Tom Crimmins Realty Blog

BUSTED: 4 Myths About Buying Your First Home That Just Aren’t True

There are a number of myths floating around regarding the home buying process. Such misconceptions have kept many would-be homeowners from realizing the personal and financial rewards of owning a property.

To clear things up, here are a few myths about buying your first home that simply aren't true.

Myth #1 - "It's Cheaper To Rent Instead Of Own"

If you buy a property that is within your budget and your mortgage terms allow you to make comfortable monthly payments, the cost of rent can often be higher than mortgage payments. Sure, there are other expenses associated with owning a property that you wouldn't be responsible for if you were renting, but one thing that many people forget is the fact that renting does not allow you to build equity. The…

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February 2014 Staten Island Real Estate Market Recap

Staten Island's real estate market is still on the upside. February had a small sale side decrease compared to last year's month.

Last month, the Island had 209 sale sides with a monthly volume of $91,393,599. This differentiates to February 2013's 236 with a monthly volume of $91,187,983. 

Staten Island wrapped January up with an average sale price of $437,289. This is a significant increase from the $386,389 that was raked in in February 2013. 

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Home Tips: Childproofing 101

The number one reason children under three years old visit the emergency room is accidental household injury. This can be avoided with supervision and a lot of baby-proofing. Follow these guidelines to make sure your little ones stay safe:

Think Like A Toddler

The first step is to your home is to think like your child. Numerous parents say: get down on your baby's level and crawl around. You’ll see just how dangerous it can be. Take note of exactly which countertops, cabinets, and tables are reachable from your child’s level. This establishes what needs to be protected.

Identify The Enemy

Kids bump their heads, that’s a fact of life. But there are bigger threats lurking in your house. Think of the first thing your child does when he or she…

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Unexpected In Buying Real Estate

There are some unexpected problems when buying real estate.  Generally, these issues revolve around plumbing, wiring or sticking doors and windows.  Although they aren’t as expensive to fix, there’s always a possibility that they lead to bigger problems. 

Sticking Doors/Windows

Check the hinges and locks.  Spotting wear and tear on doors and windows is fairly easy. Squeaking hinges or locks that stick indicates wear on seals and metal. 

Although sticking doors and windows aren’t a big deal in and of themselves, these issues can be indications of moderate to severe foundation problems. If you find these issues in real estate, make your way to the basement and look for cracks or dips in the floors and walls. If you’re at all uneasy, have an…

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Smart Ways To Use The Equity In Your Home

Home equity is the difference between what your home can sell for and what you owe on it. You can calculate your equity by subtracting the amount still owed on the mortgage loan(s) from the market value of your property.

Generally, the longer you own your home, the more equity you build. If you can’t make the payments, you can lose your home. This is why you have to use your home equity in smart ways.

1. Remodel your home. If you’ve wanted to add on a family room or modernize your kitchen, consider using your home’s equity to fund the project. Home improvements usually increase your home’s marketability and value.
2. Make major repairs where need be. Your home’s equity can be a funding source for major repairs likeplumbing problems and re-roofs.…

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Fannie Mae And Freddie Mac, How They Impact Real Estate

Fannie Mae and Freddie Mac have been in the news recently, so it’s a good time to do a refresher on who they are and what role they play.

Who Are Fannie Mae And Freddie Mac?

Fannie Mae is the Federal National Mortgage Association. FNMA is a federally chartered enterprise owned by private stockholders that purchase residential mortgages and converts them into securities for sale to investors. Freddie Mac is the Federal Home Loan Mortgage Corporation. The FHLA, also federally-chartered, is a corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders with funds for new homebuyers. They were originally created to raise homeownership levels and increase the availability of affordable housing.

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Credit and Income Factors in Today's "Mortgage Climate"

By Timmy Rail of Citybrook Corp.  NMLS•: 12812

Some important tips that first-time homebuyers should be aware of as this year's "Spring­ Buying Season" approaches:

• Your credit profile is made up of 3 scores from the 3 main credit bureaus, Equifax, Experian and TransUnion; lenders will use your middle (average) credit score
• A huge part of getting "pre-qualified" is to take an early look at your credit scores and credit profile, in-case there are errors or items on your report that you can "clean-up" before you find homes you like and want to put an offer on
• Lenders generally take your "unreimbursed employee expenses," found on the "Schedule A" of your tax return (generally, page 3, line 21), off the top of your gross income (these may be…

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Shooter's Island

Originally a hunting preserve, George Washington turned Shooter’s Island became "a drop-off point for messages, and the place became a haven for spies" during the Revolutionary War. After the War, the island picked up industrial traffic that included storage and shipping companies.

During World War I, industries and companies that occupied the island decided to produce sensible means regarding the war. Following WWI, the manufacturing of steel cargo ships stopped, and the island became a dump for damaged vessels. In the 1960s, a local politician wanted to decimate Shooter’s Island to make ship navigation easier.

However, the proposal never passed and with the help of the Clean Water Act of…

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Find Out The Difference Between Co-Op and Condo Fees

Distinguishing the differences between a condo and co-op may seem confusing. According to Cheryl Lock's article, "co-ops make up about 75 percent of New York’s real estate market....However, you’ll usually have to pay up 20 percent or more for a co-op down payment, while with condos you can sometimes put down with less."

For those looking to buy or are searching for an understanding, we break it down for you.

Condo Fees:

In a condo, the owner owns the interior of the unit and a percentage of common ownership.  Common ownership is based on square footage of the interior in comparison to the entire buildings’ square footage. It is important to know that paying maintenance fees in a condo building will not give you a share or ownership of the…

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Staten Island History in the Late 1880's

In late March of 1886, the Richmond County Advance was first published.

Almost 30 years later,  John J. Crawford, a printer, and James C. Kennedy, a businessman, put their minds together and created the four-page weekly paper. This became the forerunner to the Staten Island Advance. There were nine newspapers on the Island at the time, but the Advance surpassed all others. The paper wanted to provide "a live, independent, local newspapers, devoted to the interests of Staten Island."

Its name changed to Daily Advance before it became known as the Staten Island Advance.

July 1888, Prohibition Park in Westerleigh became a model community for temperance supporters.

In…

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