Long Beach Island Real Estate Ownership Costs
Long Beach Island Real Estate
When working with buyers in the Long Beach Island real estate market I am often asked about the cost of ownership in the area and how these costs differ from the primary market. This is of course an excellent question to ask and it is essential for anybody looking for a home on Long Beach Island to understand. There are several Long Beach Island real estate ownership costs which must be taken into account for entering into any home purchase in the LBI real estate market.
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Long Beach Island Real Estate Ownership Costs
The costs of owning a home on Long Beach Island will of course very depending on the style of home, the size, and the location. That said, there are a few common expenses that we can anticipate for any home.
- Monthly utility bills (water, sewer, electricity, gas, etc.)
- Flood insurance
- Homeowners insurance
- Property maintenance
This standard utility bills such as electric, gas, water, etc Will have a large degree of variations depending on the size of the house and how efficiently the house was constructed. It is important to remember that Long Beach Island has high winds so a stronger house with better windows will see greater efficiency and an older house or in some cases a poorly built new construction.
Flood insurance is perhaps the most questioned and least understood of all the Long Beach Island real estate ownership costs. Flood insurance is required for any home with a mortgage and it is highly advisable for any home in a area such as Long Beach Island. The cost of flood insurance will vary depending on the elevation of the home, the flood zone in which the home is located, and how compliant the house is to current coats. Homeowners insurance is also required for any home with the mortgage and like flood insurance , the cost will vary depending on the age, style, and compliance of the house. You can click here for more detailed information about flood insurance to help understand this complex topic.
Lastly, any homeowner in the Long Beach Island real estate market should budget for property maintenance. Living in a coastal environment can create additional wear and tear on the home so it is imperative that some budgeting be made to account for this.
Buying a Vacation Home in the LBI Real Estate Market
While there are additional expenses incurred when buying a home in the LBI real estate market, most buyers are surprised to find how affordable the area really is. For example, property taxes are generally about one third of what most homeowners pay in a primary market. There are also other basic services which are not individually billed but rather incorporated into the taxes such as trash pick up, snow removal, etc. Overall, living on Long Beach Island is surprisingly affordable when the right house is purchased and all the costs are understood. If you have any additional questions about Long Beach Island real estate ownership cost 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
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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