Buying a new construction home in the Beach Haven real estate market on Long Beach Island can offer numerous advantages. Apart from having the most updated designs in floor plans, new construction is built to the current flood elevation requirements thus lowering the cost of flood insurance and limiting the risk from future storms. New construction is an expensive purchase, generally more than buying an older home, so it is important for any buyer to also consider the cost of building new construction in the LBI real estate market before buying into the LBI market.
Buying a new home in the LBI real estate market is completely different than buying a home that has been lived in. There are a few extra steps that must be taken to ensure the transaction is handled properly. The Long Beach Island real estate market offers a great deal of potential, especially in the redevelopment of old homes, so it is important to make sure that the home you intend to purchase truly is your best option.
Building a home is not for everyone so if you are intending on buying Long Beach Island real estate new construction, there are a few factors that must be taken into consideration which will determine the overall cost of the project. Location, lot size, and the interior appointments will of course have an impact on the price. This would be the case with any home in the LBI real estate market however it is important for a buyer to ensure that they do not overpay for a home simpley because it is new. Additionally, any buyer should undertake the following steps:
Before completing a purchase you should have a complete understanding of the building methods used and the materials selected by the builder. For example you should know how the walls were framed, what kind and what type of insulation was used, what wind rating the windows are given, etc. Nearly all new homes look nice but knowing what is behind the walls is really the most important aspect of the entire transaction!
For some LBI homeowners the prospect of building a new is simply too much but they want a new home. If building a home or buying LBI new construction is out of the question, a renovation may be the answer. Given the high land value in the LBI real estate market additions usually do not make financial sense however the exceptions to this are:
Overall, discussing the pros and cons of home additions in the LBI real estate market is a key first step to any investment on Long Beach Island. It is important to understand the unique dynamics that exist in the LBI real estate market. They can have a significant impact on your home’s value. I am happy to discuss the best options for your home from a market perspective so you can have all the information needed to make an informed decision.