It’s no secret that New York is one of the most expensive cities to live in. As a result, many people are not only looking for a job there but also considering whether they can afford to own property in New York City. As with most things, the answer isn’t a simple one. There are many factors to take into account and countless questions you may have.
Due to those reasons, many prospective homeowners are now starting to look for properties in the suburbs of New York City, because of the decreased costs of the property. A suburb that has gotten some increased attention is Valley Stream, New York. Valley Stream, New York is a northern suburb of New York City, with a population of close to 30,000.
For many people, buying a home in Valley Stream is the ultimate American dream. Owning a home in Valley Stream can be rewarding for those who are looking for an affordable place to live or invest in property and has been ranked among the top 10 best places to live by Money Magazine. It’s home to many residential neighborhoods that offer diverse housing options and amenities, with neighborhoods of single-family homes and apartments for rent. Living here gives you access to beaches, parks, golf courses, and more – within minutes or just a short drive away.
Mortgage Rates
There are many different factors that go into the decision-making process when it comes to purchasing a home or refinancing, and there are many resources available for those looking to buy or sell a property. The most important thing is not just understanding what you’re buying but also being able to afford it.
Real estate property values in the city are skyrocketing, meaning that if you’re looking to buy a house or rent an apartment where you’re going to put down at least $100,000 even for a modest home. Your best bet would be to buy a three-bedroom single-family home with two bathrooms and featuring around 1,500 square feet of living area. These homes go on the market with an average price tag of $400,000+ but can also reach up to $1 million.
Mortgage rates in Valley Stream, New York are low and have been for some time. In the past 30 years, the lowest mortgage rate was 3.8% while the highest was 14%. Rates depend on a variety of factors including credit score, how much money you make per year, and what type of loan you’re seeking.
If you are looking to buy or sell your home in this area, it’s important that you know about these rates so that you can get an idea of how much money will be required from one month to another with your monthly budget. Mortgage rates change daily so it is best to stay up-to-date on current information by checking with different lenders before making any decisions as there may be fluctuations between them.
The average cost for utilities and expenses in Valley Stream, NY is about $1,300 per month. The most expensive utility is heating at an average of $400 per month while the least expensive is water at an average of $140 per month.
Utilities and Expenses
As a homeowner, you are responsible for paying all of the utilities and expenses that go with maintaining your home. Unfortunately, many homeowners don’t know what these costs are or how much they should plan to spend on them in a year.
The average cost for utilities and expenses in Valley Stream, New York is about $1,300 per month. In Valley Stream, New York heating costs are the biggest component of a homeowner’s utility and expenses at an average of $400 per month or $4,800 annually. This is followed by electricity at an average cost of $250 per month or $3,000 a year. Water comes in third with an estimated monthly cost of $170 or yearly expenditure of just under $2,000 followed closely behind by phone bills which on average will set you back about $160 monthly to operate phones in your home although this can vary depending on certain factors like number and age of lines as well as whether Internet service is bundled with it or not.
Cable TV and Internet service are the next priciest utilities with TV coming in at an estimated $120 monthly while the average cost of your Internet service will set you back about $100 a month.
When all is said and done, though, there’s no need for homeowners to have to pay such premiums for utilities since there are many ways that they can slash down on costs without having to sacrifice good service or comfort levels. One thing that homeowners should take a look at is their lighting and appliances. If they have incandescent light bulbs instead of compact fluorescents or LEDs, they’re not getting the best service for the money spent on utilities. While these bulbs do produce a warm glow and less heat than high-intensity discharge (HID) lights, they also consume much more energy—as much as five times as much.
Since replacing just 25 percent of the lightbulbs in one’s home with CFLs can reduce usage by 20 percent, it makes sense to start using them rather than sticking with incandescents which will only increase how much one pays out over the course of the year.
Property Taxes
When it comes to property taxes, how much you pay is based on the assessed value of your home. Property tax rates may be set by individual towns within counties as well as at the county level. These rates are determined primarily by assessing values for properties within each municipality or school district and secondarily by population densities. Homeowners who live in areas where homes have high assessments will likely see higher property tax bills because their homes make up a larger proportion of the total assessment base for that municipality.
The County of Nassau has a property tax rate of 0.2% which is the 7th lowest in New York State and among the lowest in the United States. The average home in Nassau County, New York pays $1,900 per year for property taxes. Nassau County also offers a Homestead Exemption to homeowners that is worth up to $50,000 on their primary residence if they have been living there for at least 10 years and meet certain other requirements. The exemption can be taken off your taxable income or deducted from your school tax assessment (up to 5%).
Maintenance and Repairs
A home is a place to live, but it can also be an investment. Maintaining and repairing your home on a regular basis will help you make the most of this investment. The cost of maintenance and repairs for a home in Valley Stream, New York can vary greatly depending on the condition of the house. Some homes have expensive problems that need to be fixed right away, while other houses may not need anything done for several years.
In 2017, the median annual expense for homeowners was $1,573 which includes such things as plumbing, carpentry work, and other general upkeep needs. The most expensive type of repair was replacing windows at $3,000 while the cheapest were minor fixes like fixing leaky faucets costing just $100 annually.
Summary
After owning a home for countless years, and putting loads of money into upkeep, selling your home is inevitable. The cost of selling a home in Valley Stream, New York can be an overwhelming process. There are many considerations that need to be taken into account when figuring out the overall costs of selling a home.
We all know the importance of knowing your home’s value, but for many homeowners in Valley Stream, New York this knowledge is half the battle. If you’re a homeowner looking to sell your home and have been told by many real estate agents that it won’t get anywhere near its market value, contacting cash buyers who are interested in buying homes at their full market price is a great option.
If this process is something you are interested in as a homeowner, look no further than Simple Sell Home Buyers. We specialize in residential real estate transactions and can help you with every step of the process. Our process is fast and simple, while also being profitable for homeowners who need cash quickly for their home sale. The process is simple; give us a call today or fill out our informational online form to get started!
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