Things to Consider When Buying a Long Beach Island Condo

Important Items to Consider When Buying a Condo in the LBI NJ Real Estate Market

Long Beach Island Real Estate

There is no doubt that the Long Beach Island real estate market is expensive. For some buyers, a single-family home is either out of reach or is not worth the cost of acquisition, given the seasonal nature of LBI. Condominiums can be a smart investment for the right buyer, and if you’re in the market for a condo in Long Beach Island, there are a few things to remember before making a purchase.

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

Things to Consider When Buying a Long Beach Island Condo

There are many elements to the condo market on Long Beach Island. Many of them follow the basic rules of real estate, but there are some extra components to be aware of. Here are some key factors to consider:

Location: When it comes to buying a condo in the LBI real estate market, location is everything. Consider what areas of Long Beach Island you would like to live in and what amenities are important to you. Do you want to be close to the beach, restaurants, or shopping centers? Do you want a quiet or lively neighborhood? If you are looking to rent a condo, the location may be even more important!
Size: Think about how much space you need. Condos come in all shapes and sizes on Long Beach Island, so it’s important to find one that fits your lifestyle. Size is not only the space inside the unit but also any outdoor space and amenities. Some condos lack outdoor space, which can be a major deterrence for the long-term appreciation of the LBI real estate market.
Amenities: Many condos in the LBI real estate market offer amenities such as a pool, gym, or clubhouse. These amenities can add value to your living experience and may be worth the extra cost. However, it’s important to consider if you will actually use these amenities before making a decision. Condos with more amenities will typically have a higher monthly HOA fee, so as a buyer, you want to make sure it is worth the added expense.
Association rules: Condos on Long Beach Island are typically governed by a homeowner’s association (HOA), which sets rules and regulations for the community. These rules can vary significantly from complex to complex on LBI. Even small, two-unit associations will have an HOA, and there may be more rules than a buyer would anticipate. Chiefly, you want to ensure that a condo allows you to rent. This is one of the biggest surprises in many associations on Long Beach Island, and it can have a major impact on the price and appreciation of the condo in the LBI real estate market.

Important Items to Consider When Buying a Condo in the LBI NJ Real Estate Market

All buyers in the LBI real estate market should be aware of the condo market and the pros and cons it can offer. Condos offer many benefits, but they make up a small percentage of the LBI real estate market. In any given month, only 10% or so of the sale market is comprised of condos. This is not to infer that they are not popular; there are not many of them on Long Beach Island compared to the single-family home market. Condos can be a great fit for the right buyer, but you do have to understand the rules surrounding them to ensure you do not make poor investments. For more information about Long Beach Island or about 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

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market