Thinking about buying a home on Long Island in 2016?
Check out these 5 tips for making a smart housing move that you’ll be thankful about for years to come…
1. Buy Early
The earlier you buy a home in 2016 the better. Home prices are going up, and it looks like interest rates are going up fast. Some expect rates to be 2% higher by 2017. Those that drag their feet will pay a lot more for the same home in purchase price, taxes, and monthly payments. Plus the rent just keeps rising.
2. Negotiate Everything
Negotiate everything when buying your home. Virtually everything is negotiable. Combined even many small discounts can really add up. Ask for a little better deal with your mortgage broker, title company, real estate attorney, Long Island real estate agent, insurance agent, and everyone else involved in the process. This will all help reduce the amount you need to borrow, bring to closing, and your ongoing monthly payments.
3. Claim All Your Tax Breaks
There are many tax breaks for Long Island home buyers and owners. You may receive tax deductions just for buying a home, the monthly interest you pay, improvements you make, and more.
4. Challenge Your Property Taxes
Long Island is notorious for its high property taxes, but many simply overpay each and every year because they fail to challenge overblown bills. There are a number of ways to minimize your property taxes. Yet, don’t overlook the importance of challenging your tax assessment and annual property tax bills.
5. Check Out Green Living on Long Island
Greener living is healthier, better for the environment, and can help keep your bills down. Newsday suggests checking out the areas of Stony Brook, Floral Park, Mattituck, Amagnasett, Babylon, Holtsville, Muttontown, and Montauk.
6. Be Careful When You Sell
Buying a home that you’ll stay in for at least 2 years can help homeowners avoid capital gains taxes. That can make a huge difference in the amount you really make on your investment.