Are you looking to relocate to a place with great schools, beautiful properties, and plenty to do? Are you wondering if Long Island real estate is for you?
After the pandemic, plenty of folks are leaving New York are finding cozy bits of Long Island property to call their own. Yet there are a few things you should know before taking the plunge.
Here’s what you should know about purchasing Long Island, NY real estate.
Beat The Boom
Those living in the New York metro area know that the real estate market has taken off over the past couple of years. In fact, home sales are up almost 25% higher than they were before the pandemic. The number of available homes for sale has also been dropping.
The pandemic gave a number of workers the opportunity to work fully remotely or to work from home more often. Low-interest rates have also driven the millennials to housing situations close to, but not directly within, the city limits.
Bidding wars were frequent, especially with homes that had ample property and storage space. Popular neighborhoods include Wantagh, Babylon, and Bethpage.
However, the last few months have recently finally shown signs of cooling off. There has been a slight drop in month-to-month and year-to-year homes sales. And the number of sales of new constructions has cooled off as well.
That being said, there are still a number of offers on popular homes in the area. If you’ve got a favorite neighborhood on the island, you’ve got to get on top of it and make an offer as soon as you’ve found a house you like.
Remember that location is everything. You can always change the color of a bathroom or the flooring choice. If you find a house you love in a great school district that’s walking district to favorite spots, put in your offer as soon as possible.
What To Love
One of the main reasons folks choose to move to Long Island is its convenience. The Long Island Railroad has stops at many major hamlets on the way to and from the city. Yet busses and highways are close by as well.
Similarly, Long Island schools are consistently rated as some of the best in the country year after year. Teachers are well-paid and smaller class sizes make it an excellent place for teaching and learning. There are also a number of quality private schools for parents with more specific educational wishes.
Natives and guests have learned to love Long Island because they can experience all four seasons to the fullest. Summers are warm and fun, with less threat of major weather concerns than most areas of the country. You’re also within a quick drive to the beach no matter where on the island you live!
Similarly, winters are cold and crisp with just the right amount of snowy days. And spring and fall allow you to get outside and enjoy the scenery in comfort and style.
Long Island natives frequently brag about having the best bagels and pizza anywhere in the country. Yet with such close proximity to a bustling metropolis, you can experience the finest quality of foods from any ethnicity. Excellent options like Thai, Korean barbeque and Indian food are easy to find.
Long Island boasts a thriving wine culture, particularly on the two forks of the East End, at all times of the year. And if you’re interest is in museums or shopping, you’ll find plenty of that as well. Cruises, ice skating, and sailing are also popular activities in coastal towns as well as those further inland.
What To Buy
If you’re a first-time homebuyer, you may be in the market for a condo. These are known to be more affordable than single-family homes, and come with a number of amenities. These include pools, fitness centers, and 24-hour security guards.
Many individuals prefer condos because Homeowner Association fees include things like show-shoveling and landscaping. If you aren’t ready for all of the maintenance and upkeep associated with a house, this is a great way to into the market.
Condos are often located close to busier downtown areas. In Long Island, you can look at neighborhoods like Roslyn Heights, Happaugue, and Mineola for good deals.
Co-ops run in a similar way to condos. Yet with this arrangement, you own shares in the development company and are allowed to stay in your unit as a result.
Co-ops are typically more affordable than condos but come with many similar amenities. Long Island neighborhoods that boast co-ops include Great Neck, Huntington, and East Rockaway.
Of course, traditional single-family homes are still quite popular on Long Island. These usually allow you a backyard, privacy, and room to grow. Many folks are willing to stretch to purchase their first home because they are likely to see a high return on their investment, especially in a continually growing market like Long Island.
Capes are popular home styles on Long Island. They feature a large front door with multi-pane windows on each side. They typically have steep rooves, low ceilings, and bedrooms underneath the gables.
Ranch styles are also typically very popular styles for new homeowners. They are single-story homes with a few bedrooms on the first floor, which eliminates the need to constantly be climbing stairs. Many Long Island ranches come with finished basements, making it easier to entertain.
If you’re looking for a bit more house, Long Island boasts larger options as well. Colonial-style homes are charming, with two to three stories and fireplaces. Jericho, Lynbrook, and Rockville Center are villages where you can find this housing type.
Character-laden tutor homes are popular in Long Island neighborhoods such as Garden City, Manhasset, and Sea Cliff. They have a steeply pitched roof, several gables, and usually a brick exterior. The windows are rectangular and sometimes seem to resemble medieval architecture.
Believe it or not, there are also a number of Victorian homes on Long Island. You can find them in neighborhoods like Oyster Bay, Woodmere, and Bellport. These homes often feature decorative woodwork, shapely windows, and bright colors.
There are, of course, a number of modern homes on Long Island as well. These homes combine new ideas with traditional forms, such as ranches and colonials.
If you’re serious about buying a house on Long Island, it’s important to do your research. For example, take a look at this complete guide. You’ll need to carefully consider the type of home your family will be comfortable in.
Choosing The Right Home
Of course, your budget will have a lot to do with the type of home can invest in on Long Island. If you are just getting started with your career or family, it’s important to choose a more affordable housing option such as a condo, ranch, or cape home.
Keep in mind that you will probably need a 20% downpayment for a co-op or condo on Long Island. If you are unable to give the full amount upfront, you could end up paying Personal Mortage Insurance (PMI) in addition to your monthly mortgage payment.
Of course, there are a number of other monthly expenses you’ll need to consider on top of your mortgage. For example, you’ll need to remember that property taxes and utility bills will be part of your cost of living. Figure these into your anticipated expenses and budget as well.
Oftentimes, Long Island families can save money by grieving their taxes, which means you can get your property taxes reduced by filing a grievance with the town. Many have also learned to shop around for the best prices on things like Cable and heating bills.
Many folks buy homes in wonderful, convenient Long Island locations with excellent renovation potential. They know they can get the house fixed up a little at a time and make it their own. Smaller repairs, such as painting, can brighten up a space in quite a short amount of time.
Even in a competitive market, you’ll want to get a full inspection before you buy a house. If there are any major structural issues, you’ll want to address these before you agree to take on the expense of the home.
As always, a home in a good Long Island school district can be a great buy. Make sure to do your research and make a careful investment.
Long Island NY Real Estate
Investing in something like Long Island NY real estate can seem like a bit of a risk. However, the area has been popular for decades and will always be a place where couples and individuals are excited to live their lives. With the right home in the right location, you could be happy for years to come.
Don’t stop getting smart about your home and lifestyle now. For more great advice, read our website today.