Recently one of my listings in Atlantic City was bombarded by multiple showings and multiple cash offers. It ended up going under contract over the asking price. The interesting thing was that 3 out of the 4 offers we had were investors looking to purchase the property as an Airbnb rental.
The benefit of an Airbnb is that you can use the property while it’s not being rented. It helps offset the cost of buying a second home while getting income at the same time. At the Jersey shore there are some great potential areas for Airbnb. I’ll go over that in a minute. First lets look at 5 tips buying an Airbnb at the Jersey Shore.
1. Check Local Ordinances And Rules
Many municipalities and associations don’t allow short term rentals. This is really important to know up front before being a home. It may be best to avoid condos and home owners associations.
2. Don’t count on Airbnb to carry the house expenses.
Short term rentals like Airbnb and VRBO can fluctuate as seasonal changes and buyer demands change. A good rule to consider is will the property work as a long term rental. If so it’s a great investment regardless or what may happen with the short term rental market.
3. Check with your accountant
IRS tax code may not allow you to use the property for personal use and still get tax write offs. Check with your accountant before jumping in to any real estate investment.
4. Calculate the expenses of a short-term rental
Vacation and short term rental property are more expensive to operate and painting. They need frequent cleaning and repairs. Also all utilities need to be on and ready for a potential tenant. If you own a property out of the area you may need to hire a property manager or have a maintenance contract in place.
5. Work with an expert to pick the right location
Location is a key factor in buying any property and especially when choosing an Airbnb or short term rental. Some things to consider: Is the are safe? Is it close to restaurants, activities, transportation? Is it close to the beach or a short drive to the beach? It helps to work with an expert who knows the area. For example in Atlantic City there are some great location for short term rental properties and then a block or two away areas that are undesirable. You may also consider areas on the mainland like Galloway or Egg Harbor Township. You can get more house for your money to accommodate larger groups of people. Plus your still a short drive to the beach and attractions.
Contact us for help with your next purchase or sale.
Brigantine NJ is not the most well knows shore town in NJ. That’s part of the charm of Brigantine. Here are 5 Reasons to love Brigantine NJ.
Number 1: The Beaches
Brigantine Beaches are beautiful, not packed, and easy to get in and out of. Brigantine also has one of the few beaches in NJ that allow 4 x 4 access to sections of the beach. Personally I spent a lot of time there one summer playing beach volleyball with the Brigantine Beach Volleyball Association.
Number 2: Location
Brigantine is located just North of Atlantic City. It’s easy to access Brigantine from Route 30 and the Atlantic City Expressway and garden state parkway. Once in Brigantine there it is a peaceful and fun retreat.
Number 3: Boating
Brigantine offers many amenities for boating lovers. Many of the homes are on the bay or cove that allows boat slips. This gives you easy access to the bay and ocean. Enjoy fishing, crabbing or relaxing on the water. Jet skiing is also popular in Brigantine. Or enjoy kayaking or paddle boarding.
Number 4: Affordability
Brigantine home prices are typically lower than some of the other shore towns. You can purchase a 3 bedroom 2 bath home in the $300,000 price range. Waterfront homes start in the $400,000 range.
Brigantine Beach has much to offer for a year round residence, vacation home or investment. We have an office located in Brigantine to help with any real estate needs there. Contact us and we’d be glad to help. Call 609-484-0890 ext. 132.
How to purchase a vacation home or investment at the NJ shore for under $200,000
Buying a vacation home at the Jersey shore may seem out of reach for most people. Typical beach homes range in the $400,000 range and up. However it is possible to purchase something much less and and actually keep the price under $200,000. Here are 3 ways to purchase a NJ shore beach home for less than $200,000.
Choose a location further from the beach.
Many of our shore town have areas that are further from the beach. These sections typically have more year round residents and more affordable prices. For example, I recently listed this ranch home in Ventnor Heights that was raised and renovated and is currently priced at $190,000. Click here for details on the house.
201 N Somerset Ave, Ventnor, NJ
Choose An Up And Coming Area
Not all shore towns are priced the same and if you’re looking to spend less choose an up and coming area like Atlantic City. Prices for many homes and condos are under $200,000. There are some great locations in Atlantic City and some not so great locations. Choose a local agent who can help you find the right location and home.
Look For A Home Off Shore
If you’re willing to take a short drive you can get more house for the money off shore. Communities like Somers Point are just a 5 minute drive into Ocean City. Absecon is just 5 minutes from Atlantic City and 10 minutes to Brigantine. And if you’re will to drive a little further communities like Egg Harbor Township, Linwood, Northfield and Galloway are within a 20 minute drive to the beaches.
If you’re considering purchasing a shore home or investment please contact us for a free consultation. No matter what your budget is we’re here to help.