Buying in the Long Beach Island NJ Real Estate Market
Buying in the LBI NJ Real Estate Market
The Long Beach Island NJ real estate market is comprised of three major categories. They are:
- Single Family homes in the LBI real estate market
- Condominiums in the LBI real estate market
- Multi family homes or "duplexes" in the LBI real estate market
In addition there are vacant parcels of land available, commercial real estate and interval ownership which is a form of timeshare on Long Beach Island. Each property type carries with it different lending rules and requirements so it is important to understand each type of property available in the Long Beach Island real estate market.
Things to Watch Out For When Buying in the Long Beach Island NJ Real Estate Market
Since Hurricane Sandy there have been major changes to the Long Beach Island NJ real estate market that can impact your ability to purchase a property. Contrary to rumor, not every house on LBI needs to be raised so excluding the older style Cape Cods for this reason alone could mean you will miss out on a great buy. As a buyer in the LBI real estate market you should ask for:
- An elevation certificate for any property you are looking to buy on LBI
- Reports of damage from Hurricane Sandy AND repair bills/permits to see who repaired the damage and how
- Property zoning. When looking to build a new house on Long Beach Island can impact the size of the house that can be built. For example, corner lots have side yard setbacks that can reduce the building footprint substantially.