A first-time buyer guide to budget, ownership costs and comparing homes across Queens, NYC and Long Island. Start with a comfortable monthly payment, discuss financing with a lender, then plan your home search with Barbie Li Team.
START WITH THE FULL COST
A useful budget covers more than the asking price. Work through the cash you need now, the monthly commitment and the reserve you want to keep.
Before closing
Allow for the down payment, closing charges and prepaid items. A contract deposit is generally credited toward the purchase; do not count it twice. Ask your lender for a Loan Estimate and your attorney for transaction-specific costs.
Each month
Compare the loan payment with taxes, insurance, building charges and upkeep. For a co-op, check what maintenance already includes before adding costs again.
After the move
Set aside funds for moving, immediate work and a reserve. Discuss any lender or building reserve requirements before committing your available cash.
For a qualifying residential purchase of $1,000,000, the state’s 1% additional transfer tax—often called the mansion tax—is $10,000. It applies to the full taxable residential consideration, not only the amount above the threshold. Qualifying New York City purchases of $2 million or more also face a supplemental tax.
Illustration only, not total closing costs or the tax paid on the featured transactions. Property classification, exemptions and contract terms matter. New York State tax guidance · Tax Law §1402-a · §1402-b.
Before you tour: discuss your comfortable monthly budget, available purchase funds and financing status. A lender’s preapproval is conditional—not a guaranteed loan.
Helpful resources: CFPB preapproval guidance · Understanding a Loan Estimate.
COMPARE WITH CONTEXT
The right home should fit your plans as well as your first impression. We help you organize the facts and identify the questions still to resolve.
MARKET VALUE
Look at similar completed sales and current alternatives. Adjust the discussion for property type, condition, layout and location—not just a price per square foot.
OWNERSHIP COST
Put known taxes, insurance, building charges, assessments and upkeep next to the purchase price. Ask which estimates are confirmed and which still need review.
PROPERTY & BUILDING
Review the layout and visible condition, then bring technical and document questions to your inspector, attorney or other appropriate professional.
LOCATION & DAILY LIFE
Compare transport, commute options, parks, nearby services and the experience of visiting at different times. Verify school boundaries or admission rules directly when relevant.
Swipe or scroll the table sideways to compare both property types.
| Question | Condominium | Cooperative |
|---|---|---|
| What do you own? | An individual unit and an interest in the common elements. | Shares in a corporation, with a proprietary lease for the apartment. |
| What costs should you review? | Common charges, unit property taxes, assessments and what your own insurance must cover. | Maintenance, assessments and exactly which building expenses are already included. |
| What needs checking? | Financial documents, rules, restrictions and the applicable transfer procedures. | Financial documents, purchase requirements, approval procedures and occupancy or subletting rules. |
Requirements differ by building. Review the actual documents with your attorney and financing with your lender. Sources: NY Attorney General: condominiums · cooperatives.
Ask for the leases, documented income and known operating expenses. Review occupancy, legal use, maintenance needs and the assumptions behind any projected return before relying on a listing’s income figure.
Have your attorney review the offering plan, amendments and contract. Confirm the promised features, costs and delivery terms in writing rather than relying only on renderings or a model home.
Explore new developments · NY Attorney General buyer guidance.
Review your available cash, monthly budget and loan options with a lender. We use that price range to narrow your home search.
Choose your preferred areas, property type and must-have features. Before we tour homes as your buyer’s representative, we review the written agreement, including services, fees and duration.
Tour the homes on your shortlist. We compare asking prices with similar sales and record questions about condition, costs and building requirements.
Set your price limit and discuss financing, contingencies and closing timing. We prepare and negotiate the offer with you; you decide which terms to accept.
Coordinate the inspections and document review needed for the property. Your inspector reviews its physical condition; your attorney explains the contract and any unresolved issues before you sign.
Complete the lender’s requirements and any building approvals. We coordinate with the people handling your purchase and arrange the final walkthrough before closing.
Timing and the order of these steps depend on the property, financing and contract.
Selected purchases in Queens and Long Island involving Barbie Li Team. Sale details and agent credits are available in the linked records.
BUYER REPRESENTED · CLOSED
$2,910,000
Reported purchase price
LAKE SUCCESS / GREAT NECK, NEW YORK
Lake Success / Great Neck, NY 11020 · Single-family home
Redfin identifies Li Li of B Square Realty as the buyer’s agent. The property is in Lake Success and uses a Great Neck mailing address.
Public source: Redfin, OneKey MLS #980428. Reviewed October 14, 2026.
BUYER-SIDE TRANSACTION · CLOSED
$1,620,000
Reported purchase price
PLAINVIEW, NEW YORK
Redfin lists Yaning Shih and Li Li of B Square Realty on the buyer side, and Li Li on the listing side.
Public source: Redfin, OneKey MLS #1005398. Reviewed October 14, 2026.
BUYER-SIDE TRANSACTION · CLOSED
$2,000,000
Reported purchase price
FLUSHING, NEW YORK
Redfin lists Yaning Shih and Li Li of B Square Realty on both the buyer and listing sides of this three-family property purchase.
Public source: Redfin, OneKey MLS #1010785. Reviewed October 14, 2026.
