Buying a vacation home down on the New Jersey coast is a fantastic idea. A vacation home will allow you to take extended trips down to the shore, leaving behind the city for a more peaceful time on the coast. However, before going down to the Jersey coast to look for property, you should know the following 3 things.
1. Costs – Make sure you know all the costs involved in purchasing a new vacation home. This includes the down payment, mortgage payments, utilities, insurance and more. If you plan on renting out the house, don’t count on the additional income to help pay for your overall costs. Since you will only be using the home at certain points during the year, you may also need to consider hiring a caretaker.
2. Existing Homes – It’s a better idea to look for an existing home rather than build one from the ground up. Building your own home requires you to deal with local building restrictions, coastal authorities, homeowners associations and more.
3. Use an Real Estate Agent – You’ll have much more luck finding the perfect vacation property if you use a local real estate agent. A local real estate agent will not only help you find property, he or she will also be able to tell you the condition of the area all year round.
Keep these 3 things in mind when considering a vacation home in coastal New Jersey. Also remember that you need to protect your purchase with New Jersey Shore Insurance. For more information about insuring your new vacation property, contact CCW Insurance today.