Buying a Home on Long Beach Island Under $300,000
LBI Real Estate Homes Under $300,000Long Beach Island Real Estate
The LBI real estate market has seen a vast improvement in the average sales price since Hurricane Sandy. While many people dream of owning a home at the beach, they feel it is far beyond their financial ability. This may certainly been the case, and if so the very last thing anyone wants to do is purchase a home they cannot afford, however there are opportunities to purchase a vacation property for less than many believe. There are LBI real estate homes under $300,000 that can act as both a vacation and investment property.
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LBI Real Estate Homes Under $300,000
There are a few things to remember when looking for homes priced under $300,000 in the LBI real estate market.
- Most single-family homes will require substantial work
- There are some excellent condominium complexes that can accommodate this price range
- It is important to factor in all the expenses when determining your purchase budget
A quick search in the MLS will most likely produce a few single-family homes were duplexes priced near $300,000. Unfortunately, many of these homes will offer a significant and expensive disadvantage. They may be storm damaged and require the essential work or will be located far below base flood elevation thus requiring the house to be raised or a very high annual flood insurance cost. The latter makes the point all too clear that it is important to understand all the expenses when determining a purchase budget in the LBI real estate market. While most flood insurance rates are very affordable, there are homes that are well below base flood elevation and will see a high annual premium. This flood insurance rate can negate the damage of purchasing a home under $300,000 as it increases the total annual cost.
Most homes priced under $300,000 in the LBI real estate market will consist of condominiums. There are some excellent condo options in great locations they concern as both income producing properties and vacation residences. While many buyers are concerned about monthly HOA fees, many small condo complexes will see little to no monthly expenses apart from insurance.
Buying a Home on Long Beach Island Under $300,000
While supply of homes priced under $300,000 is lower than other price ranges in the LBI real estate market, with time and patience is possible to find a great opportunity. There may be some additional challenges with homes in this price range, for example a condominium may be a converted motel and subject to different lending. Therefore, it is important to thoroughly understand all aspects of your LBI real estate transaction to ensure the home you are buying is both affordable and enjoyable for you. For more information about the LBI real estate market or LBI real estate homes under $300,000, 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