LBI Real Estate New Construction Advice for Buyers
Long Beach Island Real Estate
When buying a new construction in the Long Beach Island real estate market it is important to remember that most likely the home was purchased and develop as a speculation billed by a local contractor. In the situation, an individual or a builder will purchase a piece of vacant land or a home to be torn down and a new construction built in its place. This is very different from purchasing a home built by an end user as the entire project was done with the intention of generating a profit. This can make buying Long Beach Island New Jersey real estate new construction more challenging than buying a traditional house however there is an opportunity to obtain a great beach house in a great location with minimal effort.
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Buying Long Beach Island New Jersey Real Estate New Construction
Buying new construction is completely different than buying a traditional house. There are a few extra steps that must be taken to ensure the transaction is handled properly. The Long Beach Island real estate market offers a great deal of potential, especially in the redevelopment of old homes, so it is important to make sure that the home you intend to purchase truly is your best option. Sometimes, it is better to find a teardown or if you can piece of land and build a home yourself. This will enable you to select the builder and the interior design for yourself.
Of course, building a home is not for everyone so if you are intending on buying Long Beach Island real estate new construction, there are a few factors that must be taken into consideration which will determine the overall cost of the project. For example, location, lot size, and the interior appointments will of course have an impact on the price. This would be the case with any home in the LBI real estate market however it is important for a buyer to ensure that too high a premium is not placed on the final interior and exterior appointments of a home. Additionally, any buyer should undertake the following steps:
- Have a home inspection performed by a qualified inspector
- Thoroughly vet the builder and ask for past references to ensure the quality of work is sufficient
- Compare the asking price of a home to others that have recently sold including the potential for building a new home on your own to ensure you’re not paying too high a premium.
Buying Long Beach Island New Construction
When buying new construction in the Long Beach Island New Jersey real estate market it is important, as is the case with any transaction, to do your homework. There are number of factors that must be taken into consideration which can be easily overlooked with the excitement of a brand-new, fully appointed house. It is important to make sure that you take the necessary steps to protect yourself in your real estate transaction on Long Beach Island. As I mentioned above, at a minimum this includes having a home inspection performed on the house. It is also helpful to understand how the house is built, including what kind of framing material was used, the type and fitness of insulation and the quality of the windows which are installed. A real estate agent should be able to point these items out at a minimum and explain the difference between the products used an inferior or superior product choices. It is also customary for new construction to include a new home warranty which should be transferred to the buyer upon closing. There are many opportunities in the Long Beach Island real estate market and for some, buying new construction makes the most sense. That said, before a brand-new house is purchased, it is important to explore all your options including buying a teardown and building new for yourself. For more information about new construction in the Long Beach Island real estate market, contact me and I will be happy to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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