Long Beach Island NJ Home Ownership Cost

What Are the Costs of Owning a Home on Long Beach Island New Jersey

Long Beach Island Real Estate

Most homes on Long Beach Island are purchased as either a second home for vacations or as an investment (or both). Regardless of the reason you want to buy a home in the LBI real estate market, an examination of Long Beach Island NJ Home Ownership Cost is essential. Owing a beach house can carry with it some different ownership costs so it is important to understand what your true cost of ownership will be. While every home will be different, there are a few common Long Beach Island NJ Home Ownership Cost to look for.

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Long Beach Island NJ Home Ownership Cost

Below is a list of the most common ownership costs on Long Beach Island.

LBI Property Taxes
Homeowner Insurance
Flood Insurance on Long Beach Island
Rental commission (if the property will be a rental)
Utility Costs
Maintenance Costs

Property taxes on Long Beach Island are perhaps the best surprise when looking at Long Beach Island NJ Home Ownership Cost. Property taxes will depend on the town, the location and the style of house. For example, new construction tends to be taxed at a higher rate than an older Cape Cod style home. Likewise, property taxes will generally be higher for an oceanfront home than a house on Long Beach Blvd.

Homeowners insurance is required for any home that has a mortgage and is designed to insure the property against fire, injury and other similar catastrophes. Homeowner’s insurance DOES NOT cover flood damage! It is important to remember that Long Beach Island is a shore area and as such, not all insurance companies will write a policy at the beach. It is best to check with several companies, including local companies, to ensure you have the best rate and protection.

Flood insurance has been a hot topic since Hurricane Sandy. There have been major revisions to the National Flood Insurance Program (not caused by Hurricane Sandy but rather by an act of Congress prior to Sandy making landfall). These changes will increase the cost of insurance for some and will lower the costs for others! Flood insurance is individualized to the property and the cost depends on a number of factors. A flood elevation certificate is required to determine the true cost of flood insurance for a property on Long Beach Island.

Utility costs are an expected part of home ownership. On Long Beach Island the utility companies are Atlantic City Electric, New Jersey Natural Gas and local town water/sewer. For cable and internet Comcast and Verizon are the most common providers.

The cost of maintenance is an often overlooked but important part of Long Beach Island NJ Home Ownership Costs. The beach is a very different environment that can cause rapid deterioration to many components of a home. Generally speaking, it is best to install vinyl and composite materials over wood or metal as these will last longer in a shore environment. It is important to budget for certain maintenance items such as window cleaning, periodic replacement of exterior metal items (for example locks), weed control, power washing, etc. This is especially true of oceanfront homes that bear the brunt of salt water’s impact on a home.

For more information about Long Beach Island NJ Home Ownership Costs including specific estimates on taxes, insurance and maintenance, feel free to contact me, Nathan Colmer, and I will be happy to help!

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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