Buy Big or Buy Small in the Long Beach Island Real Estate Market
The Risks of Buying a Large Home in the LBI Real Estate MarketLong Beach Island New Jersey Real Estate
Bigger is not always better when it comes to buying a home in the Long Beach Island real estate market. While it is certainly nice to have extra space, owning a larger home will result in more upkeep, more cost, and additional maintenance. As an agent I many times find myself encouraging buyers to purchase a smaller home with less upkeep, less maintenance costs, and an overall lower cost of ownership. Understanding the risks of buying a large home in LBI real estate market is a key step to making an investment on Long Beach Island.
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The Risks of Buying a Large Home in the LBI Real Estate Market
When looking to purchase a home in the LBI real estate market it is always important to keep your needs in mind. This is especially true when considering how large of a home you are looking to buy. In general terms, the larger the home is the more it will cost but that is also predicated on the location of the home. Purchasing a home on the Bayside for example will usually enable you to buy a larger house for the same money a smaller house would cost on the Oceanside. Therefore, one must understand what their priorities are. This also involves an understanding of the risks of larger homes. For example, a larger home will cost much more to heat and cool. If you’re planning on renting a home a larger home will accommodate more guests to stay which could add additional wear and tear to the home itself. This additional wear and tear (regardless if you are renting or if you are not) and the added cost of upkeep and maintenance must be factored into your budgeting and understanding of the LBI ownership costs.
Buying a Home on Long Beach Island
A large home of course does have advantages as well. The additional space can be great for guests and a larger home can afford more privacy for its occupants. It can also gross more in the LBI rental market. That said, understanding the risks associated with buying a larger home in the LBI real estate market must also be understood. It goes without saying that buying a home in the LBI real estate market is a major investment. It is essential that any prospective buyer understand the market and understand the pros and cons of each aspect of the investment. This includes location, lot size, and the style of the home. For more information about buying a home in the LBI real estate market 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
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