Buying tips

Buying tip: Keep an open mind

"Keep an open mind ... Any cosmetic changes are not costly and do not detract from the basic good qualities of a house. Imagine it empty with your own furnishings. Take pictures so you can review them at home at your leisure."

Buying tip: Repairs in the purchase price

"When you make an offer on a home and it is accepted, you'll need to arrange for a home inspection. This way, you'll find out if there are any problems with leaky roofs, cracked walls, insect infestations or damaged foundations. If you negotiate repairs as part of the purchase, ask for a walk-through before finalizing the paperwork."

Buying tip: Don't be afraid to make an offer

"If you like the property, put in an offer. It does not cost you a dime, and you never know what the seller will accept."

Buying tip: Winter works all year-round

"Now is the time to look for a new home. If you like the property in the dead of winter, you will love it all the other months."

Buying tip: Agents don't work for you

When first contact is made ... the real estate agent is working on behalf of the seller; 99 percent of buyers are unaware of this fact. The way to ensure that a real estate agent is working on your behalf is to ask for a buyer broker agency agreement. Without this agreement, all real estate agents are working on behalf of the seller.

Signs of a motivated seller

"There are several ways you can find out if a seller is motivated. When you walk into the home, ask where they are going to move and in what time frame they are expecting to be there. Take a good look around the home. Notice whether it is decorated for the season or whether things are packed away in boxes. ... If everything is in boxes, you have a motivated seller."

Buying tip

"As soon as you hire an attorney, give your agent the contact information so the process of mailing documents can be expedited. You don't want to make an offer on a home on the weekend and then have to wait until Monday to start interviewing attorneys."

What you can afford

"Before looking for a house, ask your broker for the name of a mortgage agent and find out how much you'll be able to afford. Also, keep in mind that you may not find exactly what you are looking for the first time out."

BUYING TIP

Ask if there's a home warranty when viewing

"Ask if the home you are viewing has a warranty. Home warranties cover unexpected breakdowns of covered mechanical systems and appliances in the home for one year after you close. Too often, as soon as a buyer moves in, a major appliance or system malfunctions. A warranty comes in very handy at such times."

BUYING TIP

Choose a modest home on a great street

"After determining your price range, seek out neighborhoods or streets where your target price is on the lower end of the price range for that area. In terms of a financial investment, it is best to choose a more modest home on a great street. You can then renovate or upgrade your home to the level of your neighbors, thereby increasing your home's value even further."

BUYING TIP

Look at more than school district state scores

"Many people have their minds set on ... a certain school district. Consider at least two, looking at more than just state scores. Investigate programs offered ... like gifted and talented, enrichment, honors and after-school.

BUYING TIP

Take advantage of timing

"This is a great time to buy a home. There is a huge inventory in housing, interest rates are low, and sellers are motivated. Two years ago it was the reverse, but today sellers are willing to negotiate. Buyers should focus on the value to be had by negotiating. ... You can sometimes get a house for 10 [percent] to 30 percent below market value."

Make early adjustments to new school district

"If you will be moving in the middle of the school year, you can smooth the transition by having your children tour the new school before the move. Try to get some play dates arranged before the move. This way they know what to expect on their first day in the new school."

BUYING TIP

Shop around for mortgage quotes

"It's best to shop around for a mortgage and get more than one quote. Pay attention to closing costs. Make sure you have everything in writing and that there are not any hidden points or fees. This way, you'll know what you'll be paying upfront and there will be no surprises on closing day."

BUYING TIP

Make decisions quickly

"Be prepared to preview a new property quickly. In certain areas, homes can sometimes sell in hours. Be prepared to make decisions quickly and be accessible to change the terms instantly. Submit the offer as if there will be multiple offers. The fewer contingencies, the stronger the offer."

Gauge property size against future renovations

"When buying a new home, you should make sure the property has enough land to accommodate any renovations or additions that you might want to make at a later time, like adding a pool or more living space."

Be financially prepared before making an offer

"The sooner buyers can close on a transaction, the better purchase price they will get. Be fully prepared before presenting any offers, and let the seller know you can close within 10 business days. An anxious seller will accept less from a buyer who can do that rather than take the normal 30 to 60 days."

