North Shore Homes - February 23, 2023

HOMES

ALEXIA POULOS

ALEXIA POULOS

Licensed R.E. Salesperson

Licensed R.E. Salesperson

300 Main Street, East Setauket

300 Main Street, East Setauket

O: 631.246.7877 | C: 631.457.3262

See page 2 for more details.

CAROL ACKER

CAROL ACKER

Licensed Associate R.E. Broker

Licensed Associate R.E. Broker

300 Main Street, East Setauket

elliman.com

elliman.com

110 WALT WHITMAN RD, HUNTINGTON STA, NY, 11746. 631.549.7401 © 2020

110 WALT WHITMAN RD, HUNTINGTON STA, NY, 11746. 631.549.7401 © 2020

O: 631.246.7877 | C: 631.457.3262

alexia.poulos@elliman.com

alexia.poulos@elliman.com

300 Main Street, East Setauket O: 631.751.600 0 | C: 631.404.2460

carol.acker@elliman.com

O: 631.751.6000 | C: 631.404.2460 carol.acker@elliman.com

DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHAN GES OR WITHDRAWAL WITHOUT NOTICE. ALL PRO PERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.

DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHAN GES OR WITHDRAWAL WITHOUT NOTICE. ALL PRO PERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.

A seamless integration of classic architecture with contemporary finishes creates an idyllic & comfortable design. Natural & repurposed materials perfectly used to soften the sprawling 5400 sqft in this totally renovated home. The stunning den features exposed brick & stone with custom milled 1 foot wide Oak and Cherry floors, vaulted ceiling, exposed beams, fireplace & oversized windows. New: kitchen, floors, roof, 50+ Andersen windows & doors, board and batten siding, all mechanicals, cesspools, landscape, sprinklers, shed, hot tub, generator & so much more. Double deep garage-4 cars. All on 1.37Acres.

Belle Terre | $1,586,000 | #3440720

5 BD 5 BA 1 HB | 6,000 SF | $4,999,000

A unique opportunity awaits you to build your new luxury home on a cul-de-sac and bordering a private beach on the North Shore of Long Island. Turn this land into your dream destination with the allure of Nissequogue Village with majestic homes, water views and desired privacy. Customize your incomparable luxury build with custom architectural design and millwork with three levels of dramatic detailed amenities, circular staircase, walk-out lower level, and a chic Hampton style feel. Spectacular seasonal water views of the Long Island Sound and direct access to a beach. This to be built residence is situated on a 2 plus acres in an exclusive waterfront neighborhood often referred to as a hidden gem and a Hampton’s alternative.

Your Down Payment Options

financial future

In some cases, banks or other loan originators may require a certain amount upfront. If possible, it’s smart to not just meet but exceed those goals.

Either way, this crucial first step in the home-buying process sets the table for everything that follows.

HOW MUCH TO PUT DOWN

The answer to down payment size typically begins with how much you can personally afford. Those with a cash surplus may opt for more than 20% of the purchase price. Remember that how much you initially pay will have a direct impact on your mortgage payment, and sometimes on the interest rate being offered. Discuss buying down the loan through points, in order to lower your monthly note.

LOWERING THE RATE

Mortgage points are fees a borrower pays to the lender in order to lower the interest rate. Buying

Every point equals one percent of the mortgage, so a point on a $250,000 home would cost $2,500. You’d pay a lot more on that single point over the course of 30 years. Just make sure not to overspend and get left in a financial bind.

RENTING TO OWN

Renting or leasing to own allows you to quickly move into the home you’d like to purchase, without having to pay so much up front. Homeowners and these temporary renters set their own terms leading to the purchase of the property later on. Sellers may choose to accept only a partial down payment then collect the rest of the home’s cost through monthly rent. Buyers without a nest egg to dip into may find it to be a particularly attractive option, although obviously you’d be tied to this purchase for a while. That makes it important to choose wisely.

WHAT ELSE TO CONSIDER

Keep in mind that there are other

costs involved with purchasing a home, in addition to the down payment. You’ll also have to budget for closing costs, any expenses relating to the move itself, purchasing needed appliances and furniture, and deposits for utilities or other needed hookups. You’ll also still need some sort of emergency fund, in case a medical issue arises. Keep looking until you find a home that perfectly balances the down payment and monthly mortgage requirement for your particular budget.

Help for Homeowners

If you’re worried about traveling the last few steps toward homeownership, seek out more information on various grants, tax credits and mortgage assistance initiatives that are available through helpful entities at every level. You may be eligible for federal programs, as well as state, county, city and private programs. Learn more here: myhome.freddiemac.com/gettinghelp.

Understanding Escrow

This critical account ensures your property doesn’t accidentally go into foreclosure.

Escrow companies collect the funds needed to cover the cost of property taxes and insurance and then make the payments, so property owners don’t have to worry.

This can give peace of mind to borrowers of any experience level, from first-time buyers to those who’ve sold a series of homes.

The Real Estate Settlement Procedure Act was established under the umbrella of the U.S. Department of Urban Development to standardize this process of handling and distributing client funds. Property taxes and insurance fees are managed over the life of your loan, whether they are a mandatory part of the sale or not.

INSURANCE

Escrow account are often put in place to manage regular insurance payments. This important policy protects the homeowner in the

event of every-day mishaps both small and large. In some cases, however, additional insurance may be required by the mortgage company as a condition of your loan. These policies may cover fire, flood or storm damages. Then it becomes even more essential that the payments are made on time, month after month, in order to avoid default.

