Governmental Impact
Local, state, and possibly national rules and policies can have a dramatic effect on your real estate game plan. Examples of the critical need to understand governmental rules abound.
If you are acquiring apartments in rent-controlled areas, it is important to understand not only the rules controlling when rent can be raised, but also legal ways to “decontrol” the rent.
If you are seeking to undertake historical renovations, it is important to understand the criteria that must be met for work to qualify as a historical renovation, as well as the resulting tax advantages.
If you elect to build low-income housing, it is important to understand the criteria that must be met to qualify for this category of construction and the potential tax benefits associated with the various governmental programs.
If you are operating in a heavily regulated sector, for example if you have a property that contains a surgical center, it is paramount to have a handle on the applicable rules and regulations and equally important to have a feel for when a consultant is needed to clarify the applicable codes. Often, recognizing when an expert is needed can mean the difference between success or failure.
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