Thanks in part to Hurricane Sandy there have been some great buying opportunities for LBI new construction and building lots on Long Beach Island. When you find the right lot size in the right location, there is a great chance to develop a property with new construction for far less than you would be able to buy a similar house in the Long Beach Island real estate market. In fact, you should have between 20% and 30% equity in the finished house on the project is complete which makes an excellent investment. You can search tear downs and building lots in the LBI real estate market by clicking here or contact me for details on finding a lot and building a new home on Long Beach Island.
The value of a new home in the LBI real estate market is very high and it is for this reason that building a new home on Long Beach Island may be the best investment of one’s money. Apart from the enjoyment of having a brand new house at the beach, there are some additional advantages such as better heating and cooling costs, lower flood insurance (as the house can be built to current Base Flood Elevations and FEMA guidelines) and an almost automatic realization of positive equity in the LBI real estate market.
One of the most challenging aspects of building a new home in the LBI real estate market is finding the right location. While most of the new construction on Long Beach Island takes place by purchasing a tear down and razing the existing structure to make way for a new home, there are still a number of vacant lots available. I have put together some information about different building sites in the Long Beach Island real estate market.
One potential roadblock to building a new home on Long Beach Island has to do with financing. Construction loans operate under different guidelines which can make obtaining LBI real estate construction financing more difficult. Therefore, it is important to understand your options as well as the risks and benefits of building a new home.
When buying a new construction in the Long Beach Island real estate market it is important to remember that most likely the home was purchased and develop as a speculation billed by a local contractor. In the situation, an individual or a builder will purchase a piece of vacant land or a home to be torn down and a new construction built in its place.