Buying a Co-Op in the Long Beach Island NJ (LBI NJ) Real Estate Market
LBI Real Estate Co-Op 
LBI Real Estate Co-Op 
LBI Real Estate Co-Op
Long Beach Island Real Estate
For many buyers in the Long Beach Island real estate market a condominium is the way to go. The comparatively affordable price point and the attractiveness of low maintenance draws attention from many buyers. There is another alternative to condos that all LBI real estate buyers should consider: a Co-op! There is in fact only one co-op on Long Beach Island but it offers some unique advantages. Being located in the heart of Beach Haven these well cared for units offer a great location close to all attractions and the beach. The professional management ensures that the units are well cared for and make for stress free ownership in the Long Beach Island real estate market with clear ownership costs. Being a co-op there are a few additional rules that buyers have to understand when making such a purchase.
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
LBI Real Estate Co-Op
Many buyers (and agents) are not familiar with a co-op, how the operate or even what they are! Many buyers confuse condos and co-ops. While the day to day use is similar, there are some significant legal and financial differences between the two. Here you will find a short overview of LBI Real Estate Co-Op ownership:
- What is a Co-Op?: “Co-op” is short for cooperative ownership. In this form of ownership there will be a multi-unit building where each resident owns shares of stock in the corporation (which technically owns the building) and a contract to reside in the unit (which is their unit by owning shares of stock).
- How is a condo different from a co-op? A condo on LBI or elsewhere is a fee-simple owner with a deed to a specific unit and an ownership interest in the common grounds. A co-op owner owns stock in the corporation that owns the building.
- To buy a co-op you have to be approved by the board: Think of this like a job interview and a mortgage application. The co-op board has to approve all owners of the unit. While the board cannot discriminate by way of age, gender, race, etc. they can reject an applicant for their inability to pay the HOA fees, not abide by the co-op rules, etc.
- Co-ops can offer transparent ownership costs: Unlike a condo where the HOA will mainly go to upkeep costs, a co-op will have a higher HOA that covers many of the typical ownership costs of a home in the LBI real estate market. This will include property taxes, flood insurance, etc which can make planning for the cost of owning a second home easier.
Buying a Co-Op in the LBI NJ Real Estate Market
If you are considering the purchase of a co-op in the LBI real estate market there are a few things to consider. There are usually financing options available (if you qualify of course) but these units cannot be rented. This can be good or bad depending on your personal situation. While an attorney is always a good idea when buying in the LBI real estate market, it is especially important for a co-op. An attorney can go through the fine points of ownership and define the bylaws for you. A LBI Real Estate Co-Op can be a good option for some buyers if they are looking for an affordable home that is well maintained and in a good location for attractions and beach access. 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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