Who Is Investing In Wildwood New Jersey?

[Paulette Midgette]

Hello BPer's,

I am doing some research on investing (vacation home/summer rentals) in New Jersey.  Aside from the real estate taxes, what should I factor in?  How much should I expect to pay in homeowners insurance, flood insurance, etc.?  Understanding I would invest on the Ocean side, what is the average rent should I expect for the summer rental season.  Is there an area I should focus in on, Wildwood vs. Diamond Beach vs. North Wildwood?

Thanks in advance all for your feedback and help!

[Jason Yarusi]

Wildwood was just in the news recently as one of the latest areas to flood during the heavy snow storm. Rehabilitation in these areas to limit and protect from flooding, including lifting these homes to take them out of the flood zone, is a cost factor one must weigh. Also over the next eight years residential properties in flood zones will have a 12.5% increase in flood insurance per year starting this year that must be accounted for. Commercial properties (historic) 1970 or 1980 built before flood maps, will face a 25% increase over the next four years. All of these costs will soon add up and must be accounted for in your analysis especially when quoting flood insurance in flood zones.