Just a Few Reasons For Buying S.I. NY Real Estate This Year

It is a bit difficult to think about buying a home due to the negative news on the real estate market. When you review the facts, it is actually a very good time to purchase real estate. Here are reasons for buying Staten Island NY real estate this year. Reasons For Buying Staten Island NY Real Estate This Year Reduced Interest Rates Mortgage rates are at an all time lows. Most buyers secured fixed rates under four percent during recent months. Mortgage rates have a big impact on recurring mortgage payments. By acquiring a low rate, home buyers spend less money on a property or are able afford a higher prices home. Rates may not remain low for very long, so buyers may want to act sooner rather than later to to fix in a low rate for the length of their home loan. Home Price Trends The downturn in the real estate market means that listing prices are lower than they were at the peak of the market. Similar to stocks, it is better to purchase at a low price than a high one. Real estate generally increases in price over time. By purchasing on the low end, there is much more potential for price increases. The Ability to Upgrade to a Bigger Home When real estate values decline, it is actually the best time to upgrade to a more expensive property. Buyers can lose money in selling an existing home, but the savings on the more expensive home should be more than that loss. Many buyers are realizing that the lower prices offer a rare opportunity afford a home of their dreams. Renting Comparison Rental rates are high even though housing prices are low, leading to less of a gap between renting and buying. Buying provides tax advantages as well for mortgage interest, municipal taxes, and other expenses. When you also consider the ability to build equity over time, home buying provides both savings and long term growth potential. Help With Buying Real Estate in the Staten Island NY Area There are many reasons for buying Staten Island NY real estate this year. If you are ready to benefit from decreased prices, low interest rates, and the other advantages of purchasing a home, start by finding a mortgage professional and real estate buyer agent. Contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties 718-408-1499 for additional details on the local market and assistance with your property search needs.

Information On Renting Vs. Buying Staten Island NY Real Estate

There are several considerations when evaluating renting vs. buying, and it could differ based on the real estate market and your personal finances. The Information On Renting Vs. Buying Staten Island NY Real Estate below can help you make an informed decision on which alternative is beneficial to you. Renting Vs. Buying Renting Staten Island NY Real Estate Renting is a preferred decision if you do not intend to live in the neighborhood for an extended period of time, are uncertain about employment security, have poor credit, or basically do not want to maintain a residence. Unless the real estate market is good and/or is rapidly increasing, it traditionally takes five plus years to see equity in a piece of real estate. If the economy is on a downward trend or you are undecided on how long you plan to stay in a house, renting could be the safer option.Job security is another consideration. If you rent, you can adjust to a job loss by changing to a less expensive apartment and thereby lowering recurring expenses. A home mortgage is not as easily reduced. If you have bad credit, that can result in higher mortgage rates, making purchasing a property a less appealing option to begin with. Lastly, taking care of a property takes time, energy, and money. There are general costs related to home maintenance. You may decide that taking on those repairs are not what you want or not possible for your lifestyle. Buying Staten Island NY Real Estate Purchasing has many perks such as potential tax deductions for mortgage interest and local taxes, creation of equity over time, and control over your amenities. In most cases, purchasing a home costs the same as or less than renting. If you plan to remain in the area for an extended period of time, properties also typically builds equity for a beneficial return on investment. A declined market is a great time to purchase since prices are low and the potential for increasing values is higher. Lastly, buying a home allows you to alter the space. You can change appliances, flooring, fixtures, and other amenities to create a unique space. These factors make real estate ownership extremely appealing both personally and financially. Information On Renting Vs. Buying Staten Island NY Real Estate Calculate the cost of renting vs. buying (based on existing real estate prices and mortgage interest rates). When home prices drop, rental costs do not necessarily follow, so a poor real estate market may be the optimal time to buy. The above information on renting vs. buying Staten Island NY real estate is meant as a general introduction. Before deciding what to do, contact a real estate agent for accurate details on the real estate market and a mortgage consultant on interest rates and estimated payment totals. Only with accurate information will you develop an informed decision. Please do not hesitate to call SI Premiere Properties at 718-408-1499, for all your real estate needs!

