If you have fallen in love with the Jersey Shore like we have and have been putting off buying a vacation home along the shore, now may be the time. A condo is a popular choice among home buyers buying their first vacation home. Here are some pros and cons of owning a condo along the Jersey Shore.
Exterior maintenance is not your responsibility when you are a condo owner. If you want to enjoy the beach and not have to spend a great deal of your time outside working on the yard while vacationing, then a condo may be right for you.
The maintenance needed on the exterior won’t do itself and that means you will be paying a homeowners’ association (HOA) fee. Always check the cost of an HOA before buying and make sure you are comfortable with the price.
Many condo HOAs come with community amenities like a gym or a pool. This means there is always something to do while there.
You will have to pay for those amenities even if you don’t choose to use them. HOA fees can be high at times and they are not something that is currently tax deductible.
In some neighborhoods along the Jersey Shore condos are very popular and if you decide owning a vacation home along the shore is not for you or you would want a larger home they are easier to sell than in some other areas.
Being part of an HOA means that as a whole your community is responsible for paying for expenses and if the amount that is collected does not cover all expenses you could be paying an extra assessment. This means unplanned money coming out of your pocket.
Before buying a vacation condo do your due diligence and look into the strength of the HOA. Look at previous years reports to see how often an assessment is issued and if it operates on a deficit.
If you are considering buying a vacation condo along the Jersey Shore The Ferzoco Group is here to help. Contact us here, or give us a call directly at (609) 399-5454. We are here to help you with all your real estate needs.