New Construction and the Real Estate Market on Long Beach Island NJ

The LBI New Jersey Real Estate Market and New Construction on Long Beach Island

Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

New Construction and the Real Estate Market on Long Beach Island NJ
New Construction and the Real Estate Market on Long Beach Island NJ

 

Long Beach Island and the LBI NJ Real Estate Market

The face of Long Beach Island is changing! In the wake of Hurricane Sandy many homeowners on Long Beach Island have decided to make major changes to their houses to make them more storm proof. This involves either knocking down the existing house and building a new home or elevating the existing structure above current advisory base flood elevations. In either case, these changes have a significant impact on the LBI real estate market making New Construction and the Real Estate Market on Long Beach Island NJ something all buyers and sellers would be wise to understand.

New Construction and the Real Estate Market on Long Beach Island NJ

New construction sounds like an intimidating prospect, especially when the majority of homeowners on Long Beach Island are about 2 hours away, but the process can be very rewarding.  When building a new home on Long Beach Island, there are a few preliminary items to consider:

  • Use a stock floor plan with minor modifications
  • Discuss the project with several contractors to make sure the price is correct
  • Make sure you do not “overbuild” on the lot

A surprisingly expensive portion of building a new home can be the floor plans. By using a stock floor plan and customizing it to your taste, you can save a substantial amount of money. Most builders and architects have floor plans that they have used in past projects which allows to you save a lot of money by using them! In addition, this allows you to see a finished project and get an idea of what your new home would look like.

From a real estate point of view, it is critically important to NOT overdevelop a lot. By this I mean, make sure that the cost of the new house or the cost of raising a house does not exceed the marketable value of your property. This is especially true in the case of raising a house where the total project may only be $20,000-$30,000 less than the cost of building a new home. If you are faced with this scenario, it is my advice to build a new home as new construction will have far more value in the LBI NJ real estate market.

Buying and Selling on Long Beach Island NJ

New Construction and the Real Estate Market on Long Beach Island NJ are two subjects that should be understood by all those looking to invest in the LBI real estate market.  It is very easy to overspend on a construction project and the consequences may be that you have spent more than the finished house is worth. For more information about New Construction and the Real Estate Market on Long Beach Island NJ 

Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

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