Everything You Need To Know About Living On Fire Island
Photo by: Josh Goetz Photography
There's a lot of information to take in when it comes to purchasing your beach home. We've rounded up the questions that buyers ask the most when they are buying their dream Fire Island beach house!
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. For most properties, the general range of annual taxes run between $2,000 and $15,000.
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.
WILL I BE ABLE TO GET A MORTGAGE TO PURCHASE A HOME?
Yes. Mortgage financing is readily available on Fire Island. Not all banks will lend on the island but most will.
WILL I BE ABLE TO GET FLOOD INSURANCE FOR MY HOME?
Yes. All homes on Fire Island are eligible for flood insurance coverage. In fact, because Fire Island is located in a federal flood zone, homes on Fire Island qualify for low cost flood insurance rates through the National Flood Insurance Program. Additional coverage is also available through private insurers. Key factors in determining the cost of flood insurance are the amount of coverage desired, the elevation of the property you purchase, and the flood zone in which it is located.
IS THERE A SCHOOL SYSTEM ON FIRE ISLAND?
Yes. The Fire Island School District offers pre-kindergarten through grade 6 classes at the Woodhull school, 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. Once items arrive on Fire Island, you can hire a contractor or carting service to move them to your home. For details on the Fire Island Ferries freight service and policies, please visit: http://www.fireislandferries.com/info/freight-info/
CAN I DRIVE MY TRUCK ONTO FIRE ISLAND?
No. Fire Island is a car-free community. Vehicle access to Fire Island is regulated by the Fire Island National Seashore.
(https://www.nps.gov/fiis/index.htm) Driving beyond Field 5 is prohibited during the Summer season. During the off-season, a limited number of federal permit holders are allowed to drive onto the island. Driving permits are available only to year round residents or to contractors. The waiting list to obtain a new driving permit is typically over a year or more.
If you have any further questions please feel free to reach out! Contact us today for any additional information you're interested in when it comes to shopping for a Fire Island beach house! We'd love to be of service to you.
Cover photo shot by Josh Goetz Photography.
