Second Homes and Investment Properties in the LBI New Jersey Real Estate Market
Buying a second home or investment property in the Long Beach Island real estate market can be a very exciting and profitable endeavor. Many people choose to buy a second home for future use, a vacation getaway, or immediate rental income however the decision to purchase a second home is not one that should be taken lightly. Real estate is a major investment and homes on Long Beach Island are certainly not cheap! There are also special conditions like flood insurance which must be taken into account. It is important to have a clear understanding of the Long Beach Island real estate market before making any such investment. I have enclosed four tips for buying a second home in the Long Beach Island real estate market to help identify some of the key concepts that should be understood to make your investment in the LBI real estate market successful.
Four Tips For Buying a Second Home in the Long Beach Island Real Estate Market
There are four rules that any buyer in the LBI real estate market should adhere to. They are:
- Don’t impulse buy
- Get a local perspective
- Understand the LBI real estate rental market
- Understand flood insurance
The first of my statements above may seem obvious however it is important to always keep a practical and level mind when buying a home in the LBI real estate market. This is especially true in the summer months when many visitors come to Long Beach Island and dream of owning a second home. It is important to take your time, learn the market trends, and time your purchase to ensure the best value possible. It also helps to get a local perspective on Long Beach Island and understand the differences between each town, each subsection, and the Oceanside versus Bayside dilemma. Understanding the LBI real estate rental market is another essential step which cannot be over emphasized. Many people falsely assumed that beach Haven comprises most of Long Beach Island. This is not the case. I very often encounter buyers who tell me they wish to purchase a home in Beach Haven when they really mean they wish to purchase a home in Long Beach Township. Understanding where one town or section begins and ends is essential to making any investment in the LBI real estate market. Even if you do not plan to rent immediately, any buyer should understand what a house can generate in rental income. By making sure that the rental income can cover the majority of your bills can help to ensure that should a personal tragedy take place, your investment in the LBI real estate market is covered. Lastly , any buyer on Long Beach Island should have a thorough understanding of flood insurance. The rules and regulations that govern flood insurance can have a significant impact on the long-term value of any home in the Long Beach Island real estate market.
Buying a Home in the Long Beach Island Real Estate Market
There are number of opportunities to buy a second home or investment property in the Long Beach Island real estate market. The points I have highlighted above are an excellent starting place when considering a home in the area. It is best to take your time and learn about the different areas, the market trends, and the nuances that are unique to Long Beach Island. These forces can have a dramatic impact on the value of any home. For more information about my four tips for buying a second home in the Long Beach Island real estate market, contact me and I’ll be happy to answer any questions.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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