The Pros & Cons Of Owning Oceanfront Property
Owning an oceanfront property on Long Beach Island, New Jersey, is a dream for many. The idea of waking up to the sound of waves, enjoying your morning beverage, and having immediate access to the beach is undeniably appealing. However, like any real estate investment, there are both advantages and disadvantages to consider. In this blog post, let’s explore the pros and cons of owning an oceanfront property on LBI.
Pros:
-Breathtaking Views:
One of the most obvious advantages of oceanfront living is the breathtaking views. Being able to enjoy the panoramic scenery of the Atlantic Ocean and the island’s pristine beaches right from your own home is an absolute privilege. Never miss a sunrise or passing whale from your beach front oasis. The views alone can provide a sense of tranquility and relaxation, with studies pointing towards improvement in mental health to those who see the ocean every day!
-Immediate Beach Access:
Living on the oceanfront gives you direct or relatively-direct access to the beach depending on whether or not you are able to have a private path over the dunes. No need to drive or walk far to enjoy the sandy shores and salty sea breeze.
-Possible HVAC savings:
Oceanfront properties often benefit from the constant sea breeze coming off the water. This natural airflow can help cool down the interior of the property, especially during warmer months. Many homeowners find that they can rely on the sea breeze for natural ventilation, reducing the need for air conditioning, or at the very least lowering costs.
-Rental Income Potential:
Oceanfront properties on Long Beach Island are in constant high demand, especially during the summer season. This makes them excellent candidates for rental income. You can rent out your property to vacationers and generate a substantial source of passive income. Weekly rates for oceanfront properties can reach as high as $40,000/week!
-Investment Appreciation:
Oceanfront properties tend to appreciate in value over time at a faster pace than other land, making them a potentially lucrative long-term investment. The limited supply of oceanfront real estate in combination with the demand to own on LBI, new construction/development, and several other factors often lead (and have led) to high levels of appreciation in these properties. Learn more about investment properties on LBI here!
Cons:
-High Purchase Price:
Oceanfront properties typically come with a premium price tag. The initial cost of acquisition, possible building/repair costs, insurance, and more can be significantly higher compared to properties further inland. On average, oceanfront properties are about $1,200/sf compared to the island overall average of $900/sf. It's essential to consider your budget and financial readiness.
-Vulnerability to Natural Disasters:
Oceanfront properties are more exposed to the elements, making them susceptible to hurricanes, flooding, and erosion. You'll need to invest in insurance and take necessary precautions to protect your investment.
-Maintenance Costs:
Saltwater, wind, and constant exposure to the elements can lead to higher maintenance costs for oceanfront properties. Regular upkeep is essential to preserve the property's condition and value.
Privacy and Crowds:
Living on the beach means you'll likely have neighbors and beachgoers nearby, which can affect your privacy. During peak tourist seasons, the area can get crowded, potentially disrupting your peace and quiet. It is important to keep in mind that the months of June, July, and August are the busiest times on the island.
Conclusion:
Owning an oceanfront property on Long Beach Island, NJ, offers unparalleled beauty and lifestyle benefits. However, it also comes with financial considerations, maintenance responsibilities, and potential exposure to natural disasters. Whether it's the right choice for you depends on your budget, lifestyle preferences, and willingness to manage the unique challenges that come with coastal living.
Please reach out if you have any questions or interest in starting your Oceanfront home search today! While this post covers much of the pros and cons of owning an oceanfront property, there is always more to learn and familiarize yourself with before diving in.
