People decide to own a 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 second home at the Jersey Shore is on Long Beach Island, followed by Beach Haven West. Purchasing a beach home can not only be a source of great family memories but also additional income.
Here are 6 top tips to help you buy the LBI beach vacation rental of your dreams:
1. Decide on what’s more important to you – a view or a profit
While yes, you can have both, some homes 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.
2. Know whether you want to purchase a house or condo
When buying an LBI beach vacation home to use as a vacation rental, you have two options: a house or a condo.
There are two big factors in deciding between the two. First, how involved do you want to be in managing the property? Generally, buying a condo means your Homeowners Association will oversee the exterior upkeep of the building. With a single family LBI house or an LBI duplex, you’re generally on your own – unless you hire a property manager.
Second, how much are you looking to spend?
If you are looking at LBI properties over $500,000, they’re looking for a house because your return on investment is a bit higher. If they’re looking to spend below $500,000, a condo/townhome is recommend because the ROI would be better.
3. Find a realtor who specializes in vacation rentals
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.Using some of the latest technology, they are able to communicate with their clients in ways that suit them best.Gina and Kelly’s expertise and knowledge allows them to work with Buyers and Sellers to reach their goal as quickly as possible. They have a broad base of experience which strengthens their position in the real estate industry. Both Gina and Kelly enjoy and appreciate all that Long Beach Island has to offer and are committed to helping you with your LBI real estate needs.
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.
The 3 questions you should ask are:
What is the rental history of this property?
Are there any pending assessments on this property from the HOA?
Are there any restrictions from the HOA on when or how long I can rent this property?
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 soft sheets or offering fresh beach towels during their stay.
6. You’ll know when you know
Sometimes, it takes looking at dozens of LBI homes 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 or Beach Haven West homes, or any questions, please contact us at firstname.lastname@example.org.