If you are looking to take the jump into homeownership along the Jersey Shore you should know that buying a home along the shore can be a great investment opportunity. Unlike when you are renting, owning a home means you are now responsible for the cost of maintaining the home. If you are a first time homebuyer, do not be surprised by these commonly overlooked costs that come with owning a home on the Jersey Shore.
- Taxes– Before you move to your new home you need to figure the cost of your yearly property taxes into your monthly budget. Too many times new homeowners fail to budget the cost of property taxes or plan for yearly property tax increases.
- Security– Many homeowners choose to install an alarm system on their home to feel safe and this comes at a monthly cost. Once you move to your new Jersey Shore home, it would be ideal to first start by changing the locks. You may choose to additionally add a motion-sensor light or install an alarm system. Prior to moving, anticipate the costs of what will be needed to make you feel safe in your new environment.
- Insurance– If you were renting prior to owning your first home you may have carried renters insurance. After purchasing a home you will be required to own homeowners insurance. It may seem easy enough to buy homeowners insurance, but there are some things you first need to keep in mind. First, if the home you plan to purchase is in a flood or earthquake zone you may be required to purchase additional insurance. Prior to purchasing any homeowners insurance do your research and look at your options to ensure that you are purchasing a policy that correctly fits your needs.
- Home Improvement-Prior to buying your home you should have had a home inspection done, and it should have alerted you to any repairs that may be needed. However, don’t fail to plan for any unexpected incidences that may occur after you move in. Many experts recommend that you have at least 1 percent of your home’s purchase price in savings to pay for any unexpected incidents that may occur.
- Pest Control-Owning your own home means you can no longer call a landlord when you encounter issues and that includes unwanted pests. It is now your responsibility to take care of any pests or rodents that choose to take up residence in your home. It can be costly to eliminate these unwanted visitors. Routine maintenance is the best thing you can do to prevent pests and rodents but it will cost you and that needs to be figured into your monthly budget.
Let the professionals at the Ferzoco Group help you sell or buy a home along the Jersey Shore. Our job is to make your tomorrow better than today. Contact us today via email or give us a call at 609-264-6762.
If you are ready to find your dream home along the Jersey Shore check out our current featured listings here.