Owning a Home in the Beach Haven West Real Estate Market
Beach Haven West Real Estate
When looking to buy a home in the Beach Haven West real estate market, it is important to understand what the overall cost of owning a home will be. The cost of ownership in the Beach Haven West real estate market is different from many other primary and secondary home markets and understanding these differences can help to avoid an expensive mistake.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.beachhavenwestrealestate.com | www.BuyLBI.com
Click here to search all homes for sale in Beach Haven West
Cost of Ownership in the Beach Haven West Real Estate Market
There are three core expenses that should be considered when looking to buy a home in Beach Haven West. They are:
- The cost of the mortgage
- The cost of property taxes
- The cost of both homeowners and flood insurance
The mortgage will be dependent on the amount of money a buyer puts down and their interest rate. For a loan with less than a 20% down payment, private mortgage insurance is typically required. This additional fee will be added to the annual cost of owning a home. In addition, factors such as your current debt levels and your credit score will impact the interest rate thus impacting the monthly cost of the mortgage. It is important to speak with the lender before entering into any real estate transaction to make sure the monthly payment is something that is affordable. Property taxes are also factored into your monthly cost, as well as the cost of insurance. Property taxes are determined based on the home, the location, and the improvements. It is important to have an understanding of the area property taxes to make sure that are affordable both now and in the future.
The cost of homeowners and flood insurance are perhaps the greatest variables that can impact one’s ability to own a home in Beach Haven West. Homeowners insurance and flood insurance will be required for nearly every home with a mortgage. The cost of flood insurance has recently received much attention in the wake of Hurricane Sandy as homeowners were hit with substantial rate increases. While many of these rate increases were not a direct result of Hurricane Sandy, they show the vulnerability of the national flood insurance program and the ability for these rates to change. Therefore, it is important to understand the risk level associated with any home to ensure that insurance payments both now and in the future are sustainable.
Buying a Home in the Beach Haven West Real Estate Market
Entering into any real estate transaction is a major financial investment and one that should not be taken lightly. It is important to understand the true cost of owning a home as well as the pros and cons of every area. Even before looking at the current inventory of homes for sale in Beach Haven West, it is prudent to do some homework and understand what you can comfortably afford. For more information about the cost of ownership in the Beach Haven West real estate market or recent Beach Haven West real estate market trends, contact us and we will respond right away.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.beachhavenwestrealestate.com | www.BuyLBI.com
Click here to search all homes for sale in Beach Haven West