Hi Friends, hope all is well! This month we have some cool things to share with you 🙂 First, we have a good article on the difference between a basement and a cellar. If you own a home in NYC you may be calling your ground level a basement when indeed it is a cellar. Do you know the difference? This article breaks it down really well. 

Second, we wanted to share our favorite locksmith with you. We’ve used this company for our clients, and we’ve used them personally so we can attest to their quality of work and professionalism. 

And lastly, we wanted to share a profit and loss statement that we use for our investment properties. If you own an investment property, or if you live in a multi family, you should be keeping a P&L and handing it to your accountant every year at tax time. This is helpful in maximizing your deductions, and it lets you see how your property is doing from an investment standpoint. Hope you enjoy the content! 

As always, if you have any questions, need any advice, or are curious how the market is right now, feel free to reach out anytime 🙂

Difference between a Basement & a Cellar

Do you know if you have a basement or a cellar? Whether a space is a cellar or a basement will determine what the space can be used for. For example, in residential zoning districts, a basement can have habitable space and counts as zoning floor area, but a cellar does not count as zoning floor area and cannot have habitable space. A basement is more than 50% above ground and a cellar is more than 50% below ground. A lot more interesting information about the two in this article. 

Our Favorite Locksmith

If you’ve ever locked yourself out of your house, or if you’ve lost your keys, you know how frustrating that can be. In situations like this, you need a good locksmith who is going to help you resolve the issue, but not break your pocket in the process. Our favorite locksmith is great because he has a lot of experience, gives honest advice to save you money, and is reasonable with his pricing. In addition, his company also installs doors, gates, window guards, storm doors, garage doors, etc. Our contact’s name is Omar and his company is Abbas Locksmith, named after his father. Make sure to tell him that Queens Home Team sent you 🙂 

Profit & Loss Spreadsheet for Investment Properties

If you live in a multi family or own another investment property, then you should be keeping a P&L (Profit and Loss) statement for each property. The P&L will list all income received for the year, any expenses incurred throughout the year (i.e. Heat, Water, Electric, Insurance, Plumbing, Repairs, Renovations, etc), and the net profit or loss for the year. This document makes it easy for your account to prepare your taxes and to maximize your tax deductions. You’d be surprised how much is spent on a property during the year and if you don’t keep track, you could end up paying more taxes than you should. Take a look and feel free to make a copy for yourself 🙂 

Well, that’s it for this month. Thanks for reading and for staying connected. As always, if you have any questions, need any advice, or could use some recommendations, please don’t hesitate to reach out! 

© Brooklyn Home Team at Keller Williams Realty Landmark II

9201 4th Ave, Brooklyn, NY 11209