GUEST COLUMN: The Price of the House Is Only the Beginning on Long Island

When I speak with first-time homebuyers, there is one number that naturally gets most of their attention: the price of the house.

I understand why. If a home is listed for $600,000 or $700,000, that number is staring at you every time you look at the listing.

But on Long Island, the purchase price tells only part of the story. The real question is what that home will cost to own.

That distinction matters because Suffolk County home prices remain high. OneKey MLS reported a $760,000 median single-family sale price in Suffolk County in August.

For many families, there is very little room for financial surprises after making a down payment and paying closing costs.

Start with property taxes. Two houses with nearly identical sale prices can have substantially different tax bills. Buyers should also determine whether the current owner receives exemptions they may not qualify for after purchasing the property.

Then there is insurance. Properties in or near flood-risk areas deserve additional attention. A beautiful house near the water can still be a great purchase, but the buyer should understand the entire insurance picture beforehand.

Heating is another Long Island issue. Suffolk County buyers will encounter oil, natural gas, propane, electric systems and heat pumps. Ask what the house uses, how old the equipment is and, if possible, what the current homeowner has been spending.

Cesspools and septic systems are also common throughout much of Suffolk County. They are not automatically a reason to walk away, but buyers should understand their type and condition and make appropriate inspections part of the process.

The same applies to the roof, electrical system, boiler, central air and windows.

This is why I caution buyers against exhausting every dollar simply to purchase the house. Homeownership comes with repairs, and having money left after closing matters.

The cheaper house is not always the more affordable house.

Before falling in love with the kitchen or backyard, spend some time looking at the numbers.

The asking price gets your attention.

The cost of ownership is what matters after you get the keys.