Renting or Selling in the Long Beach Island New Jersey Real Estate Market
Deciding to Rent or Sell Your Home in the LBI Real Estate Market
LBI NJ Real Estate
The Long Beach Island real estate market is predominantly comprised of second homes and vacation properties. This is vastly different than a primary market, and opens up a wide range of options to would be sellers. Usually, in a primary market, when you have outgrown or no longer use a home it is best to sell the property. However, in the Long Beach Island real estate market, if an owner would prefer not to sell their home, rentals are a very real possibility. Deciding to rent or sell your home in the LBI real estate market depends on your personal situation and your future plans. Renting a home can have several advantages such as:
- The rental income can cover most or all of the expenses.
- The property should appreciate overtime.
- When renting a home with a mortgage, the tenants will essentially be paying down your property.
Deciding to Rent or Sell Your Home in the LBI Real Estate Market
The decision to sell or rent is obviously a financial one. If there is an immediate need for a decision, selling may still not be your best option. It is possible to utilize a home equity loan to pull immediate capital out of your property and allow tenants to pay for your mortgage. Renting has many advantages for long-term financial planning, but of course, it is best to speak with your accountant to see if it is the right choice for you.
The real estate market on Long Beach Island is exciting for investment and financial opportunities. For some, this involves renting the home and for others it will involve selling. Deciding whether to sell or rent your home on Long Beach Island should be made only after speaking with the appropriate financial advisors and a real estate agent to help you understand the pros and cons of each path. For more information about deciding to sell or rent your home on Long Beach Island or if you would like to sit down and discuss the options available, please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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