What to Look For When Buying a House in the LBI Real Estate Market

What is the Most Important Part of Buying a House on Long Beach Island New Jersey

What to Look For When Buying a House in the LBI Real Estate Market

LBI NJ Real Estate

The LBI NJ real estate market is comprised of many different styles of homes, locations and price ranges. There are large, oceanfront homes that can sell for over $10,000,000 along with small condos that can sell for less than $200,000. With such a wide variety of options, it can often be confusing about What to Look For When Buying a House in the LBI Real Estate Market. Regardless of the price range or style of property, there are a few constants that can be applied to any home in the LBI real estate market.

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What to Look For When Buying a House in the LBI Real Estate Market

There are three core points to consider when looking to buy a home on Long Beach Island. They are:

  • Property location on LBI
  • Overall condition of the property
  • Flood insurance rates both present and future

Above all else, the old saying, “location, location, location” is very true on Long Beach Island. Location is the number one driver of force. It is possible for a worn out knock down on the oceanfront to sell for more money than a brand new construction off the oceanfront. The primary locations on Long Beach Island are:

  • Oceanfront
  • Ocean block
  • Oceanside
  • Properties on Long Beach Blvd
  • Bay side
  • Bay block
  • Lagoon front
  • Bay front

It is rather difficult to assess a general value to any one location as there are specific factors that will influence price on Long Beach Island. For example, a large lot size may add a great deal of value since a large house can be built. On the other hand, if a large lot is in a poor location and cannot be subdivided, it may actually lower the value of the property since new construction could over improve the lot.

The condition¬†of a property in the LBI real estate market will also drive value. Generally speaking, a new construction will be worth more than an older home if it is in the same location. Again, exceptions will apply. For example, Beach Haven has a wonderful historic district comprised of large, Victorian era homes built in the mid to late 1800’s. These homes have a tremendous amount of value thanks to their charm and unique history to Long Beach Island.

Lastly, flood insurance rates will impact the value of a home in the Long Beach Island real estate market. An elevated home will feel like a “safer” property to the open market and will generally attract more buyers (thus increasing the value). A home that is below Base Flood Elevation is still a viable option for many buyers and will still have a great deal of value, but not as much as a home with a lower cost of flood insurance.

It is important to remember that every property and every situation is unique in the LBI real estate market. Unlike large “cookie cutter” developments, the real estate market on Long Beach Island requires careful evaluation of homes and their unique characteristics. It is for this reason that sites like Zillow have a hard time estimating the value of a home in the LBI real estate market. For more information about What to Look For When Buying a House in the LBI Real Estate Market, drop me a note 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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