Tagged: staten island

Staten Island and Brooklyn Lawmaker Speak Out on the Housing Tax Credit Extension

As you may have heard the time you have to purchase a house and take advantage of the housing tax credit was extended officially and went into effect yesterday.  The extension will be a four month extension which will being the extension to April 30, 2009.

Michael McMahon, Congressional representative for the 13th district of New York which includes Staten Island and Brooklyn, said that he “encourages all who are able to take advantage of this extension”.  The extension was not only extended as far as a time extension is concerned but is also being extended to current homeowners who have have owned their home and been residents of it for five years or more.  Current homeowners taking advantage of the tax credit will receive a tax credit of 10% of the purchase price up to $6,500 and first time homeowners will be given a credit of 10% up to $8,000.

For many Staten Island and Brooklyn residents this is a great time to purchase a home and the new housing tax credit may be just the thing to cause them to make a move to purchase a new or first home.

If you are interested in buying a home in Staten Island or Brooklyn there are five things that you may want to consider to avoid ruining your home purchase.  If you are interested in finding out how to avoid these five things request a free copy of Steven Decker Staten Island real estate lawyer’s book “5 Myths that Can Ruin the Purchase of Your Home“.

Also if you would like to speak with a real estate lawyer regarding a possible Staten Island or Brooklyn home purchase or if you just have real estate legal questions that you would like answered before you decide to purchase a Staten Island or Brooklyn home contact us at 718.979.4300 or 800.976.4904 for assistance.

Alternative Options to Consider if you are not Eligible for the First Time Homebuyers Tax Credit

So if you are not eligible for the first time home buyers tax credit should you still consider buying a home?  For most people the answer will probably be yes as long as you have the necessary income to make a down payment and to pay your mortgage every month while still having enough money for additional expenses.

The home buyers tax credit requirements are not able to be filled by everyone looking to purchase a home especially if you have owned a home within the last three years so where does that leave the buyer who is not eligible for the tax credit but still is looking for a break.  Here are some some reasons to buy a home now if you are not eligible for the first time homebuyer tax credit:

  • Low interest rates – For some who are considering purchasing a house they may find that their monthly mortgage payments for their house will actually end up being less expensive than renting an apartment. Mortgage rates have been at record lows over the past year and right now are still low (in the 5% apr range).
  • Special provisions for military members – There is a special provision in the first time home buyers tax credit for military and some federal members that was recently added by Congress that allows military member to not have to abide by all of the requirements for the first time homebuyers tax credit.  A military member does not have to live in their new home as their primary residence for the first three years if they receive PCS orders to depart from their unit and get restationed within that period of time.  The will be able to sell the house or rent it out to someone else and will still be eligible for the $8,000 credit.
  • Lower house prices – While home sales are up house prices are still down lower than what they were worth a few years ago.  Sellers are still not able to raise the prices of their homes if they want to sell their house quickly or, in some circumstances, at all.

If you are interested in purchasing a house in New York you will want to cover all of your grounds before signing a contract.  One of the first steps you will want to take once you have found a home you are interested in is to contact a New York real estate lawyer, such as Steven T. Decker a Staten Island real estate lawyer, and discuss your home purchase with him/her.  Your real estate attorney will go over your contract of sale with you so that you understand its terms and conditions.  To speak with a real estate attorney call 718.979.4300.

How to Find the Right Home in New York and New Jersey

Deciding to purchase a home is a big step that most people take at one point and time in their life.  It is a time in most peoples lives where they decide what area they want to live in, how big of a house they need and how much money they are willing to spend on the house.  Making sure that you get everything you want from your house is important, especially if you plan on living there for a while.  Most people wonder “How will I know which house is right for me?” you will want to make sure you figure out what you need in a house before looking for one this will help you and your realtor because you will both be on the same page and you will not find yourself purchasing a home that you are just “settiling” for.

So how do you know if you are buying the right house? There are many different things you will have to decide on as far as your house goes that you will want to decide and make your real estate agent aware of when you are looking for a house in New York or New Jersey. Here are some things you will want to decide on to help you find the right home in Staten Island, Brooklyn, Manhattan, Queens or the Bronx, New York or New Jersey these tips will help you find what you are looking for:

