Long Island has long been a cherished destination for New Yorkers seeking more room in the suburbs. With an easy commute to NYC and some of the most sought-after real estate on the East Coast, it is easy to see why more people are flocking to this area. However, in a market where prices have historically remained high, meticulous planning and understanding of the market can make a huge difference. Here is a guide to some factors you should consider when buying a home in Long Island.
Explore Your Options and Select a Neighborhood
Finding the ideal area is more than just a matter of taste. There is a reason this is the first thing you should do when getting ready to buy a home in Long Island. The neighborhood you select can hugely impact the price of your property, your monthly expenditure, and how you plan your budget.
For instance, the cost of homes in Oyster Bay is likely higher than that of single- or multi-family homes in Hicksville. Commuting also has a huge impact on your finances and daily routine. The longer the commute time, especially if you commute often, the less desirable a property might be.
Interview Several Buyer’s Agents
Before selecting a real estate agent to work with, it is important to interview several of them. A buyer’s agent walks you through every stage of the home-buying process, from determining the best neighborhood, and homes for sale in Long Island to crafting an offer and negotiating a better price.
Your agent will also give you local insight into home prices to assist you in determining which price points are worth considering, and also go with you to open homes. An agent can also be helpful when suggesting inspectors and real estate attorneys to help inspect your home for defects and draw up contracts.
Save with a Commission Rebate
One of the best ways homebuyers can save money when buying a home in Long Island is through a commission rebate. When interviewing agents, determine which ones provide a commission rebate.
A rebate is a fraction of the commission received by the buyer’s agent that is returned to the buyer. If you invest in luxury Long Island real estate, these rebates can help you save thousands of dollars.
Obtain a Mortgage Pre-Approval
A pre-approval quickly distinguishes you since it assures the seller that you intend to follow through on your offer. Knowing that the transaction will not collapse because a buyer cannot obtain financing gives you an edge over other buyers.
Early in your house search, you can begin compiling W-2 forms and bank records, as well as reviewing your credit scores. These documents will help you act quickly and apply for a mortgage pre-approval as soon as you find your dream home. Ensure you look into different mortgage providers to find the best interest rate for you.
Explore Long Island Real Estate with Kate Works
Buying a home is a big decision, especially if it is your first time. Luckily, you need not go into the home-buying process yourself. With an experienced real estate agent like Kate Works by your side, you are certain to find the home of your dreams in Long Island. Contact Kate Works to get started on your home search today.
