Learn Erin Lichy’s “Secret Tip” for Scoring Amazing Real Estate Anywhere in the Country
It's not just location, location, location. Erin Lichy shares advice for both buyers and sellers.
Erin Lichy has an eye for trends and real estate on The Real Housewives of New York City. She’s even been connected to Million Dollar Listing New York and was named by Forbes as being part of a group called “Marvel heroes of real estate.” Last year, she launched her new team. Now, she’s giving some of her best tips to buying and selling real estate.
“Buying and selling in New York is so much fun and I recommend it. But just be really educated when you’re going into it,” she said in a BravoTV.com digital original video. “Make sure you have a great team around you as well, a great agent — maybe like me — a great attorney, which I can recommend to you. And an amazing appraiser or bank that you’re working with.”
That’s not all: Keep reading to see Erin’s other tips if you’re planning to buy or sell in this real estate market.
Erin Lichy shares her New York City real estate tips
Her biggest advice if you’re buying? Love your neighborhood.
“Well, if you are a buyer in Manhattan you have to make sure that you love your neighborhood,” she explained. “Because if you don’t love your neighborhood, you’re going to end up wanting to leave pretty soon.”
Next, make sure you think of your big purchase as a long-term investment.
“Not only as like a fun home for you to live in for a few years,” she added. “This is going to either make you money, or make you lose money.”
Don’t purchase something in a hurry — Erin recommends doing your due diligence.
“If you’re buying a townhouse, make sure that you have an inspector come in and make sure it’s up to code,” she advised. “Make sure all the permits are closed. Also, check out the building, make sure the building is you know, safe, and also up to code.”
Before you make any big changes or renovations, really think it through, Erin added.
“Make sure that if you do any sort of renovation that you’re doing renovation with the market in mind,” she said. “What that means is figuring out who your future demographic is and understanding your neighborhood. Even like your block. It can be that nuanced.”
Erin shares her "secret" real estate tip
Erin also shared a “secret tip” and advised that you think about a 1031 tax exchange before buying and selling.
“But what that means is you save on capital gains tax if you are able to locate another place within six months and you use the gains that you get from the sale towards another purchase,” she explained. “So, it’s really important. And it doesn’t have to be in New York. You can buy something in Florida, as long as you do the 1031 tax exchange. But you have only like three months.”
Finally, if you’re selling, it’s all about how you present your home.
“Marketing is your biggest tool,” Erin said. “It’s not just about the agency that you hire, or like a big-name team. It’s about how they’re going to market your property uniquely and strategically for the future buyer.”
Watch all-new episodes of Season 15 of The Real Housewives of New York City on Tuesdays at 9/8c on Bravo and the next day on Peacock.
