LBI NJ Real Estate Ownership Costs
The Cost of Owning a Home in the LBI Real Estate Market 
The Cost of Owning a Home in the LBI Real Estate Market 
The Cost of Owning a Home in the LBI Real Estate Market
Buying 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. Many buyers wonder what additional expenses will look like owning a home at the beach. 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. Accounting for the costs of owning a home is as important as knowing what your mortgage payment will be!
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
The Cost of Owning a Home in the LBI Real Estate Market
Many factors will influence Long Beach Island homeowner costs. A few of these are the style of residence, the size, and the location. That said, there are a few everyday expenses that we can anticipate for any home.
- Monthly utility bills (water, sewer, electricity, gas, etc.)
- Flood insurance
- Homeowners insurance
- Property maintenance
These standard utility bills such as electric, gas, water, etc. will have a significant degree of variations. Factors such as the size of the house and how efficiently the house is built can matter a great deal. Newer homes are generally constructed with 2×6 framing, which allows for a more efficient home. Many “newer” homes, built in say 2010, may be framed with 2×4 walls and therefore have less insulation.
Flood insurance is a very misunderstood topic and one that can influence not only the ownership cost of a home but the appreciation in the market. Flood insurance is required for any home with a mortgage, and it is highly advisable for any home in an 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. Homeowner’s insurance is required for any home with the mortgage. Like flood insurance, the cost will vary depending on the age, style, and compliance of the house. Surprisingly, in many cases, homeowner’s insurance is MORE expensive than flood insurance!
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 is made to account for this.
Buying in the Long Beach Island Real Estate Market
Thanks to the shore environment, there are additional expenses incurred when purchasing a home in the LBI real estate market. While not minimizing these costs, most buyers are surprised to find how affordable the area is. For example, property taxes are generally far less than most homeowners pay in a primary market in New Jersey or New York. Other essential services 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 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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