Tom Crimmins Realty Blog - real estate tips

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…

2285 Views, 0 Comments

Tips For Selling Your Home In The New Year

Many people think that selling a home during the winter season is a bad idea. Most people are not in the home buying mood because they are thinking about the holidays. Also, buyers will think that you are desperate and they will give you offers that are less than list price.

However, there are some advantages to selling your home over the holidays and into the new year. There will be less homes on the market, so there won’t be as much competition. Also, buyers will likely be on their holidays from work, so they will have much more time to view properties and look around at homes. Another factor is mood – buyers will generally be feeling more cheery and relaxed over the holidays, which will result in them being more likely to make the decision to buy a…

2777 Views, 0 Comments

4 Tips To Save For That Down Payment

When you take out a mortgage on your new home as a first time homebuyer, the more you can pay as a down payment the better. The down payment on a mortgage reduces the principle of the loan and means that you will be paying tens of thousands less in interest payments over the life of the loan.

Most financial experts recommend that you should save up at least 20% of the value of the home as a down payment. Depending on the value of the home that you want to buy, this can be a serious chunk of money. You will need some strategies for saving big. Here are some tips to help you get closer to that down payment:

Make A Separate Savings Account

No matter how much you have already saved for your down payment, create a new savings account to put the money…

2544 Views, 0 Comments

Don't Get Caught Off Guard With Closing Costs

Home sale closing costs can take you by surprise. Here is an estimate of what a buyer or seller can expect in the way of residential closing costs - but always be sure to discuss this with your real estate attorney or mortgage rep.

Closing Costs are fees for final property transfer not included in the price of the property. Typical closing costs include charges for the mortgage loan such as origination fees, discount points, appraisal fee, survey, title insurance, legal fees, real estate professional fees, prepayment of taxes and insurance, and real estate transfer taxes. 

Here are the breakdowns:

A buyer utilizing a loan can expect between 4.5 and 6% of the purchase price depending on the loan amount.

A buyer paying all cash can expect…

2339 Views, 0 Comments

Why January Is The Best Month For House Hunting

Have you made it your New Year’s resolution to find that perfect home for you and your family? You might have thought that you needed to wait until spring to start house shopping, but the fact is that January is a great time to begin.

House hunting in January offers a number of advantages that will work in your favour. Here are some of the main reasons:

Desperate Seller

If the home is on the market at this time of year, there is a chance that the home sale is somewhat urgent. If they were not desperate, they might pull their home out of the market and wait until spring to try again. With a motivated seller you are more likely to get a better price.

A Dedicated Realtor

Your realtor will have more time on their hands at this time of the year,…

2669 Views, 0 Comments

No More Confusion, Understand Mortgage Jargon

A recent study of US and UK home buyers, conducted by the London based Nationwide Building Society, found that more than 40% of people buying homes were confused by the jargon that lenders used to describe mortgages. Saying “more than 40%” seems like an understatement.

According to another study, only 31% of homebuyers understood what the term “LTV” meant, an acronym that stands for “loan to value” and describes the ration between the amount of the mortgage and the value of the home. Not only did the survey show that many mortgage borrowers were confused about what the terms meant, but they also were shy about asking for explanations of words that they didn’t understand. It's just like in school when the teacher asks if anyone has questions and no one…

3879 Views, 0 Comments

How Does An Interest Only Mortgage Work?

When you have been researching your different options for a mortgage on your home, you might have heard of an “Interest Only Mortgage”. What exactly does this type of mortgage mean and how does it work?

Usually when you take out a loan, you must pay back the capital debt (the amount you borrowed) and the interest on that debt. An interest-only mortgage offers a cheaper option for purchasing a property, because you will only be making payments on the interest and not the capital. Compared to a repayment style mortgage where you are paying down the principle of the loan, an interest-only mortgage will have much lower monthly payments.

However, when you reach the end of the mortgage term with an interest-only mortgage, you will not have paid off any of…

3339 Views, 0 Comments

Tips On Becoming A Young Real Estate Investor

What 20 something-year-old isn’t dying for the right opportunity to leave their parents’ home? It is difficult to leave though because you may not have a lot of disposable income, have poor credit and perhaps even student loans.

However, investing in property at a young age can bring you a lot of advantages. When you invest long-term, you will start building your financial independence.

Some might believe that it is impossible for a young person to start investing so early in life, but investing in your 20s is completely possible. You will need a little bit of money to get started, but often you can purchase your first property with as little as 3.5% down.

If you want to get started early, here are some tips that will help you along the way:

…

3561 Views, 1 Comments