What to Consider When Looking for a Home to Buy on Long Island

The influx of celebrities and billionaires to Long Island happened for a variety of reasons. Most of these people have bought properties along the island’s well-to-do neighborhoods, specifically the Hamptons. These properties give them a degree of privacy that they are unable to get on the crowded streets of the urban jungles where their businesses and careers have flourished. These properties also serve as vacation homes where these famous people can frolic in the sand and enjoy the bounties of nature with their families. However, for those who cannot afford the high-end lifestyle of the Hamptons, there are many other areas on Long Island where they can enjoy everything that the island has to offer.

If it is your first time to look for property to buy or rent on Long Island, we can certainly help you find the best real estate property that would best suit your taste. There would most likely be a piece of property that you and your family can grow to love, and it wouldn’t have to unnecessarily take off a huge chunk of the family’s budget.

We also recommend that first-time buyers also take the following into consideration first before settling on a property:

•The economic stability of the community where the potential new home is located. There are many areas of Long Island where real property prices have maintained a good track record despite all the economic havoc that the country has been experiencing in recent years. Buying a home in any of these communities would mean that you wouldn’t be subjected to any of the usual surprises that people who live in other economically unstable areas often have to endure. One thing that has contributed to the stability of the Long Island real estate prices is the fact that the demand for homes in the area is always high. There are always people looking for real estate property to invest on in the island, which means that property owners always have the assurance of earning a profit from real estate properties that they no longer want or need.

•The state of their finances. We recommend that before you purchase a home, it is best to make sure that your finances are already well-organized. The biggest financial consideration is to ensure that the down payment for the new home has been prepared well in advance of the transaction. And before finalizing the transaction, first-time buyers would also have to consider first whether their total monthly income would be sufficient to cover the mortgage and all the other basic needs. These needs include clothing, food, transportation, and a little bit of recreation. Once you already have a projection of how much you can afford, we can work with you in finding a Long Island property that would fit into your projected price range.

Real EstateLocation is another factor to consider when looking around Long Island for a home. Note that Nassau and Suffolk counties are generally considered as the suburban areas of the island. These places would be great for raising children in. However, since these are located in the middle part of the island, it means that the family would also need to have a car for ease of travel. Families who don’t own cars can always rely on the Long Island Rail Road system for commuting around the island, as well as to get to Manhattan and other parts of New York. The LIRR is probably the only rail road system in the country that operates 24/7, so you don’t have to worry about getting stuck somewhere with no way of getting home.

There are many other marked differences between each of the counties on Long Island. Despite these difference, recent surveys found that the median price for multiple listing long island real estate listings in these countries were almost the same. The lowest asking price for small homes is somewhere around $200,000 to a little over $300,000. Medium-sized homes have a price range of $400,000 and above. The differences in price mostly stem from the facilities that each real estate property comes with, as well as any recent improvements to the house. Note that these prices mostly do not apply to homes that are located in Southampton and East Hampton, more popularly known as The Hamptons.

This area is mostly characterized by a long stretch of white sand that are dotted with multi-million-dollar beachfront homes. If you are looking for a home around this area, expect to pay no less than $1.7 million to as high up as $45 million. Of course, these prices come with acres of land, as well as the coveted view of the Atlantic Ocean. Not to mention that fact that you would be living right next to people who are well-known in their respective industries such as self-made billionaires, Hollywood royalty, and even well-established politicians.

Regardless of which area on Long Island you want to purchase your first home at, we will help connect you with an established broker. Simply fill out the form that is listed on the front page of our website so that we can process your information at the soonest possible time.