Buy the Ugly House on Long Beach Island
- High Tides Digital Marketing
- May 11, 2019
- 3 min read
Buying a Fixer Upper House in the Long Beach Island NJ (LBI NJ) Real Estate Market
Long Beach Island Real Estate
The Long Beach Island real estate market can be highly competitive. Buyers may find themselves having a hard time finding a deal, especially when looking at the more competitive locations like oceanfront or oceanblock homes. One intriguing way to beat the market is to Buy the Ugly House on Long Beach Island! Buying a fixer upper home in the LBI real estate market can eliminate some of the competition and can give you a strong equity position in the market once the project is finished. The key is to find the right house in the right location that does not require too much work!
Buy the Ugly House on Long Beach Island
Buying a fixer upper home has been popularized by the media in recent years. Many shows will demonstrate how a home can be bought, renovated and flipped in no time and with great profit. Unfortunately things are not usually that simple but the core idea remains true. Buying a fixer upper home can allow to you beat the market provided the home still have value in the Long Beach Island real estate market.
Look for a home that is elevated or at least above base flood elevation: Flood insurance is a major factor in determining value in the LBI real estate market. A fixer upper home should ideally be above base flood to preserve value and not be forced to elevate (raise) the house due to over improvement.
Try to avoid major structural changes: While some simple changes can be made to open up spaces or enlarge common living areas, major structural changes should be avoided. This is generally where a buyer will end up spending more on the renovation than the house is worth.
Cosmetic changes are simple and effective: Don't worry about 1970's kitchens or outdated tile. These are rather simple updates to make and are some of the most transformative in the entire process. Many times some simple updates like paint, flooring, tile and a kitchen are all that are needed to turn an ugly home into a beautiful beach house.
Understand the difference between a fixer upper and a tear down: Unfortunately some homes cannot be saved. The renovation will exceed the market value and that makes for a very poor investment. Only a home that meets the current criteria of the market should be renovated. If not, than it is a tear down and a candidate for a new construction.
Buying a Home in the LBI NJ Real Estate Market
Buying a home requires an understanding of the market and the current inventory. Only by educating yourself as a buyer can you be prepared to make a smart investment. Buy the Ugly House on Long Beach Island and fixing it up is a great way to beat the market provided you do not over improve the house or make the wrong choices in either the purchase or the renovation (or both). I can help guide you though this process to develop the right plan and identify the right kind of opportunity. 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
