a home and the power goes out and there is no heat, it is important to know how to turn off the main water valve to prevent a potential disaster. This past weekend, our own home lost power, and with outside temperatures dropping to -2 degrees Fahrenheit, I was worried about our pipes freezing. Within a few hours, the temperature inside our home dropped to 48 degrees and the temperature kept falling. Fortunately, I was able to prevent any damage by closing the water system and draining it before the pipes could freeze

Many years ago, I was scheduled to show a vacant estate. When we arrived at the house, we were met with the devastating sight of a flooded house in the middle of winter, a true disaster.




Here are the steps to take to prevent a frozen pipe

Homeowners in the Northeast face a significant risk of frozen pipes, which can result in costly water damage and insurance claims. In fact, water damage and freezing claims were the second-most common type of claims in the US between 2016 and 2020, with the average loss amounting to $11,650. To protect your home, it's important to understand which pipes are most vulnerable and take steps to prevent them from freezing.

Four types of pipes are particularly susceptible to freezing: uninsulated pipes, pipes located on the exterior of the home, pipes in unheated areas such as basements, garages, attics, and crawl spaces, and copper or galvanized steel pipes. Other areas in the home, such as washing machine hoses and sink pipes, are also at risk. Outdoors, spigots, sprinkler systems, and swimming pool lines may also freeze if not properly insulated.



To prepare your pipes for colder weather, there are several steps you can take: drain and store outdoor hoses, open outdoor hose spigots and close the indoor valves, insulate pipes in unheated areas, maintain a consistent indoor temperature, and let water trickle through pipes during cold nights. You can also invest in tools and products such as a Wi-Fi Leak & Freeze Detector, heating cables, insulated tape, and outdoor faucet covers.

In the event that pipes do freeze, follow these steps to prevent disaster: shut off the main water valve, call a plumber if the frozen pipe is inaccessible, use warm air to thaw the pipe, and slowly turn the water back on while watching for leaks. If a pipe bursts, shut off the water immediately and contact a plumber.

By taking these preventative steps, you can protect your home against the damaging effects of frozen pipes.

Friday, March 5, 2021

What is a cooperative or co-op apartment?

Buying a Co-op in New York: What It Is and What You Need to Get Approved

A cooperative apartment, commonly called a co-op, is one of the most common forms of home ownership in New York. Unlike a condo or single-family home, when you buy a co-op you are not purchasing real estate in the traditional sense.

What are you actually buying?

When you purchase a co-op, you are buying shares in a corporation that owns the building. Those shares give you the right to live in a specific apartment through a document called a proprietary lease.

This structure is why co-ops operate differently than condos — the building’s board of directors has a say in who becomes a shareholder.

What do you need to buy a co-op in New York?

While every building has its own requirements, most co-op purchases in New York State include:

  • A real estate attorney to review the contract and building documents
  • A larger down payment (often 20–30% or more)
  • A complete co-op board application
  • Detailed financial documentation
  • Board review and, in many cases, a board interview

The co-op board application

The board application is where most buyers feel the process is more involved. Boards are evaluating financial stability, not personal characteristics.

A typical board package may include:

  • Recent tax returns
  • Pay stubs or proof of income
  • Bank and investment statements
  • Reference letters
  • A personal and financial summary

Why board approval matters

Co-op boards are responsible for protecting the financial health of the building. Approval is based on whether the buyer meets the building’s financial standards and agrees to follow house rules and policies.

Learn more about co-op board approval

I have a dedicated page that goes deeper into co-op board requirements, financial preparation, and interview tips:

👉 Complete Guide to Buying a Co-op in New York & Board Approval

If you have questions about buying or selling a co-op in Westchester or New York City, feel free to reach out.


Thomas Roberts
Real Estate Agent | William Raveis
Call/Text: 914-755-9816
https://linktr.ee/Realtortom

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