Are You Ready to Buy Your Jersey Shore Waterfront Home in Ocean County?
You’ve always had the dream on owning a home on The Jersey Shore. Maybe you went to LBI, Seaside or Point Pleasant Beach as a child for a week or so during the summer. Maybe you always imagined you could, someday, park your boat in your backyard by owning a home on a lagoon in Beach Haven West or Lanoka Harbor/Forked River, Bayville or Toms River where you could easily access Barnegat Bay and the Atlantic Ocean.
Or maybe you spent your summers fishing, crabbing, boating or hanging out on the beach and now you may want your children or grandchildren to have those same memories.
With historically low mortgage rates it might be time to think about your own place on The Jersey Shore where you can spend weekends, summers and maybe even your retirement.
Of course, they first question to ask yourself is, “Can I afford to buy a vacation home on The Jersey Shore?” Real Estate is not a liquid investment; if you plan on buying a vacation home, you’ll have to hang on to it for at least a few years if you want to at least break even. And make sure you calculate all the costs, including possible HOA fees, utilities, property taxes, insurance and furnishing a shore property.
But cost isn’t the only factor to consider when buying a waterfront property. There are other potential pitfalls to be aware of as well, many of which you won’t fully understand until it’s too late.
Added regulations: Depending on the area, there may be a coastal commission or other organization that may restrict what you can and cannot do to the house in terms of increasing the size of the home or renovating it, not to mention littoral rights and restrictions.
Lack of privacy: Waterfront homes are normally in areas that attract a lot of visitors and can be on smaller lots. Depending on the season and location, you can expect an increase traffic (both boat and vehicle) around the property in comparison to a regular neighborhood.
Climate change worries: Ocean levels are rising, so consumers are rightfully starting to worry about the potential impacts on waterfront property if water levels increase.
Despite any potential drawbacks, homeowners still covet waterfront properties for a multitude of reasons. For many, it all boils down to enjoyment, lifestyle and amazing views.
Shore living is good for you! Waterfront lifestyles are simply more outdoorsy. Being outdoors is usually better for the human body than staying indoors for long stretches of time. It makes sense; kayaking, jet skiing, canoeing are not sedentary pursuits.
Investment potential: In today’s Airbnb and self-rental environment, waterfront homes have stronger rental potential than homes without a water view. Rents can also be significantly higher, making it easy to cover your holding costs and even turn a profit.
Permanent views: Waterfront homes get a premium because their views are about as permanent as they get. So, if you appreciate sitting on your deck enjoying your morning coffee or in the evening with an adult beverage, you can’t beat the setting!
If you appreciate salt air and summer breezes and you want swimming, boating, canoeing, crabbing, fishing, kayaking all out of your back door then your dream is to buy a home on The Jersey Shore! Just make sure you have a real estate agent that understands the area and how to best meet your requirements with the right location and house.
Karl Hess provides expert real estate services to residential buyers and sellers in Ocean County. Contact us today for more information on Ocean County Estate and for professional assistance navigating this complex home market.
As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Your Realtor on The Jersey Shore in Ocean County