How to Buy a House on Long Island - 2025 Guide
By Alex Mikoulianitch on January 02, 2025
Long Island has always been a location of choice for New Yorkers trading in city life for more space in the suburbs.
An easy commute to New York City and some of the most desirable real estate on the East Coast make Long Island a top choice for buyers desiring a New York home within striking distance of the Big Apple.
But in a market where prices have traditionally remained high, careful planning and expert knowledge can make all the difference when buying a home.
Below, our team from Prevu Real Estate has put together a list of things to consider before buying a house on Long Island.
Key steps to buying a house on Long Island
- Explore your options and choose a neighborhood
- Interview multiple buyer’s agents
- Save with a commission rebate
- Get a mortgage pre-approval
- Don’t overlook due diligence
Explore your options and choose a neighborhood
Finding the right neighborhood isn’t just about personal preference. There’s a reason this is the first line of business when you prepare to buy a home on Long Island.
The neighborhood you choose to live in can significantly impact your monthly expenses, the price of your home, and how you prepare a budget.
For example, if you’re considering property in Oyster Bay, you’ll probably find steeper price tags than when exploring single-family or multi-family homes in Hicksville. Commuting also plays a significant role in planning your budget and daily routine. The further you are from a Long Island Railroad station, the higher the chance you may have to drive to the station every workday, making gas a meaningful expense and commute time a factor.
Exploring Long Island real estate in Nassau or Suffolk is as much about finding your ideal nook on Long Island as it is planning an effective budget. It is also important to consider access to shopping, as well. Many idyllic towns on the island can be picturesque and enticing, but they may be far from commercial centers.
Interview multiple buyer’s agents
The home-buying process can be much more complicated than browsing through homes for sale near the Great South Bay and setting aside a down payment.
Most buyers might overlook the complexity of negotiating with the seller for a better price and the work that is involved in preparing an offer. Working with a professional broker on Long Island can make the process much smoother.
It is essential to spend time interviewing multiple real estate agents before deciding to work with one. A buyer’s agent accompanies you through every essential step of the home-buying process, from helping you choose the right neighborhood to preparing an offer and negotiating a better price. They also provide local insight into home prices to help you discern which price points are worth considering and can accompany you to open houses.
They can also be an invaluable resource when recommending home inspectors and real estate attorneys, which can go a long way on Long Island when it comes to inspecting the home and drawing up contracts.
But one of the most valuable perks of working with a buyer’s agent is securing a commission rebate.
Save with a commission rebate
One of the easiest ways Long Island homebuyers can save money when buying a home is via a commission rebate.
As you interview buyer’s agents on Long Island, be sure to ask whether they offer a commission rebate. Commission rebates are modern real estate tools that savvy buyers use to save thousands of dollars when buying a home. It should be at the top of your list of questions when considering working with a real estate agent.
Prevu offers the largest rebate in New York and offers buyers a chance to save up to 1% of the sale price of a home. For example, if you were to purchase a $1,450,000 home in Manhasset with Prevu, you could potentially receive a rebate totaling $14,500.
These savings can be significant enough to help offset expensive closing costs and help spur any renovation projects for your new home.
Get a mortgage pre-approval
Once you’ve selected a Long Island neighborhood and hired a buyer’s agent you feel comfortable working with, you can move forward with the necessary steps to buying a home.
Your first course of action should be getting a mortgage pre-approval. A pre-approval immediately sets you apart from the seller as they can feel confident that you mean business when making an offer. This can put the seller at ease, knowing that the deal won’t fall apart because a buyer might fail to secure financing.
In the early stages of your home search, you can start gathering W-2 forms and bank statements and going over your credit scores so that you can move quickly and apply for a mortgage pre-approval as soon as you find your dream home.
Be sure to explore multiple mortgage lenders to secure an interest rate that works best for you.
Don’t overlook due diligence
For many buyers transitioning from city living to the bucolic suburbs of Long Island, understanding the essential systems of a home can be a new challenge.
Home inspections are important for anyone buying a home on Long Island. Apart from the general inspection that surveys whether the house is in good condition, there are specific areas home buyers should pay close attention to before buying. Your buyer’s agent can be an invaluable resource at this juncture as they can help recommend the professionals you need.
"I always send homebuyers a list of inspectors that Prevu clients have worked with in the past," said Prakash Dindyal, a licensed real estate agent for Prevu. "Two of the most important things homebuyers should have thoroughly inspected on Long Island are oil tanks and septic or cesspool systems."
Be sure to ask for details about the home’s heating and sewage systems. If the home utilized an oil tank and had it replaced recently, it’s imperative to get all the information on who did the procedure and when to ensure it was properly abated. Incorrect handling of an oil tank can lead to leakage that can potentially cost you thousands of dollars down the line for professional clean up.
The same holds true for a septic system or a cesspool. You may need a licensed inspector specializing in those systems to ensure everything checks out before committing to buying the home on closing day.
Interested in buying a home on Long Island? Browse listings and see how much you can save with Prevu’s SmartBuyer Rebate.
