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Townhouses on/at the beach, your thoughts?

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I'm trying to decide whether to buy a townhouse or condo down at the Jersey shore. I only live 25 minutes from the beach town I am considering (Sea Bright) and am wondering if it makes sense. The places are $400K and I really dont see them going up too much money, maybe $500k in a Red Hot market. Anyways, I work like 60-65 hours a week but would live down there all summer long and maybe rent it out during the winter or just pay the mortgage year round. The town is very up and coming and has a few local hot spots where out of towners come and chill. I'm a 2 minute walk from the beach, the development I'm looking at has its own private beach with lock/key and a 2 minute walk to the marina. I love the area, just looking for some of imput.

I may know alot about NSX's but some of you old fella's have been down this road before and am looking for your imput.
 

Ski_Banker

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2 words. Summer house.


You'll be on the water. In a different place every year if you want. You won't have the hassle of trying to rent a beachhouse in Jersey in January (ain't gonna happen 8 months of the year), and don't have to worry about maintenance.

Michael, keep your investments separate from your entertainment. Investments make you money (a Jersey beachhouse won't now). Entertainment gets you...relaxed.

Rent the summer house.
 
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Thats what I was considering but I already live in an awesome house that I love:confused:

If carrying 2 mortgages doesn't cause a financial strain, I say buy the condo & make it a nice little get away. I'd love to live on the beach. Definitely one of my goals in life...=)
 
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I bought an ocean front house in Hawaii 5 years ago. It was a stretch but we were able to do it.

Now the house is worth 100% more than I paid for it, the value didn't drop at all, as a matter of fact, it increased slightly, even in today's current real estate market conditions. :cool:

I would advise you to do it. Mabe you reduce the deposits into the retirement account, but do it.
 
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I'm trying to decide whether to buy a townhouse or condo down at the Jersey shore. I only live 25 minutes from the beach town I am considering (Sea Bright) and am wondering if it makes sense. The places are $400K and I really dont see them going up too much money, maybe $500k in a Red Hot market. Anyways, I work like 60-65 hours a week but would live down there all summer long and maybe rent it out during the winter or just pay the mortgage year round. The town is very up and coming and has a few local hot spots where out of towners come and chill. I'm a 2 minute walk from the beach, the development I'm looking at has its own private beach with lock/key and a 2 minute walk to the marina. I love the area, just looking for some of imput.

I may know alot about NSX's but some of you old fella's have been down this road before and am looking for your imput.

You can buy a Home near Ocean City Maryland for $300k with 4 bedrooms and double car garage.

Personaly I would recommend Hawaii or southern california maybe Southern Florida as vacation home.
 
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You can buy a Home near Ocean City Maryland for $300k with 4 bedrooms and double car garage.

Personaly I would recommend Hawaii or southern california maybe Southern Florida as vacation home.

Needs to be near my current house or work, trust me....I would have moved to Cali with a buddy years ago but my mom was sick and the timing wasnt right. Trust me, I LOVE LA!
 
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Spend the time to do the math mortgage vs tax/rental income don't forget maintanace and utilities/taxes. I hear apreciation of Jersey shore property is all about location.
 
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rent out a shore house in the winter?? to a buncha snowbirds
from alaska???? lol....:rolleyes:
 
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Don't forget that a house near the water has many extra maintanence issues that you may not be aware of, especially salt water.

As previosuly mentioned, why not rent a house for the summer.
 
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