Hurricane Sandy and the LBI Real Estate Market
Hurricane Sandy on Long Beach Island, New Jersey
Now that Hurricane Sandy has passed, Long Beach Island, NJ, must rebuild and move towards the future. A big part of the recovery will involve the real estate market on Long Beach Island NJ. Hurricane Sandy and Long Beach Island, NJ Real Estate will be different from other New York and New Jersey areas as each area was impacted in different ways.
Buying Long Beach Island NJ Real Estate After Hurricane Sandy
Many feel that there will be excellent buying opportunities after Hurricane Sandy. It is impossible to understand how Hurricane Sandy and Long Beach Island NJ Real Estate will interact. The general impression that there will be some great chances to pick up real estate in the short-term aftermath of Hurricane Sandy. There will be homeowners who will be either unwilling or unable to take on the job of renovating and rebuilding their homes on Long Beach Island, NJ. Therefore, these storm damaged homes will enter the LBI real estate market soon after the storm. There are extra items to consider when buying LBI real estate after Hurricane Sandy.
- Water Damage
- Electrical Items
- Uneven Foundations
- Damp Insulation
There are always many items to consider when buying a home, but Hurricane Sandy has created different problems that must be taken into account. It is more important now to have a home inspection to ensure everything is as it should be. Remember, what looks good on the outside, may not be correct on the inside (think of insulation behind walls).
Selling Long Beach Island NJ Real Estate After Hurricane Sandy
If you are a homeowner on Long Beach Island, NJ, and you are planning to sell your property, some essential steps need to be taken. First of all, disclose, disclose, disclose. It is essential that you not try to hide any damage caused by Hurricane Sandy. If your property has been damaged by wind or floodwaters, it will most likely become evident in a home inspection or the future, which can leave you open to legal recourse.
If your home has been severely damaged, beyond the point of repair, your best course of action will most likely involve removing the remains of your house and selling the property at the land value in the LBI Real Estate market.
If your property has been damaged but can be fixed, you can either do the work yourself or sell the property as a “handyman special.” In the market following Hurricane Sandy, I feel we will see many people looking to buy a “fixer” house and work themselves. A beneficial strategy, in this case, is to have a contractor give you an estimate to repair the house and show this estimate to the buyer. This will show the prospective buyer what the value of their home would be after the renovations are completed. Tradewinds Builders can handle this for you, and together, the marketing is very effective.
Hurricane Sandy and Long Beach Island NJ Real Estate
If you are thinking of buying or selling Long Beach Island NJ real estate after Hurricane Sandy, please contact me, Nathan Colmer, and I will be happy to sit down and explain the options in the current market.
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com