Approximately how much do closing costs run?
Closing costs include the following:
- New York State Real Property Transfer Tax of .4% of the sale price payable by the seller
- Mansion Tax of 1% of the purchase price, applicable only when the sale price exceeds $1,000,000, payable by the buyer
- Title Insurance costing approximately .5% to .8% of purchase price payable by buyer
- Mortgage Recording Tax of 1.8% of the amount of the mortgage for sales under $500,000, or 1.925% of the amount of the mortgage for sales over $500,000, payable by the buyer
- Legal fees: ~ $1,500 and up
- Broker commission of 6% of purchase price, payable by seller
Approximately how much do property taxes run on the island?
In general, taxes on the island are extremely reasonable. The general range of annual taxes run between $2,000 and $8,000.
Can I live on Fire Island year-round?
Yes. While the vast majority of homeowners are summer residents only, there is a growing year round community on Fire Island. Census records from 2000 indicate 491 permanent residents of Fire Island.
Will I be able to get flood insurance for my home?
Yes. All homes on Fire Island have flood insurance. In fact, because Fire Island is located in a federal flood zone, homes on Fire Island qualify for low cost flood insurance rates through FEMA.
Is there a school system on Fire Island?
Yes. The Fire Island School District offers pre-kindergarten through grade 6 classes at the Woodhull schoool, located in Corneille Estates. After grade 6, parents have the choice of sending their children to either the Islip Union Free School District or the Bay Shore Union Free School District.
How do I get large items like furniture or appliances to the island?
The Fire Island Ferry Company operates special ferries designated for freight. For details, please visit the “Freight Info” section of their website: www.fireislandferries.com