Avoid Costly Mistakes When Buying A Home In The LBI NJ Real Estate Market
Learn From Past Buyers Mistakes In The LBI NJ Real Estate MarketBuying LBI NJ Real Estate
For many, buying a home on Long Beach Island is the realization of a dream to own a beach house! As exciting as buying LBI real estate is, it is a major financial investment and one that requires careful planning and consideration. Sadly, there are often mistakes made when buying a home on LBI. Luckily, new buyers can learn from past buyers mistakes in the LBI NJ real estate market.
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How To Avoid Costly Mistakes When Buying A Home In The LBI NJ Real Estate Market
Every real estate transaction is different and will present their own challenges but there are some common themes true for most LBI real estate transactions:
- Many buyers believe their home to be move in ready only to find they will spend more money than planned on personalizing the property.
- Many buyers feel they do not fully understand the cost of flood insurance and how it is rated.
- Some buyers underestimate the cost of ownership on Long Beach Island
While the individual reasons may vary, the common thread seems to be a general lack of preparedness when buying a home on Long Beach Island. The blame for a buyer not being prepared to buy a home comes back to the real estate agent. While no agent can answer every question, an agent should be able to educate a buyer on the costs of ownership and what determines the value of a home in the LBI NJ real estate market.
So, how can you avoid making the same mistakes as buyers that came before you? Work with an experienced agent. The truth is, a real estate license is not very hard to obtain. This creates a situation where the majority of agents are part time and will only sell 1-4 houses in the course of a year. This is clearly not enough experience to be able to intelligently navigate the hazards of a LBI real estate transaction. The best way to screen your potential agent is to ask how long they have been working in real estate, how many homes they have sold in their career and, most importantly, how many homes have they sold since Hurricane Sandy. This last point is of particular importance because the Long Beach Island real estate market has changed since Hurricane Sandy made landfall. Now, agents must be able to educate on the costs of new construction, be able to screen for faulty repairs in a home and be able to educate on the costs of flood insurance. For more information about buying a home in the LBI NJ 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
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