Long Beach Island Condominium Associations
Long Beach Island Condominium Associations
Long Beach Island Real Estate
The Long Beach Island real estate market has been witnessing a period of steady growth in price appreciation. While the overall market is strong and the climate is good for investment, the prices of single-family homes in the LBI real estate market trend are very hot. With high prices for single-family homes, many buyers are looking to condominiums as an alternate source of investment.
Long Beach Island Condominium Associations
While condos can be an excellent investment and have positive price appreciation, it is important to consider all variables. One of those variables for Long Beach Island condominium associations is size of complex. The general rules of the condominium association are unchanged regardless of the size of the association. The LBI real estate market has various sized condominium complexes ranging from two units to dozens of units in an individual complex. The most important things to consider when evaluating a Long Beach Island condominium association prior to purchasing a unit are:
- The solvency of the association
- The length of time an association has been in operation.
The current balance sheet and the reserve are important to make sure that a condominium association is financially solvent. There should be adequate reserves for unplanned expenses and budgeted amounts for routine maintenance including bill payments of things like flood insurance. The length of time a condominium association has been established is certainly a good indicator of past trends, but it does not guarantee future success. That said, it is helpful to know if the establish management has been doing their job! Buying a condo in the Long Beach Island real estate market can have numerous advantages.
Buying a Single Family Home or Condominium in the Long Beach Island Real Estate Market
While condos generally offer less maintenance and upkeep, one must keep in mind the rate of appreciation of a condominium is slower than that of a single-family home. They are also far more affordable allowing for greater selection for those who are trying to purchase a home on a budget. For more information about buying a condo in the lot LBI real estate market or Long Beach Island condominium associations in general, please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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