Buying a beach home can be an excellent return on investment with a reliable stream of income or a fantastic vacation spot. Many beach homes that are subsequently rented out during peak season generate enough income to cover the expenses for the entire year. While the current overall market may seem rocky, the New Jersey shore housing market always has operated on a different schedule because the majority of these properties are second homes. No matter how interest rates fluctuate over the upcoming months, this span of time leading up to the spring market is a great time to start your home search as competition is low, and sellers are more open to negotiation.
As we make our way through the freezing temperatures of winter, most homeowners in this market are traveling to warmer climates or continuing to stay in their primary homes. If sellers are looking to move into a new home before the season starts, but want to sell their current home as-is, buyers can take advantage of the low competition by heavily negotiating a great deal on a home, and still have time to make the necessary changes before the start of the season.
This late winter time period before the summer season officially starts is a great time for sellers to make any necessary repairs and renovations, as they are not actively using the home. The key with this path is to ensure repairs are completed and the home is listed before the start of the season so that the buyers get the most use out of the home during its season. From small cosmetic changes to full interior renovations, sellers who utilize these upcoming weeks can see a large return on their investment while also positioning themselves to score a great deal on a new home.
Now is a great time for new buyers to explore their desired beach town to get a feel for the atmosphere in the off-season. Is this town operable all year round? Will you be able to enjoy the home in the colder months, or does the entire town pack up and head back inland for the winter? This is also a great time to look at anticipated exterior maintenance, as that can be an unexpected expense that can make or break your condo vs. single-family home decision.
If you are planning on renting out the newly purchased beach home for the season, getting the home purchased and settled before the season gives you plenty of time to not only furnish the home but also coordinate a property manager and rental specialist to start booking out the home.
Contact us today if you’re ready to make a move in the shore home market in 2023!