Basic Information On Staten Island NY Rental Provisions

When purchasing rental real estate or renting a home yourself, it is helpful to be aware of the typical provisions. As either a landlord or a tenant, you have certain obligations. The information below includes basic information on Staten Island NY rental provisions. Categories of Tenancy Tenancy can be at-will or by lease. There are advantages and disadvantages to each, but the major difference related to the time frames. Leases note definite time frames while tenancy-at-will is more indefinite. Before offering a particular type of tenancy, property owners normally assess the impact of the time of year (i.e. colder weather), the cost of replacing tenants, and other similar situations. Obligations of Each Party Both landlords and tenants maintain particular obligations to fulfill. For example, landlords must maintain a safe and clean (as defined by law) living environment. Tenants must submit rentals payments and not damage the home beyond normal wear and tear. Additional provisions can be outlined in the rental terms, although some conditions may either be required by law or prohibited. Ultimately, it is critical for both landlords and tenants to understand their rights and to understand all terms in an agreement before accepting it. It is possible for particular items to be adjusted to reflect the needs of both parties. Handling of Deposits One of the key terms in any rental agreement involves deposits. A security deposit can be required to cover expenses related to damages. Rent for the last month is also sometimes required to stop tenants from using security deposits for the last month or to facilitate 30 days advance notification for vacating the home. Receipts should be written for every deposit for accurate record keeping. Staten Island NY laws can specify maximum amounts, where money is deposited (i.e. into an interest bearing escrow account), and when deposits must be given back to tenants. Basic Information On Staten Island NY Rental Provisions This article includes only some elements of Staten Island NY rental provisions. It is provided merely as a basic overview and must not be interpreted as legal guidance. Connect with a local Staten Island NY lawyer for actual legal guidance. Comprehensive resources regarding Staten Island NY rental provisions may also be found on the official state website. Subscribe to our website for further information on this and similar topics.

Details On Staten Island NY Home Casualty Loss Tax Deductions

The federal government offers a tax deduction for property casualty losses. This is an itemized deduction, so applicability depends on the personal finances of a taxpayer. Deductions decrease taxable income and the amount of tax due, and can therefore be useful to a home owner. This blog provides details on Staten Island NY home casualty loss tax deductions. Definition of a Casualty Loss The IRS considers a casualty loss as the "damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual." It may relate to natural disasters such as floods or man-made ones such as fire. There are other restrictions offered in IRS Publication 547: Casualties, Disasters and Thefts. Deduction Tips Applicable Tax Year If the loss occured during an presidentially declared disaster, then you can resubmit your tax return from previous years to deduct the damage. This will likely lead to a tax refund. Otherwise, property owners must delay until the next tax filing. Deduction Amounts First and foremost, the deduction is only applicable to costs not reimbursed by insurance and other resources. The sum of a deduction is calculated by the decrease in market value of real estate caused by the damage or destruction, the income of the home owner, and a few other factors. Federal and state tax laws can differ. About Details On Staten Island NY Home Casualty Loss Tax Deductions Always touch base with accountant on deduction qualifications, determining amounts, and adapting to federal and state returns. This blog includes details on Staten Island NY home casualty loss tax deductions and is intended to make you knowledgeable on potential deductions. It does not at all guarantee that you will be able to use deductions on your specific tax return.

Energy Tax Credit Overview For Staten Island NY Real Estate Owners

Homeowners who make energy efficient improvements may be able to take advantage of tax credits. Credits directly reduce the tax owed and will, as a result, save money. This article offers energy tax credit overview for Staten Island NY real estate owners. Types of Tax Credits The Wind, Solar, Geothermal and Fuel Cell Tax Credit This tax credit can be applied to existing properties and new construction, as long as it is used as principal residences. The credit is not valid for investment properties. Homeowners may apply a credit for 30% of the actual cost of repairs completed during the calendar year. The items below qualify for the tax credit •Geothermal Heat Pumps •Solar Panels •Solar Water Heaters •Small Wind Energy Systems •Fuel Cells (up to $500 for each 0.5 kilowatt capacity; other restrictions apply) Energy Efficiency Repairs This credit covers building components, insulation, windows, skylights, doors, roofs, air circulating fans, furnaces, and hot water boilers. There are specific requirements for each item, so check the tax laws before applying the credit. There are maximum deductions on certain items such as windows. Only upgrades on principle residences may be used and all products must have at least a 5 year lifespan. In general, the credit is for ten percent of the purchase price up to a maximum of five hundred dollars. Once a tax payer reaches the five hundred dollars mark, no additional amount may be taken in any tax year. This is an overall limit and not a recurring one. Energy Tax Credit Overview For Staten Island NY Real Estate Owners With all tax credits, keep receipts to confirm amounts. Also keep the manufacturer and model number of all products as some have specific criteria under the tax laws. If you are uncertain of how to figure out this credit or have a lot of credits in your tax return, look into consulting with a tax preparer. Advanced energy tax credit overview for Staten Island NY real estate owners is offered at the Energy Star website. The information in this blog was prepared by Gregory Diaz and Gina Guerriero at S.I. Premiere Properties as is meant only as an introduction.

