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By S.I. Premiere Properties | Broker in Staten Island, NY
  • Basic Information On Staten Island NY Rental Provisions

    Posted Under: Rental Basics in Staten Island, Rentals in Staten Island  |  February 21, 2013 9:16 AM  |  1,130 views  |  No comments

    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.

  • Energy Tax Credit Overview For Staten Island NY Real Estate Owners

    Posted Under: Home Buying in Staten Island, Home Selling in Staten Island, Home Ownership in Staten Island  |  February 13, 2013 11:25 AM  |  1,146 views  |  No comments

    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.

  • Details On Staten Island NY Home Casualty Loss Tax Deductions

    Posted Under: Home Buying in Staten Island, Home Selling in Staten Island, Home Ownership in Staten Island  |  February 13, 2013 11:19 AM  |  1,139 views  |  No comments

    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.

  • For Sale By Owner Pricing Dangers For Staten Island NY Sellers

    Posted Under: Home Selling in Staten Island  |  October 18, 2012 12:35 PM  |  1,087 views  |  1 comment

    Sellers normally evaluate listing a property on their own with the sole intention of saving money. Experience has proven that it may actually result in less savings than hoped,... for sale by owner pricing dangers for Staten Island NY sellers. Below are a few things for sellers to consider before deciding sell their own home.
    Proper Pricing
    The real estate market is continually changing. Pricing can impact market time, what price it sells for in the end, and whether it sells at all. Real estate professionals have the knowledge and experience to help homeowners with listing price based on the particular property, location, and desired timeline, and to adapt pricing as necessary for fluctuating market conditions.
    Property Comparisons
    It all starts with picking comparable listings. Sellers generally commit several errors at this step.
     1. Considering the value of homes in the neighborhood from years past.
     2. Referring to the value of their own home from a previous market analysis.
     3. Selecting varying styles or types of homes (i.e. comparing a ranch to a colonial).
     4. Pulling up active listings that are incorrectly priced or not moving.

     Referencing incorrect listings for comparison will result in incorrect values and typically overpricing.
    Adjustments to Value
    Another aspect of pricing is applying adjustments for varying amenities. It is nearly impossible to come acorss two identical listings, so changes are generally calculated for interior space, amount of land, and features such as garages, bathrooms, fireplaces, condition, and upgrades. Sellers tend to reference the price spent on upgrades. However, the market value of most repairs do not often match the price paid for them. In fact, some expenses will not add any value. Real estate brokers are educated on what appraisers may calculate for adjustments and will calculate those accordingly for pricing.
    For Sale By Owner Pricing Dangers For Staten Island NY Sellers
    Incorrectly priced homes can cost sellers considerable energy and money. Listings may sit on the market with no activity or with interest from buyers that are strictly wondering why the price is so high. additionally, buyers have a negative view on properties that have been marketed for extended time frames and are likely to pay less even if the price is later reduced. In a declining market, a home can naturally drop in value by the time it actually sells. All of this leads a for sale by owner home to go for significantly less than it may have with the proper help of a real estate professional. That expense can be higher than what a seller estimated to save by doing it alone. This For Sale By Owner Pricing Dangers For Staten Island NY Sellers information was published by Gregory Diaz and Gina Guerriero at S.I. Premiere Properties.

  • Benefits Of VA Loan Programs In Staten Island NY

    Posted Under: Home Buying in Staten Island  |  October 12, 2012 10:00 AM  |  1,185 views  |  No comments

    Veterans may obtain VA loan programs provided by private lenders but guaranteed by the VA. The guarantee protects mortgage companies from loss up to a certain amount should a homeowner defaults on the loan. With this guarantee, mortgage companies are able to provide veterans options not readily obtained through other financing. The following is an overview of the benefits of VA loan programs in Staten Island NY.

    The best features of VA loan programs are the options for no down payment and no mortgage insurance. Buyers can finance the full price of a home being purchased, assuming the appraisal supports the figure and the individual lender does not require otherwise. VA loans also allow veterans to purchase a property by eliminating the added cost of mortgage insurance, which is typically required in home loans with less than twenty percent down. Other important benefits are...
     •Similar closing costs to other loans.
     •VA mortgages are assumable.
     •No pre-payment penalty.
     •Ability to finance or reduce the VA funding fee for the home loan.

