Long Beach Island Condo Ownership
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Pros and Cons of Owning a Condo on LBI 
Pros and Cons of Owning a Condo on LBI 
Pros and Cons of Owning a Condo on LBI
Long Beach Island Real Estate Condos
The LBI real estate market is comprised primarily of single-family homes and condominiums. There is a great deal of difference between these two forms of real estate, and understanding the pros and cons of owning a condo on LBI can go a long way to making you a smarter home shopper. This article will discuss the differences between the two forms of ownership and explore some of the benefits of owning a condominium in the LBI real estate market.
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
Pros and Cons of Owning a Condo on LBI
A single-family home is considered fee simple ownership. This means that the homeowner owns the entire property, structure, etc., with no shared ownership. It is the most simple form of ownership—a condominium shares this ownership, in part, with other owners in the association. An individual deed is issued for the condo unit being purchased, but there are commonly shared elements with other unit owners. This shared experience leads to many the pros and cons. Topping this list are:
- The homeowners association (HOA)
- Storage and parking
- Rules and regulations
Above all else, the quality of the HOA should be considered. On the positive side, the HOA will manage the condo association (if it is large enough to warrant management) and handle things like homeowner’s and flood insurance. This can also lead to a higher cost of ownership if a professional management company is hired. Suppose you are looking into a small condo association. In that case, there is most likely very little HOA involvement, which will essentially make owning a condo a very similar experience to owning a single-family home. While the appeal of management can be attractive when buying a home in the LBI real estate market, a homeowner’s association can also be a significant negative. A mismanaged association can lead to the squandering of funds, inadequate insurance coverage, etc. Hence, it is paramount that you check the management of an HOA and its reserves. Storage and parking are often cited as a negative in many condo associations. With multiple parties sharing a parcel of property, these amenities are often at a premium. A prospective condo buyer should check to see how much storage is offered and if it can be expanded. Lastly, the rules and regulations can be a significant pro or con, depending on the point of view. For example, some condo associations on Long Beach Island will limit or prohibit rentals. If you are looking to rely on rental income to help pay the bills, this will eliminate some condos right away. However, if you are looking for a quiet association, the appeal of a rental restriction can be compelling.
Long Beach Island Condo Ownership
When buying a property in the LBI real estate market, it is vital to understand the property and how it will fit into the greater market. I have outlined but a few of the many different pros and cons of condo ownership. To fully understand this type of investment, each association needs to be taken on a case by case basis. The Arlington Beach Condos in Ship Bottom is an excellent example of this. They are among the newest condos in the LBI real estate market and offer outstanding amenities; however, the location is poor, and they have had a difficult time selling. Any prospective buyer needs to weigh the pros and cons of such a purchase when evaluating if it is the right investment for them. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | 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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