The real estate market, including the market in Commack NY, has been hit hard over the last several years. This nationwide recession has definitely had an impact on the real estate market, creating opportunities for those who are ready to purchase.

Interest rates are at historic lows, making real estate in Commack more affordable than ever. Interest rates usually range from4.5to 6%, roughly half of what the rates were just a decade ago.

If you’re getting ready to buy a home , whether you are a first time home buyer or moving from an existing home, and there are several questions to ask yourself:

Is purchasing a home now a smart long-term investment? Given that the real estate market has fallen20 to350%, you’re buying a house at a deep discount to costs just three or 4 years ago. You’re buying at $.70 on the dollar. When prices return to average levels, you could see an appreciation of almost 50%.

Are you a smart investor? Most people are not. They lack the discipline to make long-term decision, and usually put off investing and saving-until it is too late. When you invest in a house, you are making a long-term commitment. This, in a very real sense, represents forced savings. Each month, you have the opportunity to build equity in your house as you pay down your mortgage. Historically, real estate appreciates significantly over time. Taken with a long-term view, real estate is one of the greatest investments available.

Am I purchasing in the right area? Commack NY is a wonderful location to live in and to raise a family. An stable neighborhood, it provides the resources of a large suburb with high quality of living standards. With new construction, you are able to get the house of your dreams. The builders have designed wonderful homes, and very often you are able to adjust to suit your needs. Given the current economic conditions and reduced real estate prices, now is an great time to buy your first home or your next house.

Are there advantages to purchasing new construction? Yes. New construction tends to be bigger, more up-to-date and can easily be customized to suit your needs. In contrast? When purchasing an existing house, you can very often go through expensive additions to tailor that home to your needs. New construction offers you the chance to adjust those changes before the homes built. Generally, it cost 2 to4 times as much to make alterations to an existing structure as opposed to simply modifying the blueprint on a house that is yet to be built.
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What questions should I ask of a house builder?

If you’ve never bought a new home before, there’s many things that you could ask the builder:

1. Does the builder have experience within the county? To build a home, you need permits, zoning approvals, and compliance with county and local codes. An experienced builder is familiar of these requirements; and inexperienced builder is not. Mistakes here will be very expensive and presents massive delays.

2. Does this builder put up one home at a time, or have experience in building communities? Often, you are better off with the builder who works on many developments at once. While this may sound counter intuitive, a small builder who only handles one task at a time works with a small crew. If any member of the crew-a plumber, carpenter or electrician-is unavailable, your construction may come to a stop for weeks. In contrast, a larger builder has multiple handymen available to him, and can deliver a steadier construction project.

3. Maybe you want to be in a new development or a single renovated home within an old community? The neighborhood around you not only impacts the resale value of your house, but also impacts your lifestyle. If you are in a development with dilapidated houses, and yours is the only new construction in the area, your home will feel out of place. If the builders will bring a new development, and you are one of the new homeowners in that new development, there is a much better fit for you and your house. Additionally, all of the people living in that community will be moving in at about the same time and will have the opportunity to form friendships and relationships. If you are relocating into a block with people that have lived there for years, you may be the outsider and maybe quite some time for you to “fit in”-if at all.

Craig Axelrod builds energy efficient houses in Commack. He is represents Emmy Homes, which is one of Long Island’s most established real estate builders. His Commack real estate features luxury homes in Commack. Visit EmmyHomes.com for more information.