The Second Home Lifestyle On Long Beach Island New Jersey

Recreation, Lifestyle and Investing in the LBI Real Estate Market

The Second Home Lifestyle On Long Beach Island New Jersey
The Second Home Lifestyle On Long Beach Island New Jersey

Long Beach Island Real Estate

A vacation home has many different meanings to many different people. For some, a vacation home is a cabin in the woods or a condo on a ski mountain. On Long Beach Island, a vacation home or investment property will most likely be a single-family home in close proximity to the beach and the attractions that appeal to the buyer. Buyers in the LBI real estate market choose certain types of properties for specific reasons. These reasons will be based on characteristics of a home, the life stage of the buyer, or a smart investment opportunity. The opportunity to own a home on Long Beach Island near favorite recreational activities a major factor in determining the location of a second home on Long Beach Island. Understanding the second home lifestyle on Long Beach Island New Jersey can help to identify where one should look for their vacation property and what style of home they should purchase.

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The Second Home Lifestyle On Long Beach Island New Jersey

There are generally three categories of buyers in the LBI real estate market. They are:

  • Investors
  • Lifestyle Buyers
  • Life Stage Buyers

The investor is a very common buyer in second home market on Long Beach Island. Typically, these buyers will look for properties with strong rental income and potential for long-term appreciation. These homes most likely will be used by the investor for some level of personal enjoyment, but with the long-term goal of making money. Investors will also look for speculative real estate purchases to purchase a teardown and we built a new construction only to sell for an immediate profit. This route can be highly lucrative and generate a 20% to 30% return on the investment.

The lifestyle buyer is looking for a second home for personal enjoyment. These buyers will often look for a home in close proximity to attractions which may appeal to themselves or their family. In some cases, these homes will also act as rental properties to help offset the cost of ownership in the LBI real estate market.

The life stage buyer will most likely be a retirement individual who is looking to call Long Beach Island their permanent home. In many cases, this buyer will also home a property in a warmer climate such as Florida to spend the winter months. These buyers will typically have sold their home in North Jersey or New York to enjoy the island lifestyle.

Understanding the Right Home When Buying in the Long Beach Island Real Estate Market

It is important to understand that not all buyers will fit neatly into one of the categories above. Very often, a buyer in the LBI real estate market will look for several uses in the home. As I mentioned above, is very common to see a home be used for both personal enjoyment and investment purposes. The LBI summer rental market allows for immediate income which can help to offset a mortgage payment for property taxes. Often times, a home can rent for only three or four weeks and offset the majority of the ownership cost. With this kind of potential, is an easy to understand why such a hybrid use is prevalent on Long Beach Island. For more information about the LBI real estate market, buying a home, or the second home lifestyle on Long Beach Island New Jersey, CONTACT ME  and I will respond right away.

By : Nathan Colmer | The Van Dyk Group

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

www.BuyLBI.com

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