HISTORICAL BUYER-SIDE CLOSING · JANUARY 2024
Syosset, NY 11791 · Four-bedroom single-family home
Li Li of B Square Realty is recorded as the buyer’s agent for this purchase, completed on January 8, 2024.
Source: OneKey MLS #L3511061, checked October 5, 2026. The record’s original asking price was $1,100,000.
Selected recent transactions from linked public property records, reviewed October 14, 2026. Agent roles are attributed as shown by the linked source. Individual circumstances and agency arrangements vary. Past results do not guarantee future outcomes.
A difference between asking and purchase price is not, by itself, proof of market value or money saved through negotiation.
Explore local property types, transportation and available listings, then discuss the areas that fit your budget and day-to-day needs.
Explore condos, co-ops, multifamily homes and new developments in Flushing, a major residential and commercial hub centered around Main Street and Roosevelt Avenue in northeast Queens.
Explore homes in Fresh Meadows, Queens, near Cunningham Park and South Flushing. Compare property types, address-level details and local buying or selling options.
Explore homes in Little Neck, an eastern Queens neighborhood near Little Neck Bay and the Nassau County border, known for low-rise residential streets and one-family homes.
Explore homes in Bayside, where single-family residences, garden apartments and residential streets connect with the shops and services around Bell Boulevard and Northern Boulevard.
Explore Jackson Heights, NY, known for historic garden apartments, diverse culture, and vibrant dining. Discover homes for sale and neighborhood insights today.
Explore homes in Whitestone, a low-rise northeast Queens neighborhood characterized by one- and two-family detached homes, with residential areas extending toward the East River and Little Neck Bay.
We help you shortlist homes, compare prices, arrange tours and prepare an offer. During the purchase, we coordinate with your lender, attorney and other professionals. We offer service in English and Chinese.
A listing agent represents the seller; a buyer’s agent represents the buyer. For a property marketed by B Square Realty or a development we represent, we explain the agency relationship and any consent required before you proceed.
The agency disclosure is separate from a buyer representation agreement. New York agency disclosure guidance.
BUILD YOUR PURCHASE TEAM
We can introduce you to mortgage professionals, real estate attorneys, home inspectors and, when needed, architects. You choose whom to hire and agree on services, fees and availability directly with them.
Compare financing options, preapproval requirements and the costs shown in your lender’s documents.
Review contracts, building documents and legal questions before you commit to the purchase.
Evaluate the property’s physical condition and discuss findings or further checks with you.
Discuss layout changes, renovation feasibility or building questions that need specialist review.
A practical planning guide for buyers exploring Queens and New York — with checklists for budgeting, comparing properties, preparing an offer and getting ready for closing.
Save it, review it at your own pace and use it to organize the questions that matter before your next move.
PRACTICAL ANSWERS
For a financed purchase, a lender’s preapproval can help define your search and prepare you to make an offer. It remains conditional; the lender still needs to approve the borrower, property and loan. Read the CFPB explanation.
Before we tour homes together as your buyer’s representative, we review the applicable written agreement: services, scope, duration, compensation and how the relationship can end. Asking about services or visiting an open house on your own is different. Read about written buyer agreements.
Compensation is negotiable and should be clearly stated in your agreement. Seller or listing-broker contributions may be negotiated, but are not guaranteed; understand any amount you could owe before proceeding. NAR buyer agreement guidance.
Yes. Sellers may weigh financing, contingencies and closing timing as well as price. Consider which terms you can meet, and ask your attorney about the consequences before changing or waiving a contingency.
Waiving an inspection can leave you responsible for problems you have not identified. A lender’s appraisal assesses value and does not replace an inspection. Discuss the risks and any proposed waiver with your attorney. CFPB inspection guidance.
Plan for lender and legal charges, applicable taxes, title or lien-related work, prepaid items and any building charges that apply. Then separately budget monthly ownership costs and a reserve. Ask for an itemized estimate instead of assuming one percentage fits every purchase.
A co-op purchase involves corporate shares and a proprietary lease; a condo purchase involves ownership of a unit and an interest in common elements. Compare the actual building’s costs, rules and purchase procedures with your attorney. Co-op guidance · Condo guidance.
Use comparable completed sales and current alternatives, taking account of property type, location and condition. The asking price alone does not establish value, and buying below asking does not automatically mean a bargain.
Review the offering plan, amendments, contract, recurring costs and delivery terms with your attorney. Confirm material promises in writing and ask whom the sales team represents. New York Attorney General guidance.
Depending on the purchase, the next steps can include inspections, attorney review, contract, financing, appraisal, building approvals, title or lien work, final walkthrough and closing. Have your attorney confirm when you are bound and what conditions protect you.
We can plan both transactions together. Start with the funds you need from the sale, your housing arrangements and a backup plan if the dates change. Read the New York Seller Guide.
No. You choose whom you hire. Compare qualifications, relevant experience, availability and fees, and confirm any lender requirements for a provider. We help keep the real estate side coordinated with the professionals you select.
This guide provides general information, not legal, tax or lending advice. Your attorney, lender and other qualified professionals advise on your specific purchase.
Share your preferred areas, budget and timing. If you have a property in mind, include the address or listing link.