PROPERTY TYPES IN LONG BEACH ISLAND, NJ
Everything You Need to Know About Property Types on Long Beach Island
Side by Side Townhomes & Condos
Side-by-side townhomes on Long Beach Island are the most expensive form of condo ownership, offering a unique blend of single-family home living with shared ownership benefits. These properties typically consist of only two units, sharing a common wall with the neighbor next door. Most side-by-side townhomes in the LBI real estate market feature 3-5 bedrooms, 2-3 bathrooms, and range from approximately 1,500-2,500 sq. feet.
Many side-by-side condos are built on lots that previously housed duplexes, as most municipalities on Long Beach Island require multi-family zoning for their construction. These small associations generally consist of just the two units, often labeled "Unit A" and "Unit B." Offering a great balance between affordability and modern amenities, side-by-side condos provide buyers with the opportunity to own a newer or recently built home in a prime location—at a significantly lower price than a single-family home.
HOA Fees
HOA fees associated with side by side condos & townhomes in the LBI real estate market are generally limited to insurance only. The annual flood insurance and hazard insurance premium will be split between the two owners of the condo. Any major expenses will generally be paid for on an, "as needed" basis and the cost will be divided between the unit owners.
Rental Potential
Due to their size and generally favorable locations, side by side condos make excellent rentals. In many cases, they can fetch as much as a single family home. This high rent coupled with the lower purchase price can make side by side townhomes excellent investments.
Mortgages and Financing
Obtaining a loan on a side by side condo in the LBI real estate market will follow the same general guidelines as any second home purchase. Most side by side condos will meet the requirements for lenders.
The Good News
Side by side condos offer a large, new or near new condo for much less than a new single family home.
The Bad News
Like a converted duplexes, there is little to no management of the condo association so any disputes or expenses can be difficult to work out among the owners.
Pictured here are two excellent examples of side by condo sales in the LBI NJ real estate market.
Both unites were built in the early 2000's which many deem as the height of side by side new construction on LBI. These units offer updated amenities seen in many new homes such as roof decks, reversed living floor plans and garages below the homes.
Side by side condos and townhomes in the LBI real estate market will range in price from the mid $500,000's to over $1,000,000 depending on the size, condition and location. The units shown here fall in the average sales price for side by side condos on Long Beach Island.
The price point of these homes and their updated amenity list make them attractive options for not only condo shoppers but also those looking for a single family home on LBI.
REAL ESTATE TIP:
Before buying a side by side condo it is a good idea to speak to the other unit owner. The unit owner will essentially be a "partner" in the condo association so it is helpful to know if you can work well with the other party before buying the unit!