TAXES

You can, of course, pay homeowner taxes yourself, but escrow experts relieve us of the need to become an expert on local, state and federal laws – to say nothing of making sure the bill is paid when were distracted by our busy daily lives. Getting behind on your property taxes is one of the fastest pathways to home confiscation. A property seized by the government for nonpayment is very difficult to reclaim, since the taxes owed are often required to be paid in a lump sum. Should you fail to do so, the home becomes government property and is then put on auction in order to address

the outstanding debt.

WHY IT’S IMPORTANT

An escrow company will pay your insurance premiums and taxes through a monthly stipend that’s out of sight and out of mind. This allows the homeowner to move forward with confidence, while also keeping all debts paid in full. Explore your options with an experienced local escrow professional before buying, since they can discuss the system advantages in more detail. They may also have additional recommendations or services that make sense for your particular home purchase.

Federal Rehab Loans

Financing through the Federal Housing Administration’s Section 203(k) is available for a vast array of improvements, from alterations that eliminate safety hazards to improved plumbing or septic systems, from replacing roofs, floors and plumbing to landscape work that enhances accessibility.

REAL ESTATE 101

SETAUKET, NEW YORK

MLS# 3457547. $599,000.

Welcome to the Old Woods area of Setauket. Luxurious light-filled home with open floor plan for today’s lifestyle features high ceilings, custom drapery on window wall with 3 sliders to stone patio overlooking pool, a high-end kitchen with custom cabinetry, Corian counters and stainless steel appliances, laundry room and powder room. The over-size primary bedroom en suite has tray ceiling, walk-in closet and private bath with long vanity, 2 sinks, shower and whirlpool tub. Full basement, 2-car attached garage and gorgeous backyard with stone patio, pergola, and vinyl in-ground pool all on .69 partly wooded acres. This is a special property.

Miriam Ainbinder

Associate Real Estate Broker Gold Circle of Excellence

c.631.988.9200

miriamainbinder@danielgale.com

Stony Brook/Port Jefferson Office

1067 Route 25A, Stony Brook, NY 631.689.6980 | danielgale.com

hall of fame

gold circle of excellence

2020, 2021, & 2022 top producer

Each office is independently owned and operated.

Should You Refinance?

The ads make this sound quick and easy, but it’s not that simple.

In some cases you can get a lower interest rate, saving hundreds a month.

Refinancing can also allow homeowners to change loan terms, consolidate their debt or pull needed capital out of home equity to fund renovations or pay bills. But you’ll need to factor in personal details and the impact of market forces before deciding. You should first see how much lower your interest rate can get, then discuss fees and the new loan’s term. Here’s a deeper dive into making these critical decisions:

INTEREST RATE

Ironically, a lower interest rate may not be enough to make a refinance work financially – not if it isn’t lowered enough. Finance experts say the reduction needs to be at least 1-2 percent in order to functionally save a homeowner any money. Most recently purchased homes have very

low interest rates. But if you’ve been in your home a while, it might make sense to look into a refinance since you could knock off a percentage point or more. That would save you hundreds - or perhaps even thousands – depending on where you are in the life of the loan.

ADDITIONAL EXPENSES

Remember that lender fees which must be paid out of pocket or rolled into the new loan will lower your savings. There could be other hidden costs, too. So-called “no closing cost” refinancing, for instance, typically involves charging a higher interest rate, in order for the bank to recoup those funds.

LOAN TERM

There can be long-term implications with refinancing. Consider shortening the term of the loan, to either 20 and 15 years so that they’re not simply resetting the original three-decade clock on your home loan. There is a formula for deciding what’s right for your particular situation. Divide total

closing costs by the annual payment savings you expect to receive to get to the number of years you’ll need to break even. Everything after that represents your savings.

Refinancing also allows you to opt out of an adjustable-rate mortgage during the period when the interest rate may fluctuate in ways that are not in your favor. Check to see how soon you’ll reach the period where this rate is fixed – usually 5, 7 or 10 years into the loan – before deciding. You may start saving on your mortgage soon by allowing the loan to naturally mature.

What Influences A Home’s Value?

8 critical factors:

➊ Neighborhood comps

➋ Location

➌ Home size and usable space

➍ Age and condition

➎ Upgrades and updates

➏ The local market

➐ Economic indicators

➑ Interest rates

Published March 16th

(Deadline: March 9th)

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• Why did you choose this field or industry?

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Port Jefferson | $829,999 | Web # 3458068

Stunning Condo located in Harborview. Up to the minute style, beautiful finishes and top of the line amenities.

Setauket | $699,999 | Web # 3457073

Stately Colonial offering spacious rooms, hardwood floors, fireplace and numerous high quality updates.

East Setauket | $525,000 | Web # 3455966

Lovely High Ranch set on .35 acre park-like property offering updated appliances, updated bath and spacious rooms.

Setauket | $1,199,000 | Web # 3433622

Impressive 4000sf Colonial with beautiful appointments, elegant style and superior finishes.

Stony Brook | $549,000 | Web # 3450082

Beautifully maintained and updated Ranch set in desirable Long Hill section.

Port Jefferson | $649,900 | Web # 3447330

Diamond San Remo model located in The Riviera development. Stunning home with the most desirable Port Jefferson amenities.