As we are fully aware, the beach is an alluring place in any season – especially our LBI locale. Who wouldn’t want to be awoken by spectacular sunrises on the daily and enjoy rooftop cocktails – the smell of salt air and be swept away by the friendly beach vibe?
We fully understand wanting to own a beach house here. But, how do you know if you’re in the position to fully commit to purchasing and owning a home on our famed sand bar?
To help you out, our Beach House Realty Team wanted to share these few items to peruse to see if you’re on the right track:
Your finances need to make sense to carry the house – As with many things, cash is king in the beach house real estate market as well. However, if you going to be financing the purchase – as a good rule of thumb – your beach house and primary residence combined mortgage should not exceed more than 33-percent of your income. Additionally, you will need a 20-percent down payment for the sale.
Make sure can cover the monthly bills without renters – It’s not a good idea to put all of your eggs into a rental income basket, if you’re choosing to go that route. Markets are fickle so make sure to do your due dilligance and be sure to research the trends here on LBI. In fact, stop by our office in Ship Bottom and we can discuss it with you in person. But just as you would be prepared for any situation, be sure you have cash flow to cover the monthlies no matter what.
You’ll have enough time to enjoy it – You can own a beach house, but do you actually have enough time to enjoy it? Work schedules, primary home responsibilities and family duties can have you tied up already for more hours than there are in a day. You may want it badly, but unless it’s truly worth the expense and energy, that few days each month of peace and tranquility you yearn for may need to be tabled until you can appropriately schedule adequate time at your beach home.
Is it your time to buy a beach house? Perhaps. If you’ve got all the above seagulls in a row, check out our current listings by clicking here. Make LBI your second home by starting your search here.
It’s always a good time to buy on LBI! We are ready for you!