Dreaming of summers down the Shore in your own beach house? Your toes in the sand, pizza on the boardwalk and watching Friday night Fireworks with Family and Friends from your deck? By following these 5 simple steps below, you’ll be on your way in turning your dreams to reality.
Hi! I’m Suzanne Gilson, Real Estate agent down the Shore at Century 21 Alliance in beautiful Wildwood Crest, New Jersey. Servicing the entire Wildwoods along with towns over the bridge, Cape May Court House, the Villas, Cape May and North Cape May. For a little over 15 years I’ve helped hundreds of families, Buy, Sell and Invest in Real Estate. Each week I bring you a new Video with Real estate tips and Market News to help you confidently Buy, Sell and Invest in Real Estate here down the Shore! We also head out and visit local businesses, museums, restaurants and other tourist attractions.
Whether you are visiting or looking to make Cape May County home, we’re so glad you’re here! Hit the SUBSCRIBE Button and we’ll catch up next week!
Step #1 Consider your ideal vacation home and location options.
What is the location for your ideal vacation home? In the Center of Wildwood, our island is only about 1 mile wide. Do you want to be closer to the beach where all the action is? Or would you prefer Bay side, a little less condensed and near marina’s and intercoastal bars and restaurants? Is your ideal vacation home a little vintage beach bungalow or new construction? A single family home or Condominium? Do you plan to rent out the property at all?
What about over the bridge on the Mainland? Many towns are within 5 to 10 miles of the beaches. I’ve had many clients desire a larger home with a bigger yard, yet still close to the beach, so they’ve chosen homes in Cape May Court House, the Villas and North Cape May.
Step #2 Find a local Realtor
Contact a Full time Active Realtor who will not only guide you through the process of buying a Vacation home, but can share with you local knowledge, inform you have zoning and rental rules. They will also have a list of resources such as contractors, property management companies, landscapers and cleaning companies. Most importantly, your Realtor will be able to provide you with a list of recommended local lenders who work specifically in the market where you are looking. This will certainly help ensure a smooth loan process as they are often aware of appraisal and underwriting issues with certain buildings. Your realtor can send you ideal properties to view online, but before you head and start looking at property, a Call to the lender should be first.
Step #3 Contact a Lender
Before you begin looking at property, speaking with a lender is the first step. A quick call over the phone will provide you with a pre-qualification letter. This does not obligate you to purchase any property. This will however tell you what how much you qualify for. The lender will also be able to share with you different loan packages they have available. Rates are still incredibly low, hovering around 3.25%. There are other variables to consider, if it is an investment property you are purchasing, the down payment may be higher than a conventional loan. There will be closing costs and pre paid. A conversation with a lender should provide you with the amount you would need to purchase a vacation home and answer any questions you have about the loan process. Patricia O’Connor from Guaranteed Rate offers a wealth of knowledge and experience.
Step #4 Understand the total cost of Owning a Vacation Home.
In addition to your monthly mortgage payment, if financing. You will have Home owners insurance and flood insurance if buying a single family home on the island. You will have water, sewer, gas, electric and cable/internet expenses. If buying a single family home, you will have lawn care and property maintenance. With condominiums you will have monthly HOA fees however this fee does cover flood insurance and typically lawn care and exterior maintenance. Some Condominium buildings HOA will also cover water and sewer. This is information your Realtor will help gather for you.
Step #5 Find your new second home and enjoy it
Now the fun part, head out with your Realtor and find your ideal vacation home. You’re prequalified, prepared and ready for your Realtor to write up an offer when you find your home down the shore.
A second home offers the possibility of enjoying glorious vacation time from the comfort and familiarity of your own home. After spending some time at your new property you will come to realize how cost-saving owning a vacation home is to renting, along with the privacy that cannot be found among the crowds of tourists at hotels and resorts.
A second home that is purchased in the right area can also be a financially beneficial purchase, even if you decide against renting out the property. Depending on how they are used, a second home can also be eligible for some tax benefits.
Choose a location that you love to frequent and use your second home as a place to unwind, relax, and experience memorable days with the family.
Search online for your ideal Vacation home here.
If you have any questions about the Market or are ready to see some properties. You can contact me directly here 609-231-9347 or email me anytime [email protected]
