Coastal communities in any state are always a good bet for real estate investments, and that holds true for New Jersey properties as well. And with a finite amount of land available, the demand for building a vacation or second home at the Jersey Shore is high. There are several reasons why this demand has, and will continue to increase, so if you are considering building a new home at the Jersey shore, you may want to get started sooner, rather than later.
There are currently properties for building available, but they won’t last long.
Unfortunately for some families superstorm Sandy created a situation where selling their beach-town properties was necessary. This has created some great opportunities for those who are looking to invest and build a new custom home on Long Beach Island close to, or on, the beach or bays. But keep in mind, as properties are purchased, the choices become limited, so it’s best to get in while there is still availability.
Interest rates are still historically low.
For those who seek to finance their new custom home, land and construction purchase interest rates are the best we have ever seen. Lower interest rates are very enticing, but may not be around come this time next year. And with lower rates comes more buying power. This has been an incentive for many of our homebuyers to start their new custom homes now, rather than wait because there really is not a better time than now!
Material costs continue to rise.
Although interest rates may be lower, material costs continue to rise. As with everything these days, construction materials are not immune to the rising costs of manufacturing and everything that goes along with it. If you are waiting for prices to come down, your custom home may never become a reality. The good news is there are many types of materials available for beachfront construction and you won’t lack choices for your new custom home.
Building a home gives you more flexibility to make it work for you.
There are many ways that you can customize your new home if you are starting from scratch and designing it yourself (with the help of your builder and/or architect). You can strategize way before hammer hits nail and determine the best use of views, space and layout for your family. Building a custom home can provide for spaces specific to how you live and plan to use the property. Don’t forget to plan your outdoor areas as carefully as your indoor spaces
Posted On: July 21, 2014