Becoming a Landlord or Landlady in the LBI NJ Real Estate Market
Renting a Home on Long Beach Island New Jersey
One of the most attractive features of the LBI real estate market is the ability to rent a home for additional income. For many, renting a home is the only way to afford a vacation property on Long Beach Island. The summer rental season consists of roughly 10 prime weeks, usually the end of June through Labor Day, and additional “offseason” weeks in early June and September. While the rental income can be very helpful, there are some important details about becoming a landlord on Long Beach Island NJ that everyone should be aware of.
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Becoming a Landlord on Long Beach Island NJ
The decision to become a landlord or landlady should not be taken lightly! There are a few things to know before deciding to rent a house on Long Beach Island. For example:
- Nobody will treat your house like you do
- Perfect tenants are rare
- Renting your LBI house will usually lower the sales price (if you decide to sell) unless improvements are made to the property
The first point, about nobody treating your house like you do, is perhaps the biggest shock for new landlords. The normal wear and tear of weekly changeovers can be hard on a house and will show differently than an owner occupied house. Much of this has to do with the constant moving in and out each week which will lead to more scratches and scuffs than normal.
While the majority of those renting on Long Beach Island are families who treat the homes they rent with respect, perfect tenants are rare. Damage may occur to the property outside the scope of normal wear and tear (for example carpet stains) that will require a security hold.
Renting can devalue a home by making it “look like a rental”. This usually means the property will have more wear and tear than an owner occupied property. Rental properties often lack the personal touch seen in a vacation home which can also make it harder to sell. That being said, many buyers look for rental income and being able to show a stable rental amount can attract a buyer. The best combination is to “spruce up” a house before listing it for sale in the LBI real estate market.
Becoming a Landlord and Renting in the Long Beach Island New Jersey Real Estate Market
Becoming a landlord on Long Beach Island NJ offers some key advantages but it is not without problems. Therefore, as a homeowner, you must understand the pros and cons of renting in the Long Beach Island real estate market. For more information about becoming a landlord on Long Beach Island NJ feel free to contact me, Nathan Colmer, and I will be happy to answer any questions you have!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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