Long Island, which is located in New York State’s southeast, stretches to the Atlantic Ocean and has four counties. Of these counties, two (Suffolk and Nassau) are characteristically suburban while the other two (Brooklyn and Queens) are New York City boroughs. However, ‘Long Island’ is used more to denote Suffolk and Nassau counties to differentiate those areas from the city. In Long Island, you will find some of the world’s most majestic Long Island real estate properties where you can spend the summers in or live in permanently.
It is not a secret that Long Island hosts some of the country’s most expensive real estate properties as the island is best known for its high quality of life and affluence. Suffolk and Nassau counties are among the country’s 25 richest counties. Moreover, Nassau is the 30th wealthiest county in the nation while Suffolk has developed North Fork’s potato fields into a thriving wine-producing region. South Fork is best known for its beach towns like the famed Hamptons. Within South Fork is Montauk Point, which is home to the Montauk Point Lighthouse.
Nassau County is an outpost of rural affluence especially in the North Shore’s Gold Coast. Shore communities are established along white sand beaches (that front the Outer Barrier Islands and the Atlantic Ocean) and protected wetlands. During the gilded age, wealthy Europeans and Americans built lavish homes on Nassau County’s North Shore. There are many of these homes that are still in their original state while others have long since been demolished. Other of these former homes has been converted to museums, universities, arboretums, and parks.
Tips for Buyers
While many would think that most Long Island real estate properties are expensive, there are also other properties that can be within one’s reach. There are many properties that are as affordable as $300,000 while there are also other properties (especially the beachfront ones) that are listed as high as $4 million. There are also rental properties that can be enjoyed throughout the summer.
If you are buying a home in Long Island, the more you know, the entire home buying process would be less scary. Here are some tips you should know when purchasing a house.
While the Long Island real estate movement is cyclical (sometimes down and sometimes up), real estate has appreciated constantly throughout the years. The OFHEO (Office of Federal Housing Enterprise Oversight) records nationwide the single family house values’ movements. A lot of people see their homes as hedges against inflation.
The pride of ownership is one of the main reasons why people seek to have their own homes. This means you can do anything you want with your home like decorating it, add permanent fixtures, turn up your CD player’s volume, or paint the walls in any color you wish. Having a home gives your family a sense of security and stability. Having your own home is an investment for the future.
Get Pre-Approved Before Looking for a House
Getting pre-approval saves you the grief of looking at homes that you cannot attain and getting pre-approved allows you to place a serious offer when you find your desired property. Pre-approval from a lender is based on debt, credit history, and actual income.
Deductions in Mortgage Interest
Owning a home is considered a tax shelter and the country’s tax rates are favorable to home owners. Mortgage interest is deductible fully on the tax return as long as the balance of the mortgage is smaller than the home’s price. Interest is the mortgage payment’s largest component.
Preferential Tax Treatment
Capital assets get preferential tax treatment. If you get more profit than the allowable exclusion as you sell your home, the profit will be deemed a capital asset as long as the home is owned for more than a year.
Consumers who have credit card balances are not able to deduct the interest paid that can cost from up to 18 to 22 percent. On the other hand, equity loan interest is deductible and costs less. For home owners, it is better to pay such debt with a home equity loan. There are many consumers that can borrow against their equity for various reasons like college, home improvement, starting a new venture, or medical purposes. However, there are certain states that inhibit home equity loans.
Getting a Home that will Likely Appreciate
With steady and slow home appreciation, there are a lot of real estate investors who became wealthy that way. They did it by analyzing carefully their investments’ appreciation potential and they invested in the long term. Even if you want to live in your house for only a short period of time, you would want your home to appreciate in value when you sell it.
Getting the Right Real Estate Agent
Now that you have known some of the things that you need to buy your Long Island real estate property, it is now time for you to call us to get started on acquiring your own home. While you many know the basics, and you know what you want, you still need us to work on those fine details like documentation and sealing the deal.
Contact us. The next thing you know, you are living in the house of your dreams and enjoying the Long Island views.