People decide to own a duplex home on Long Beach Island for a variety of reasons – whether it’s for a LBI family vacation spot, a split residence, an investment property, or all three.
One of the most popular locations to own a duplex at the Jersey Shore is on Long Beach Island. Purchasing a beach home can not only be a source of great family memories but also additional income.
Here are 5 top tips to help you buy the LBI duplex beach vacation home of your dreams:
1. Decide on what’s more important to you – a view or a profit
While yes, you can have both, some duplexes are better suited for one or the other. Homes that are located right on an LBI beach can definitely be rented out at a higher rate per night, but you’ll be spending more on the home at the outset and might just be breaking even those first few years. With homes that are maybe a block from the beach, owners can expect to start seeing a return on their investment a bit sooner since they’ll generally be paying less for the home.
3. Find a realtor who specializes in duplexes
This is a big transaction – you need to trust your agent 150%! Luckily, you found the right team by reading this blog! Gina Laird and Kelly Hennessy are full time, dedicated real estate professionals helping Buyers and Sellers on Long Beach Island.
There are over 500 real estate licensees on LBI and a fewer than 100 duplex sales per year. The average agent sells a duplex every five years. The Duplex Team sells more duplexes than our two closest competitors COMBINED. Now, more than ever, you should seek the most competent professionals you can find to represent you in your next real estate transaction.So when you decide that you’d like to buy or sell a duplex on Long Beach Island, please contact the LBI Duplex team.
4. Ask the seller the right questions
Just like it’s important to ask your realtor the right questions, you need to make sure you’re asking the seller the right questions about their home.
2 questions you should ask are:
What is the rental history of this property?
What are the annual expenses for the duplex (ie utilities, taxes, flood insurance)?
Asking these questions can prevent you from encountering any surprises down the road.
5. Put yourself in your guests’ shoes
One of the main reasons guests choose Long Beach Island vacation rentals when they travel is because they prefer to have the comforts of home while they’re on vacation.
People want something at least as nice as they have at home. Put yourself in the renter’s position and think about things you’d want in a rental – you want to make your guests as comfortable as you can.
It can be as simple as having WIFI and air conditioning during their stay.
6. You’ll know when you know
Sometimes, it takes looking at a multitude of LBI duplexes for a person to know which beach home is the one for them. There’s a “feeling” buyers get when they walk into their home.
For more information on Long Beach Island duplexes or any questions, please contact us at team@lbiduplex.