The weather is getting colder and colder by the minute. As we begin to begrudgingly break out the boots and jackets, it may seem as if summer is just a distant memory. Gone are the sunny days with our toes in the sand. However, it wasn’t that long ago that we were enjoying family cookouts, pool parties, and weeklong trips to the beach. Summer 2017 may be behind us, but now is the perfect time to start thinking about Summer 2018.
If you’re like many residents who live within the coastal states, like New Jersey, spending your summer days by the shore is a given. For many, the Jersey Shore is a happy place that invites warm, festive memories of good times with family and friends. If you could, you would spend every waking moment in that happy place by the shore, but alas, it may seem impossible. Or is it? If you purchase a slice of your own Jersey Shore happiness, living in your happy place whenever you want is indeed possible.
While many people opt to stay in hotels or rent vacation homes, deciding to buy a piece of Jersey Shore real estate may be a better overall investment. Whether you’re looking for beachfront property or a cute cape cod tucked a few blocks away, owning a vacation home comes with its fair share of benefits.
One of the more obvious benefits of opting to buy a rental home is the opportunity to make rental income. Many homeowners shy away from buying a second home for fear of not having anyone to maintain the second property consistently. However, it’s easier now than ever to find a renter who would love to use your piece of Jersey Shore real estate when you’re not using it. Of course, you’re going to use your vacation home for your own personal enjoyment when you want. However, depending on how often you use the property for your own personal use, many of the expenses for renting a home out to others are tax deductible.
Another benefit of choosing to buy a second home is the familiarity that comes with using the same property when you travel to that location. Charming Jersey Shore towns, like Margate, for instance, are so tight-knit; it’s hard to find rental properties, yet easy to spot tourists (affectionately called shoobies) at the shore. Instead of renting a new property every time you visit the same location, buy your piece of Jersey Shore real estate in your desired shore town. This allows you to truly make the place your own, learn the lay of the land, and make long-term friendships that knit you into the social fabric of the community.
Aside from the benefits of buying a second home, there are a few questions that you should ask yourself before making that leap:
- What is my desired location?
- How much house can I afford in a second property?
- What are my expectations for this home? Will this be a rental property or strictly for personal use?
- How easily accessible is the home in case of on-site emergencies?
- What are the tax ramifications, changes, or opportunities for buying a second home?
All of these questions and more play a major role in determining the timing and success of buying your own piece of Jersey Shore real estate. Even though Summer 2017 has passed us by, it’s not too soon to prepare for Summer 2018. For help with finding the right Jersey Shore home, be sure to contact Soleil Sothebys International Realty by visiting their site: http://www.soleilsir.com/eng