Tips and Suggestions for Landlords in the Long Beach Island Real Estate Market
LBI Real Estate Landlord TipsRenting a House on Long Beach Island and LBI Real Estate Landlord Tips
The LBI real estate market can be an excellent area of investment. Home prices on Long Beach Island are down from the peak of the market in 2006, but have remained generally stable. Even in the wake of Hurricane Sandy, the area rebounded quickly and the real estate market remained strong. One of the core reasons for the stability seen in the LBI real estate market has to do with summer rentals. Renting a house on Long Beach Island can generate tremendous income. This additional income can help to cover expenses, and even eliminate the need to short sell the house (another reason for the market’s stability). When becoming a landlord on LBI, there are some basic things that can be done to improve cash flow and the overall experience of the house.
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LBI Real Estate Landlord Tips
There are some “common sense” improvements that can be made to drastically improve the value of a property in the LBI real estate market such as:
- Paint the interior of the property
- Change the flooring (or at least clean carpets)
- Avoid “cheap” finishes in the house
Painting is perhaps the most drastic change that can be made to any home on Long Beach Island. Many of the older Cape Cod style homes still have dark wood paneling. Most prospective summer renters prefer the light, bight and airy feel at the beach. Therefore, painting the dark wood a light color can make the room feel larger and more appealing to would be renters.
Flooring is another drastic improvement that can be made to a house. Many older style Cape Cods have original hardwood floors. These floors can usually be re sanded to give them a brand new look. Re-sanding original floors is not only cost effective, it allows the house to retain some of the original character. Of all the flooring choices, carpet should be removed whenever and wherever possible. Carpet, like any fabric, will absorb moisture. Long Beach Island is a barrier island and therefore has a lot of moisture in the air. This often leads to a “musty” smell (often referred to as a “beach” smell) which can turn off some tenants. By changing, or at the very least cleaning, the carpets in a house, tenants will be welcomed with a fresher smell.
When making any improvement in the house, cheaper is not always better. Summer tenants can be hard on a house and buying cheaper items for the house can lead to them breaking quickly. This is an avoidable headache for a LBI real estate landlord or landlady. Spending a little extra upfront can save money in the end!
While there are many improvements that can be made to a house, these LBI real estate landlord tips are rather easy and inexpensive. They will make the most noticeable change to a house and the investment can pay off in less than one summer season! For more information about landlord tips for rental properties in the LBI real estate market, feel free to contact me, Nathan Colmer, and I will be happy to answer any questions you have!
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
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