Staten Island, NY First Time Buyer Information

Buying real estate for the first time may be somewhat scary. The Staten Island NY first time buyer information below will clarify some things. Real estate is a major financial investment and buyers should enter with as much information as possible. Before Purchasing Select a Reputable Mortgage Company Speak with a local lender and ask for a pre-approval. The options and requirements may differ from one company to another. Evaluate the services and closing costs to identify the best option. Getting this information in advance may help you understand the estimated up-front and monthly costs of property ownership. This also helps determine your price range. Find a Real Estate Expert Find a real estate professional to help with your home purchase. Choose one that best suits your needs. Experienced agents will help explain the options, submit contracts, and facilitate a smooth transaction. This guidance can be a huge help first time buyers. Steps in the Real Estate Process Real Estate Viewings Only see properties within your budget. This prevents the heartache of wanting a home that is not possible for you to purchase. Home viewings can be time consuming, so sticking to your range will also preserve valuable time. Legal Paperwork Real estate professionals can provide information on contracts and help you negotiate them, but they do not practice law. If you require legal counsel, consider hiring a local real estate attorney to interpret terminology and add any necessary language. It is important that you sufficiently understand the terms and requirements of any contract prior to signing them. Inspections Do not rely on an inspection to address price or change purchase terms as they may not find any issues at all. Also avoid negotiating clearly visible issues. Such strategies often fail and may cause you to waste the money spent on the inspection. In cases where defects are uncovered, homeowners may agree to address defects, compensate you for them, or refuse to do nothing at all. Fair items have a better likelihood of being negotiated. Final Walk-Thru Shortly before the closing, you may have the chance to walk thru the property one final time. It is a good idea to make this after the sellers have moved out. Resolve any issues before signing closing paperwork as you may have few options afterwards. The Closing You must have acceptable identification for the closing. Any amounts owed must be certified. Have your checkbook ready for any unpredictable changes. After the closing, the real estate is officially yours! Additional Staten Island NY First Time Buyer Information The property purchase process will be less intimidating with some advanced knowledge. For assistance with your home purchase and additional Staten Island NY first time buyer information, contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties by calling 718-408-1499

Lender Good Faith Estimates For Staten Island NY Real Estate Buyers

The Consumer Financial Protection Bureau is in charge of overseeing and applying laws relating to finances. The Real Estate Settlement Procedures Act (RESPA) is a federal law that specifically pertains to real estate and loan transactions, including mortgages. One of the guidelines by RESPA is the stipulation that a Good Faith Estimate (GFE) be supplied to all customers who apply for a mortgage. This article provides facts on lender good faith estimates for Staten Island NY real estate buyers. Good Faith Estimate Defined A Good Faith Estimate includes closing costs, loan percentages, and other costs related to getting a home loan from a certain lender. It is intended to allow real estate buyers to analyze options offered by individual lenders and to outline the total charges involved with getting a mortgage. Mortgage companies are required to furnish a Good Faith Estimate within 3 days of a loan application. What Can Vary In Good Faith Estimates Various fees in GFEs are administered directly by a lender while others (such as recording charges) are decided by municipalities where the paperwork is filed. Mortgage company determined items, such as underwriting costs, vary from one lender to another and comparing GFEs is how you will notice those differences. Remember that a GFE is only an estimate calculated by facts available during the mortgage application. Some charges may not increase, some may change by a limited percentage, and others may be driven by your purchase price or other factors. Ask your mortgage professional about which charges can increase or decrease if you are concerned about increases. Making Sense of Lender Good Faith Estimates For Staten Island NY Real Estate Buyers Although GFE documents have been improved in recent years, it may still be somewhat difficult to comprehend. Ask your lender or lawyer to go over the figures in the GFE and make sure that you understand it before proceeding with a specific loan. If you would like to be connected with a local lender for guidance about lender good faith estimates for Staten Island NY real estate buyers, contact Gina Guerriero or Greg Diaz(Broker Owners at S.I. Premiere Properties) at 718-408-1499