When you are ready to buy a home this summer, the purchase price is only the beginning. Our REALTORS® want to make sure you walk into the process fully prepared — so you are not caught off guard by the many additional costs that come with closing on and settling into a new home. Find an agent who knows the Long Island market and can help you plan every step of the way.

Closing Costs Can Add Up Quickly

Closing costs on Long Island typically range from 2% to 5% of the loan amount and are due at settlement. These expenses include lender fees, title insurance, attorney fees, and prepaid items such as homeowners' insurance and property taxes. Understanding this figure early allows you to set aside the right amount without disrupting your overall budget.

Home Inspections Are a Non-Negotiable Investment

A thorough home inspection gives you a clear picture of the property's condition before you finalize the purchase. Hiring a qualified inspector to evaluate the home's structure, systems, and safety features can cost several hundred dollars, but it often saves buyers from costly surprises down the road. In a competitive summer market, skipping this step is a risk that rarely pays off — and your Coach Realtors agent can recommend trusted local inspectors.

Moving Expenses Vary More Than Most Buyers Expect

The cost of hiring professional movers or renting a truck can catch buyers off guard if it is not built into the budget from the start. Summer is peak moving season on Long Island, which means availability fills up fast and rates tend to climb along with demand. Request estimates from multiple companies as early as possible and lock in your booking once you are under contract on your new Nassau County or Suffolk County home.

Immediate Repairs and Updates Add to Your First-Year Costs

Do not underestimate the cost of small updates and repairs in the first year of homeownership, even when a property is listed as move-in ready. Items like fresh paint, updated fixtures, and minor maintenance tasks may seem manageable individually, but they tend to stack up quickly once you are handling them all within the same few months. Building a dedicated first-year improvement fund into your budget before you close gives you the breathing room to handle these expenses without stress.

Common first-year expenses to plan for include:

• Fresh interior paint and hardware updates
• New locks, security systems, or smart home devices
• Landscaping, outdoor furniture, or fence repairs

Property Taxes on Long Island Deserve Close Attention

Long Island property taxes are among the highest in the country, and the exact amount depends heavily on the municipality, school district, and assessed value of your home. Reviewing the tax history of any property you are considering — whether you are browsing Nassau County homes for sale or Suffolk County homes for sale — helps you plan your monthly payments accurately. Your lender will likely place these funds in escrow, so understanding the true monthly obligation upfront is essential.

Homeowners Insurance Protects Your Investment Year-Round

Lenders require homeowners' insurance as a condition of your mortgage, and premiums on Long Island can vary significantly based on location, coverage level, and the age of the home. If the property is in a flood zone — a consideration in many coastal communities — additional flood insurance may be required. Shopping multiple carriers before closing can help you find the best rate, and your Howard Hanna Coach Realtors agent can point you in the right direction.

Key insurance factors to review:

• Replacement cost versus actual cash value policies
• Flood zone designation and FEMA map status
• Bundling discounts with auto or umbrella policies

Utility Setup and Ongoing Costs Are Easy to Overlook

Transferring or establishing utility accounts takes time and, in some cases, upfront deposits. Budgeting for electricity, gas, water, internet, and waste removal in your new home helps ensure there are no service gaps when you move in. It is also a good idea to ask the seller for past utility bills, so you have a realistic monthly baseline to work from.

Utilities to set up before your move-in date:

• Electric and gas service
• Water and sewer accounts
• Internet and cable providers

When you are ready to explore Nassau County homes for sale or Suffolk County homes for sale, our team is here to guide you through every financial detail — not just the listing price. Contact us today to connect with an experienced agent who can help you build a complete budget and move forward with confidence.