Law Offices of Daria L Pratcher
Law Offices of Daria L Pratcher
  • 37 Franklin Street, Ste. 1000, Buffalo NY 14202
  • Call For A Free Assessment Of Your Needs

    (716) 541-8574

How Investment Property Differs From Homestead Properties In New York?

How Does The Buying, Selling, And Ownership Of Investment Properties Differ From Homestead Properties?

Homestead properties are given a greater amount of exemptions and a greater amount of respect for the fact that it is an individual’s living space.

Therefore, governments, municipalities, and villages respect homes with a particular weight of taxing – because it is occupied by a resident versus being owned by an investor who is making income on the property.

Additionally, these special exemptions are made to homeowners because municipalities have a better ability to attract people to come and invest in the community when there is a stable neighborhood of homeowners. So to municipalities, homesteading is a draw.

Investors often come in by creating or helping to subsidize those neighborhoods, because not everyone is not a homeowner, and not everyone wants to own a home. Some renters are happy as renters.

As such, investors help to subsidize those neighborhoods with rental units and other amenities. Still, investors do not meet the criteria for exemptions that would be given to homesteaders.

Do Homestead Exemptions Ever Protect Investment Properties?

The only way a homestead exemption relates to investment property is if the owner lives in a unit within the property.

For example, if an owner occupies one unit in a duplex, the owner gets the benefit of the homestead occupation. (That usually happens in buildings of up to 3 units.)

Above and beyond, and especially in the western New York area, any owner-occupied investment property beyond four units will lose the benefit of any homestead exemptions.

For more information on Real Estate Law in New York, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (716) 541-8574 today.

Law Offices of Daria L Pratcher

Call For A Free Assessment Of Your Needs
(716) 541-8574

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