  • Decide on what type of neighborhood you want to live in.  Do you prefer to live in a quiet suburban area or in a urban area.  Suburban areas are often more quiet because you are further away from your neighbors most of the time and they are often slightly less expensive in price when compared with city houses.  Urban areas or “city” areas are often more populated and have less of a commute to work and school but also usually have slightly more expensive homes, are noisier and sometimes have higher crime rates.
  • Decide on what type of location you want to live in.  Once you have decided on whether you want to live in a city or in the suburbs you will want to decide if you prefer living on a busy street or on a more secluded street.  This is really just a personal preference if you are a person who likes it completely quiet all of the time you will want to avoid homes that are on busy streets or that are next to the highway because of the noise from the traffic, but if you are not bothered by the noise purchasing a home on a busier street is usually a few thousand dollars cheaper – just remember that since it can be purchased for thousands cheaper also means that when you sell it there is a chance it will probably sell cheaper.  You will also want to decide if you want to live on a corner lot or not.
  • Find an area with a good education system.  If you have children or plan on having them sometime in the future while you reside in the house you are considering purchasing you will want to make sure the area has a good education system.
  • Decide what type of home you want.  Are you interested in a single family home, multi-family home, condominium, townhome or cooperative (co-op)?  Single family and multi-family homes are usually quieter and have more appreciation but require a lot of maintainance.  Condominiums, townhomes and cooperative units usually require less maintainance but noisier and not as private because you share common walls and/or ceilings with your neighbors.  This category of homes is also usually less expensive than a single or multi-family home.
  • Determine what style of home you want.  Do you want a single story home, split level or a multi-level home? Deciding what type of style home you want is most commonly based on how much space you need, what type of layout you find more appealing, whether or not you have medical conditions that prohibit you to one floor, whether you feel safer in a one floor home or a multi-story home and if a multi-floor home is more or less convienient for your daily activities.
  • Decide what interior specificiations are important to you.  You will want to determine what specific needs you and your family have and what they need from the house for everyday living.  How many bedrooms do you need?  Will you need extra bedrooms in the future for a baby, in-law or parent?  Do you need a guest room?  Is one bathroom okay for your family or do you require 2 or only 1 1/2 bathrooms?  Determining the specific needs your family has will help you decide what qualities you need inside of your house.
  • Figure out if you want a home that is newer and will require less fixing or if you are looking for a “fix-up” home.  Regardless of whether or not you are buying a home that is apparent that it needs to be fixed up or if you are looking for a home that requires little to no repairs you will always want to make sure you have an engineers inspection (home inspection) done to make sure there are no “hidden problems” but deciding if you want to pay less for a home that needs to be fixed up or if you want to spend a little extra and purchase a home that is newer and does not require and fixing up will not only help you in the long run but will also help you map out the amount you may need to invest in the house to fix it up.
  • Try to figure out if there are any “little things” that are important.  Determining if there are any small things that will be a make or break the deal is important to figure out before hand also and sometimes are not thought about until the purchase process is already occuring. A few things to consider are does the house offer gas or electric heat, does it have central air or will you have to put a window unit in, do you want a swimming pool, if you are buying a condo or co-op are you allowed to have pets, are you willing to buy a house if it is a short sale or a foreclosure? – there are many questions that you may want to figure out the answers to before making a final decision and signing a binder for a house.

More Home Buyers Purchasing Newly Constructed Homes as New Housing Permits Continue to Rise

A recent report released by the U.S. Department of Commerce showed that housing starts and building permits rose to the highest they have been since last November.  This news comes a month after the housing report for July was released which announced that home sales rose 9.6%, which was the largest monthly increase in sales in the past four years.

While the report showed that construction starts of single family homes dropped 3%, it showed that multi-family homes rose 25.3% after coming off of an all time low a month before in July.  Total housing starts rose 1.5% and building permits rose 2.6%, although the majority of the rise in building permit applications were for two-family, three-family and four-family homes and larger buildings such as condominiums.

All of this information listed in the report released by the U.S. Department of Commerce was released one day after and corresponds along with the report released by the National Association of Home Builders who released a statement saying that its home builder confidence level rose for the third consecutive month in September to the highest it has been in 18 months.

So what does all of this mean for you as a home buyer? The large increase in building permit applications and large number of building permits that have already been issued to home builders will create a larger number of homes for those looking to purchase a house.  Because numbers rose so high in the area of multi-family homes it also mean that there are more condominiums being constructed.  With the rising numbers of people looking to buy new homes home builders are trying to create new affordable homes for the buyers.  Home builders are also hoping that the bill to extend the home buyer tax credit will pass.  In the case that the bill does pass it will more than likely mean that that there will be an even larger number of people in the market to purchase a home.  A larger number of people looking for homes also means a larger number of people who will be interested in purchasing a home that is newly constructed.

If you are interested in purchasing a home in the Staten Island area and need a lawyer to represent you contact Steven T. Decker.  Steven T. Decker is a real estate attorney in Staten Island and represent clients purchasing, selling and refinancing their homes in New York and New Jersey.  If you would like to speak with Steven T. Decker to discuss your purchase, sale or refinance of your home you can contact him at 718.979.4300.

Profitting from a Falling Economy: Renters Using Falling Home Prices to Become Homeowners

It is no secret that the Staten Island residential real estate market has seen a major decrease in property values.  While Staten Island, Brooklyn and Queens have seen a lesser decrease than many areas it is not uncommon for some areas to be down up to 20% from the heights seen in 2006.  But this news is not all bad as many people can use this market downturn as an opportunity to become homeowners.  Every day I answer questions about the true cost of renting versus becoming a homeowner.  With falling home prices and interest rates now is the time for renters to get into the market.  After comparing the costs and potential benefits of homeownership many renters see this as the best time to get in on the American dream and purchase a home.

While people seeking to sell and buy a higher priced house and those seeking to refinance their existing mortgages can benefit form the current market weakness, renters and first time homebuyers have the best opportunity to profit from the market downturn.  Falling prices and interest rates makes homeownership more affordable than ever before.  With the number of foreclosures at an all-time high, more housing inventory is available and median home prices have fallen while rents continue to increase.  Coupled with lower mortgage interest rates the spread between the cost of owning a home and paying rent has narrowed.  All renters who intend to remain in a neighborhood for more than a few years really need to determine whether the tax benefits (and potential market appreciation) of owning a home make it a better decision than continuing to rent and making your landlord wealthy.  When looking at the actual cost of paying rent versus owning a home start with the cost of your rent and add in any anticipated increases for the next 5 years.  Now look at the cost of homeownership.  To determine the true cost of homeownership compare the ownership costs (mortgage, insurance, taxes, utilities, maintenance costs) versus the benefits of the tax deductions available for owners (mortgage interest and real estate taxes) along with the potential for increased property values when the market improves.  Many renters with good credit and the ability to pay a mortgage will find the benefits of homeownership worthwhile.