1)    Schools – before making an offer, parents of school age children should find out the school zone as this will determine where your children will go.  While most grammar schools (through grade 5) are pretty good, some thought needs to be given for certain middle (grades 6-8) and high schools.  Even if you do not have school age children, school district is an important item to consider for resale purposes as potential buyers will look at the school zone as a benefit or detriment.

2)    Real Estate Taxes- Assessed Value and Tax Abatements – Newer is not better.
If you have a newer home real estate taxes can be much higher than on an older home worth the same amount.

A)    Assessed Value– Assessed value is a property value used by NYC to come up with a home’s real estate taxes.  The assessed value is set based on market value when the house was constructed.  Older homes assessed values started at a low market value while newer homes are assessed at the market value when they were built.  Since NYS law sets limits on how much tax assessments can increase on existing homes older homes traditionally have lower assessments (and tax bills) than newer homes of the same value.
B)    Tax Abatements – one good thing about new construction is that NYC offered a tax abatement program which cut real estate taxes on new construction for the first 8 years after construction.  If a home has an abatement while taxes are less initially, they will go up for eight years until reaching market level.  Keep this in mind when looking at a house with a time left on the abatement as the taxes will continue to go up as the abatement lapses.

3)    Homeowners and Flood Insurance – Staten Island is an island and certain parts are in areas known as flood zones.  This is based on the homes proximity to bodies of water (bays, streams, lakes) and elevation above sea level.  The Federal Emergency Management Agency (FEMA) has maps indicating areas at risk for flooding (flood zones).  If you are in a flood zone you will need to get flood insurance in addition to your regular homeowners insurance.  Flood insurance is expensive and even more troubling is that many companies are now refusing to issue homeowners insurance to near flood zones.

4)    Transportation – Staten Island has a serious shortage of public transportation.  One train line, the ferry and some buses do not adequately serve the needs of 400,000+ people.  Make sure to understand that in some parts of Staten Island you need a car or car service to get around.

5)    Commute Time – take a good look at Staten Island’s major roadways in rush hour before you decide on a neighborhood.  During peak times the SI Expressway and major roads (Hylan Blvd, Richmond Avenue, etc) are extremely crowded.  Make sure you understand that a short distance commute (to NYC) can take hours.

Besides affordability and housing style, these 5 factors make a critical difference in the enjoyment you will get from owning your own home in Staten Island.  A knowledgeable, experienced Staten Island Realtor should be able to get you this information before you make an offer.  Have your realtor find school information and which grammar, middle and high school will be zoned for.  Have her investigate the real estate taxes and if you will need flood insurance.   Check for yourself the transportation and commuting issues a home may have for your daily lifestyle and work habits.  Getting the true answer to these 5 important questions can insure that before you get into contract that you are getting a home you can afford and enjoy.

Steven Decker is an experienced Staten Island real estate attorney.  He has successfully helped thousands of clients purchase homes in Staten Island, NYC’s 5 boros, and New Jersey for over 15 years.

Post Footer automatically generated by Add Post Footer Plugin for wordpress.