Buying and Renting a Home in the Long Beach Island Real Estate Market
Is it Better to Rent or Buy in the LBI Real Estate Market 
Is it Better to Rent or Buy in the LBI Real Estate Market 
Is it Better to Rent or Buy in the LBI Real Estate Market
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Long Beach Island Real Estate
Long Beach Island is a seasonal summer resort destination enjoyed by thousands of visitors every summer. It is common to see the same family visit LBI year after year and by generation after generation. It often begs the question of whether it is better to rent or buy in the LBI real estate market with such a loyal base. There is no simple answer to this question, and it depends on the individual. Of course, price is a significant factor as not everyone can afford to buy a second home on Long Beach Island. That said, even those who have the means to do so often will opt to rent. This article will explore the pros and cons of renting and buying on Long Beach Island.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Is it Better to Rent or Buy in the LBI Real Estate Market
The Case for Renting a Home on Long Beach Island
Renting a home does have several advantages over buying a home. The most obvious are price, ease, and flexibility. There is no doubt that buying a home is expensive in the LBI real estate market. Even with a minimal downpayment, it will still require a large investment. Some either cannot or prefer not to make such an investment. Ease is the second advantage of renting. When you arrive at a rental, the house is ready for use, and when you leave, you close the door and walk away. That’s it! Simple! Owning a home requires more thought and worry—lastly, flexibility. If you choose to rent, you can try various towns (Barnegat Light and Beach Haven are very different places, for example), locations (Oceanfront, Oceanside, Bayside, etc.), and home styles. There are many places to visit on LBI, and renting gives you the flexibility of trying them all.
The Case for Buying a Home on Long Beach Island
Owning a home in the LBI real estate market has its own set of advantages. Mainly investment, security, and reliability. The Long Beach Island real estate market has proven time and time again to be an outstanding investment. Renting a home is money lost, so there is no financial upside to doing so. By owning a home on Long Beach Island, you can take advantage of a healthy rate of appreciation, have the ability to rent the house out for income, or rebuild in the future for an equity position. Owning a home also offers security. Especially in the wake of COVID, there are undeniable advantages to owning your own home, sleeping in your bed, etc. Renting does not allow this—lastly, reliability. If you find a place you like and wish to return to, owning a home enables that. I often hear of a house that has been a rental for many years, only to be taken off the rental market. This can be done for several reasons, including the house being sold, the owner’s will, or a new home being built. By owning your own home, you control the situation and have the ability to determine what you want to do with the house.
Buying and Renting a Home in the Long Beach Island Real Estate Market
There is no right or wrong answer to whether you should buy or rent a home in the Long Beach Island real estate market. It is a personal choice, and both have advantages and disadvantages. Buying a home does present a unique and relatively stable investment opportunity that you can use and rent out to cover costs, whereas renting offers affordability and ease of use. In either case, Long Beach Island offers an opportunity to enjoy summer at the beach. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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