Make offers on waterfront properties quickly

"Even though there is generally more housing inventory on the market today, buyers should know that waterfront property is still in high demand. There are sometimes five or more interested buyers for each waterfront home, so if you see something you like, make an offer right away." Nicole LaBella, The Corcoran Group, Cutchogue

Smooth transition to a new school district

"There are many things you can do to smooth the transition to a new school district ... I recommend calling the elementary, middle school or senior high school principal to schedule a tour of the school. As a PTA president, I recommend finding out who your local PTA president is and contacting them to ... volunteer. You may also want to schedule a meeting with your child's new teacher.

Pay attention to interest rates

"It is not in a buyer's best interest to try to time the real estate market to your advantage. If you wait for lower prices and the interest rate increases, this will cost you more over the life of the loan. For example, if you took out a $280,000, 30-year fixed rate mortgage at 5.5 percent, your monthly payment would be about $1,589. When the interest rate is raised to 6.5 percent, that same monthly payment will only get you a loan of about $250,000." Norm Marcioch, Prudential Douglas Elliman Real Estate, Sayville.

Attend the home inspection

"Being present at the inspection enables the buyer to get a sense of the overall feeling of the home, and the inspector is available to answer any questions in real time. Talking face to face with the inspector also helps to avoid major misinterpretations of the report."

BUYING TIP

The upside of condo monthly fees

"Remember that when you buy a condo, you are also buying into a community lifestyle. This comes with a monthly common charge that can range from $500 to $900 and relieves the owner of the responsibility for external issues: fixing the roof, landscaping and snow removal."

Buying tip: Know your priorities

"It's very important to know exactly what you are looking for in a home. With so much inventory on the market, you'll save yourself a lot of time and energy by making a list of your priorities like the size of the home or the school district you want to be in. Stick to that list and go after just those homes that fit your criteria."

Install an awning

"To enhance your enjoyment of the property you are purchasing, think about installing an awning. With the right features, you can have privacy, shade and serenity to enjoy all summer long."

Keep an open mind

"Keep an open mind when you look at homes or condos for sale. Try to visualize yourself in a room or in an area of the house. See if you feel comfortable there. Don't worry about the decor. Paint, flooring and decorations will change the look of the home, so that shouldn't be an issue."

Buying tip: Don't wait for good timing

"Now is a great time to buy a house. Don't sit on the fence waiting for the market to shift. Take advantage of the current large inventory of homes and low mortgage rates to maximize your purchase now."

Buying tip: Consider weekday showings

"There's a great advantage to looking for a home in the Hamptons during the summer. Pools are open and landscaping in full bloom, so you'll see properties at their best. When looking, if your schedule allows, consider a weekday over a weekend. While most homes are available for viewing on weekends, some owners prefer to show on weekdays only. So spending a weekday looking may give you more to see."

Buying tip: Plan for the first day of school

"If you're house hunting in the summer and hoping to be settled in a new school district by the beginning of the school year, remember that on Long Island it can easily take two to three months to close on a house. So do your best to find your dream home by the end of June to be on the safe side."

Buying Tip: How deep is that water?

The key to buying a waterfront property is to make sure it has navigable waters. Know the depths of the water leading up to the house so that if you have a boat, you can utilize the property to the fullest extent."

BUYING TIP

"In a market with additional inventory, buyers should have a mortgage commitment letter before they start house hunting. When buyers find a house they are really interested in, make an offer to get the process started. You never truly know how motivated the seller is until the first counteroffer."

BUYING TIP

"You'll never lose money buying waterfront property ... These homes always escalate in value. When buying bayfront property, check the bulkhead to make sure it is solid and doesn't need to be replaced, which could be a big expense." Holly Hollander, Prudential Douglas Elliman Real Estate, Lido/Long Beach

BUYING TIP

"For the first-time home buyer: Don't pass on a good home because it isn't perfect. Make a wish list of features and prioritize which ones are really important to you. Be specific about what you want and really need - for example, neighborhood, proximity to work, floor plan and property size."

BUYING TIP

"Consider how the deed will be titled. New York has very little homestead protection unlike states such as Florida and Texas, where the home cannot generally be subject to creditors' claims. If the buyer is married, titling as husband and wife as tenants by the entirety allows the greatest form of overall protection against creditors in New York. For example, if the claim is against just one spouse and that spouse dies first, the surviving spouse takes the house free of the claim."