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Financing Options For Building A New Home Long Beach Island
New Construction in the Long Beach Island Real Estate Market
Building a new home on Long Beach Island can be one of the best investments you can make. Currently, there are some excellent opportunities to purchase a teardown or vacant piece of land and construct a new home. The target for such a project should be to have the project cost approximately 30% below current market value. In other words, if a construction project, meaning the purchase of the land and the cost of building the home, costs $1 million the new home should be worth approximately $1,300,000 in the LBI real estate market. One potential roadblock to building a new home on Long Beach Island has to do with financing. Construction loans operate under different guidelines which can make obtaining LBI real estate construction financing more difficult. Therefore, it is important to understand your options as well as the risks and benefits of building a new home.