Owning a vacation home along the Jersey Shore can be a great investment. However, a little research should be done before you jump in. Here are three things you must know before putting a down payment on a vacation home along the shore.
Owning a second home comes with some expenses you may not be used to. For instance, if you need to hire a property manager to oversee the home when you are not there it is an expense you will be responsible for. Some management companies will ask you to pay them an escrow payment to cover any repairs they may need to do on the home.
When it comes to paying the monthly utility bills on your vacation home this is best handled by you directly rather than asking the property management company to help. By paying your own bills you create a system of checks and balances. If the home has not been rented frequently yet the electric bill is higher than normal this should be a red flag.
When buying a vacation home along the Jersey Shore be smart in your purchase. Meet with a loan officer and take a good look at your budget and buy a home that you can comfortably afford to pay the bills on each month.
Owning a vacation home can provide your family with a great place to escape while at the same time being a great investment. The help of a Realtor knowledgeable in the area will ensure you find the home that is right for you and your needs.
If buying a second home on the Jersey Shore is something you are considering, we’d be delighted to take the time to show you potential homes and to answer any questions you may have about owning a second home. Our job is to make your tomorrow better than today. Contact us today via email or give us a call at 609-264-6762.