Real estate in Long Island is among the most expensive in the United States, and for good reason. Its two counties Nassau and Suffolk are the leading income-generating areas not just in New York but in the whole country. In fact, according to a US Census Bureau survey conducted in 2008, Nassau ranked 10th and Suffolk ranked 25th among American counties with the highest median household incomes. Nassau particularly has the third highest per capita income in New York State. Over the years, prices may have shot up or declined but this place has a long line of great houses coming from old and new money. It is a place of residence that is trying to sell incredible properties but more importantly a lifestyle that is fit for royalty.
Whether one is new or already familiar in buying real estate in Long Island, there are indeed many things to think about before any acquisition.
First off, it is important to be able to zero in on the budget in terms of the price before one sets out to look for a piece of property. This makes the pursuit a little more convenient. Real estate in Long Island will take a huge bite out of one’s income and the budget will determine how much one will have to loan from the bank. Better yet, the budget can also rely on the amount of a pre-approved loan to make it more practical. One should also make sure to consider other costs in the budget including homeowners insurance, property insurance, and closing costs.
Research is the key in making sure that the investment is indeed worth its price. One of the means of research is by attending as much open houses in the area as possible. The more properties one sees, the better-equipped one is in making a sound decision. It is also important to be aware of the market values of the properties both past and current.
Another aspect that prospective home buyers must be aware of is the cycles of real estate and how they are predicted. One should know that these cycles are long and thus should determine a buyer’s decision to purchase a property for long- or short-term periods before selling it out. More often than not, if the real estate market is in the slump and the prospective buyer is not looking to sell the property in the next few years, then he or she can still look forward to profit once the cycle turns and the property can get back its great value.
Lastly, as part of research before buying real estate in Long Island, make sure to know as much as possible about the neighborhood and its residents to have that assurance of safety and security that is definitely priceless after all.