Ownership Costs in the LBI NJ Real Estate Market
Click here to search all homes for sale in the Long Beach Island NJ real estate market
The Hidden Costs of Buying a Home in the Long Beach Island Real Estate Market 
The Hidden Costs of Buying a Home in the Long Beach Island Real Estate Market 
The Hidden Costs of Buying a Home in the Long Beach Island Real Estate Market
Long Beach Island Real Estate
Buying a home in the LBI NJ real estate market is one of the most expensive decisions that people make in their lifetime. It can be tough to figure out hidden costs when you are looking for your dream home. The hidden costs of buying a home on Long Beach Island, New Jersey, include additional taxes and fees, inspections, mortgage origination fees, title insurance premium tax, and more. Understanding these costs is an essential step when it comes to buying a home in the LBI NJ 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
The Hidden Costs of Buying a Home in the Long Beach Island Real Estate Market
When you’re buying a home in the LBI real estate market, there are always hidden costs that come along with it. Here are some of the most common expenses that should be accounted for:
Closing Costs: This includes fees for the lawyer, title search, and other related costs. It can add up to several thousand dollars.
Mortgage Points: You may be offered points when you get a mortgage. These are essentially prepaid interest, and one point is equal to one percent of the loan amount. They can save you money in the long run, but they’re not free – you’ll have to pay them upfront. While not every loan requires points, some lenders in the LBI real estate market will push them as a way to lower the interest rate.
Home Inspection: A home inspection can cost anywhere from $500 to $1,500 or more, but it’s worth it to know exactly what you’re getting into before you buy the house.
Home Insurance and Flood Insurance: When you own a home, you’ll need insurance to cover it in case of flooding, damage, or theft. This can be expensive depending on where your home is located and how much coverage you want for it. While most flood insurance policies are reasonable, some homes will see a very expensive annual premium. If you are going to mortgage your house, many lenders will require a full year of insurance to be paid at closing.
Maintenance Fees: Some homes in the LBI real estate market come with hidden fees that homeowners pay each month – these are known as maintenance fees/association dues, and they’re used to maintain common areas around the neighborhood such as parks, pools, tennis courts, etc. While usually limited to condominiums, many single-family homes have HOA fees, and all side-by-side condos will have some form of shared expense.
Ownership Costs in the LBI NJ Real Estate Market
When shopping for a home in the LBI real estate market, you should always factor hidden costs into your budget when buying a new home. By being aware of these additional expenses, you can avoid any surprises down the road. 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
You May Also Like:
There Are Benefits of Buying a Home in the LBI Real Estate Market, Even in This Market
Buying a Home in the Long Beach Island Real Estate Market
Long Beach Island Real Estate Investment Opportunities
All About Long Beach Island New Jersey