Buying a Condominimum in the Long Beach Island Real Estate Market
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Things You Need to Know Before Buying a Condo in the LBI Real Estate Market 
Things You Need to Know Before Buying a Condo in the LBI Real Estate Market 
Things You Need to Know Before Buying a Condo in the LBI Real Estate Market
Long Beach Island Real Estate
The real estate market on Long Beach Island offers several buying opportunities. While single-family homes dominate the market, many condominiums in different locations and price points can be very popular among home buyers. Condos can be great investments and a perfect way to own a second home on Long Beach Island – but they also come with some definite downsides. If you are thinking about buying a condo in the LBI real estate market, consider many things. Here are a few things you need to know before making your condo purchase decision.
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
Things You Need to Know Before Buying a Condo in the LBI Real Estate Market
When buying a condo in the LBI real estate market, it is good to understand the association’s general and specific rules that could impact your investment.
Not all condos on Long Beach Island can be rented! You might hear about people renting condos for an LBI vacation, but many condo associations are very strict with who they allow to rent their property. Some associations have banned rentals altogether. There is a solid rental market for condos in the Long Beach Island real estate market, but you have to make sure you can rent the condo you are looking to purchase.
Condos generally don’t appreciate as much as single-family homes do. Condos aren’t your best bet if you’re buying in the LBI real estate market because of its high appreciation rate. While condo values have increased over time (especially since COVID), it’s hard to beat the value of single-family home investments right now – especially if there is potential for an income stream.
Condos have condo fees. Every month, condo owners have to pay condo fees – and those condo fees can cost a lot of money depending on the size and quality of your unit. While it is true that many of these condo fees mirror the ownership costs of a single-family home, it is essential to understand what the fees are, how stable they are and if there is a potential for them to increase.
Special assessments can be both expensive and a surprise. Some condo associations give little advance warning before requiring mandatory home improvements like replacement windows or new roofs. These renovations can cause severe disruption during LBI rental season, and they have to be budgeted.
Buying a Condominimum in the Long Beach Island Real Estate Market
Condos in the LBI real estate market can be an excellent option for a home buyer, provided they understand the rules and limitations surrounding them. Buying a condominium in the Long Beach Island real estate market will usually cost much less than a single-family home, which can offer a more manageable and less-stressful ownership option. By understanding the condo rules and regulations, you can decide if this is the right move for you and your family. 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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