Getting To Know The Differences In A Second Home Market
Getting Started In The LBI Real Estate MarketLong Beach Island Real Estate
The Long Beach Island Real Estate Market Is Comprised Of A Vibrant Vacation An Investment Home Sales Market With A Summer Rental Inventory. Summer Rentals Are The Backbone Of The LBI Economy, And Tourism Revenue Helps To Sustain The Local Businesses That Service Long Beach Island. The Real Estate Sales Market Provides An Opportunity To Own A Piece Of LBI Either As A Vacation Property Or As Investment (Or Both). There Are A Great Number Of Differences Between A Second Home Market And A Primary Real Estate Market So Getting Started In The LBI Real Estate Market Involves An Understanding Of These Differences Before Entering Into Any LBI Real Estate Transaction.
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Getting Started In The LBI Real Estate Market
There Are A Few Core Areas The Any Buyer In The LBI Real Estate Market Should Be Aware. They Are:
- An Understanding Of New Jersey Real Estate Law
- An Understanding Of The Product And Overall LBI Real Estate Market
- Understanding Of Financing The Second Home Or Vacation Property
- A Trustworthy Network Of Local Contacts
Since Many Buyers In The LBI Real Estate Market Are From Outside New Jersey, It Is Important To Understand The Differences Between The Real Estate Transaction In New Jersey Compared To Other Real Estate Markets. First And Foremost, It Is Important To Understand That A Seller Whose Primary Residences Outside The State Of New Jersey Is Subject To A 2% Out Of State Residency Tax When Selling Their Home. This Is Just One Of Many Differences Buyers Should Be Aware Of Before Making Any Investment In The LBI Real Estate Market.
It Is Important To Understand The Different Home Options And Their Pros And Cons. The LBI Real Estate Market Offers Single-Family Homes, Condos, Duplexes, Interval Ownership, Vacant Land, Storm Damaged Homes, And Commercial Opportunities. With So Many Property Styles To Choose From, It Is Important To Understand Which Assets Will Appreciate Or Hold Their Value Compared To Other Types Of Homes.
Financing A Second Home Carries With It Different Rules And Regulations. While It Is Best To Speak With A Qualified Lender, As Every Situation Is Different Depending On An Individual’s Financial Status And The Lending Institution They Choose, Most Down Payments Are A Minimum Of 20% Of The Purchase Price And Interest Rate May Be Different Depending If You Decide To Keep The Home As A Vacation Property Or Declared As An Investment.
Lastly, It Is Important To Have A Trustworthy Network Of Local Professionals You Can Rely. When Buying Properties A Second Home, It Is Important To Remember That You Will Not Be Visiting The Home Every Day And Issues May Arise. It Is Best To Establish A Relationship With Local Contractors Early On So In The Event Of An Emergency, Any Damage To The Home Can Be Limited.
Buying A Home In The LBI Real Estate Market
Overall, The Long Beach Island Real Estate Market Has Seen Some Of Its Best Years Of Activity. There Are Many Opportunities In The LBI Real Estate Market, Especially In The Areas Of New Construction. Before Entering Into Any LBI Real Estate Transaction, It Is Important To Have An Understanding Of The Core Principles Of Investing In A Second Home And Equally Important To Understand The Economics Of Long Beach Island. Only With These Understandings, Can You Make An Educated Purchase And A Secure Investment. For More Information About Getting Started In The LBI Real Estate Market, CONTACT ME And I Will Respond Right Away.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.BuyLBI.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market