15 Reasons to Stop Renting that NJ Beach House
Do you spend your summer vacation at a beach rental? Have you considered buying a NJ beach house instead of paying rent during peak season?
Here are 15 reasons why you should stop throwing money away and buy your vacation home instead!
- Owning a vacation home is a moneymaker. You can charge other people to rent from you, instead of the other way around. Just one summer guest during peak season may be enough, or you might book several guests every year. You can handle it yourself or hire a property manager if you want to be hands-off.
- Give your credit score a major boost. Owning a NJ Beach House will increase your credit score over time as you make timely mortgage payments. This is a great way to build up your credit score so you can purchase future properties, if real estate investment is something you want to pursue.
- Directly benefit from energy efficiency. Renters pay exaggerated utility costs that are built into the rent. As the owner, you can make energy-efficient home improvements and see a considerable savings. High efficiency (HE) appliances and solar panels will make you money back on your investment.
- Prioritize location over accommodations. Renters are focused on house features even more than the location. If you’re buying a vacation home, you can and should focus instead on the location and land- a far more worthwhile investment. NJ beach houses can be easily torn or renovated, but the value truly lies in the close proximity to the beach and a view of the ocean!
- Full control over layout and dÃ©cor. Have the option to change the paint color and design the rooms to suit you. As the owner, you can make the NJ beach house your own. Hang paintings from your favorite artist, and keep your surfboards in the garage instead of transporting them in a car. You can install weather protective features, or upgrade to more comfortable mattresses.
- Flexible occupancy schedule. When you are the homeowner, you have the advantage of setting the schedule. You get first pick of the weeks or months that you will utilize your NJ beach house, and you can reserve space for seasonal guests based around your personal plans.
- Take charge of who shares your space. Wouldn’t it be good to know who is using the beach house before you? You might not want to arrive directly after a group of party animals, especially if the furniture gets dirty or smells like smoke. You might not want to share space with a careless family leaves stains on the carpets and chips in the paint. As the owner, you will have control over who is sharing the space. You can strictly rent to people you know, or simply interview potential summer guests upfront.
- Friendship with your Neighbors. Those who live in NJ beach houses year round tend to look out for each other. If you own your vacation home, you will get to know your neighbors. They will keep you in the loop while you are away. It’s good to have a friend across the street, able to tell you if something is not right.
- Enjoy the off-season perks. Locals get to enjoy the off-season perks of living in a NJ beach house once tourism winds down. You can visit randomly, if you choose. It’s very affordable to plan a quick getaway during the off-season, especially when you own your vacation house. There are end-of-summer deals at boardwalk shops, half-price ticket days at amusement perks, beach tag-free weeks, and events in early spring and late summer.
- Always find a parking spot. NJ beach houses don’t always come with free parking. Attached garages are often used for storage, so renters must find parking spots on the street. This is a huge hassle during peak summer months. If you own a NJ beach house, you can make use of the garage or get a reserved parking spot.
- Work a summer job if you want. There are tons of seasonal job opportunities for teens and adults at the Jersey shore. It’s easy to find work on the boardwalk, or you can try out to work as a lifeguard on the beach. The trouble is, when you only spend a week or two at your NJ beach house, it’s not as easy to find work. However, if you own a NJ beach house in the area, locals will know you and will likely employ you even for a short time.
- Your tax refund will be better. There are financial benefits to owning a vacation home, especially around tax season. You can take a few different approaches that will allow you to get a bigger refund. Learn how you can claim passive losses on your NJ beach house or claim deductions for mixed-use property, even if you’re not renting it out.
- Owning a home is a real asset. Stop throwing money away on rent when you could be paying into a tangible asset. Everyone knows that paying rent for something long term is not financially wise. If you can buy, it’s better to buy. Turn your NJ beach house into a personal asset, instead of renting year after year.
- Real estate is safer than the stock market. These days, more people are choosing to invest in real estate over the stock market. Stocks are risky and our people hesitate to gamble with their money in the current economic climate. For many, real estate is a smarter way to invest. Money management professionals agree that buying a NJ beach house property while prices are low is a smart move.
- One day, your NJ beach house can become your retirement home. Wouldn’t it be great to buy a vacation house in your 30’s, rent it out in your 40’s, use it for your friends and family in your 50’s, and make it your retirement home when you’re ready? Owning a NJ beach house will fit well into your long-term plan if you already spend most summers at the Jersey Shore. You can move to the beach after retirement, and your house could be fully paid off.
Owning a NJ beach house can work for you!
Are you planning to move into your NJ beach house and live as a year-round resident? That’s even better! You can still reap the benefits of NJ’s beach house rental business.
One way to do this is by renting out part of your home, while you dwell in another part. If that’s not an option, you can arrange to stay with a friend while your beach house is booked with guests. Some families take a vacation themselves while their beach house is being rented out. During peak season, you can make a ton of money renting out your NJ beach house, and it may enable you head for Disneyworld when summer guests arrive.
Whether you keep a primary residence, or you move into your NJ beach house, owning your vacation home is a smart choice. Stop throwing money away! Make your summer vacation pay for itself.