    Obtaining VA Loan Programs
    To obtain a VA mortgage, buyers must meet several criteria. The first set involves their actual service - when time was served, type of service, and amount of time served. The second set involves the normal credit report and financial considerations by mortgage companies. Veterans may contact any mortgage company offering VA financing to confirm eligibility and obtain a pre-approval.
    With a pre-approval in hand, veterans may then begin viewing homes within their price range. Once a listing is selected, an offer should be submitted contingent on VA financing approval. With a purchase contract, buyers can then submit an actual application and lock in an interest rate. Once the loan is approved, the next step is the closing. After closing, the loan is reported to the VA. Veterans can only have one current VA mortgage at any given time.
    This article is merely a brief overview of the benefits of VA loan programs in Staten Island NY. To be referred to a local mortgage company providing VA loan programs, contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties at 718-408-1499 or gregdsells@aol.com.

  • Benefits of VA Streamline Refinancing

    Posted Under: Home Buying in Staten Island  |  October 12, 2012 9:58 AM  |  1,127 views  |  No comments

    Borrowers with VA mortgages have the option to easily refinance to a reduced interest rate through a special program. This is often called IRRRL which stands for Interest Rate Reduction Refinancing Loan. Any VA approved mortgage company can assist with this program. Below is an overview of streamline refinancing VA loan programs in Staten Island NY.
    Benefits of VA Streamline Refinancing
    An appraisal, credit check, and closing costs are not mandated by the VA, although there is a loan funding fee payable. These are the most significant benefits of using the program. However, some lenders will include an appraisal or credit check as part of their own financing criteria. Closing costs are usually billed by mortgage companies, but the types and amounts may vary from one mortgage company to another. The VA allows their funding fee and any lender closing costs to be added to the loan so that homeowners can refinance without spending any money out of pocket. There is also an option to roll in the expense of energy improvements for the home.
    Qualifying for a Refinance
    For streamline refinancing with this program, the existing mortgage must be a VA loan. The interest rate on the new loan must also be lower than that of the old loan (the one exception to this guideline is when refinancing from an ARM to a fixed rate). Homeowners are not allowed to receive any proceeds from the refinance of the loan and no other loan, other than the original VA loan, may be included in the new loan. Veterans must also verify that they have occupied the real estate as a primary residence. More qualification criteria can apply based on individual lenders.
    More on Streamline Refinancing VA Loan Programs In Staten Island NY
    Homeowners with VA loans may return to their existing loan company or use a new one. Many mortgage companies are VA approved and can help with streamline refinancing. The above information is offered only as an introduction. This information is considered accurate but is not guaranteed. It was gathered based on information available at the time the article was written and is subject to change without notice. Always speak with a local consultant for current information and guidance. For a list of companies offering streamline refinancing VA loan programs in Staten Island NY, contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties at 718-408-1499 or gregdsells@aol.com.
  • Staten Island NY Spring Real Estate Market Information

    Posted Under: Home Selling in Staten Island  |  May 29, 2012 1:52 PM  |  1,121 views  |  No comments

    Spring is usually a busier season for real estate. There are both an abundance of listings and buyers on the market. If you are considering buying or listing real estate, this article provides Staten Island NY Spring real estate market information.

    The Impact of Seasons

    The Spring tends to be a less hectic time of year from a scheduling perspective. During the fall, children head back to school. Then arrives the winter season with gift shopping and social activities. The new year comes tax season. Only after that will schedules open up for many. There are longer daylight hours, the weather warms up, and people can achieve more during the spring and summer seasons. Because of this, Spring is a more active time of year for real estate.

    Listing Abundance

    Sellers often believe that their homes show better in the spring and summer and that this will lead to a higher selling price. They naturally start fixing up the outside of their home as the weather warms up and things begin to bloom. The longer days also provide a little more time for all of this. The Spring usually brings an influx of property listings as a result. This also leads to more competition, so sellers should carefully evaluate pricing their property correctly to accomplish a quick sale. They should also simplify the showing process. Buyers may pass by ones with difficult or inconvenient showing arrangements. With well thought out pricing and showing procedures, Sellers can take advantage of the Spring market.

    Buyer Competition

    Buyers also have more time to focus on their home search in the Spring and enjoy the availability of options on the market. It is essential for buyers to keep focused on their goal instead of looking to see each home for sale. The most desirable deals will go quickly because of the number of competing buyers. Those who stray too far from their primary criteria may end up missing out on the property of their dreams.

    Staten Island NY Spring Real Estate Market Information

    To make the most of the Spring real estate market, get information and guidance from a experienced real estate professional. For sellers, it is critical not to price too high or lose momentum. Buyers can remain up to date on newly listed homes with tools from a real estate professional and their direct access to the MLS system. It is also important for buyers not to lose focus and overloaded with the number of homes coming on the market. With a little guidance and support, you can achieve your real estate goals for this Spring. For more Staten Island NY Spring real estate market information, contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties by calling 718-408-1499 or emailing gregdsells@aol.com.


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