Everything You Need to Know About Buying a Home on Long Beach Island

LBI Real Estate Ownership Costs

When budgeting for a home in the Long Beach Island real estate market, it’s essential to consider both the short- and long-term costs of ownership. LBI is a unique coastal market, and with that comes specific expenses that may not be immediately apparent. Beyond the initial purchase price, homeowners should account for ongoing costs such as flood insurance, wind insurance, property taxes, and utility bills. Additionally, long-term maintenance is a crucial factor in preserving your investment, given the island’s exposure to coastal weather conditions.

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It’s important to distinguish these ongoing ownership costs from the buyer’s closing costs, which are one-time expenses associated with purchasing a home. To fully understand the financial commitment of owning a home on LBI, planning for both upfront and recurring expenses is key.