ISLAND REALTY GROUP - WILDWOODRENTS.COM

north wildwood, wildwood,  wildwood crest and diamond beach summer vacation rentals - north wildwood, wildwood, wildwoood crest and diamond beach homes and condos for sale - wildwood real estate for sale - wildwood realtor - island realty group - wildwoodrents - buywildwood - joewildwoodnorth wildwood, wildwood,  wildwood crest and diamond beach summer vacation rentals - north wildwood, wildwood, wildwoood crest and diamond beach homes and condos for sale - wildwood real estate for sale - wildwood realtor - island realty group - wildwoodrents - buywildwood - joewildwoodnorth wildwood, wildwood,  wildwood crest and diamond beach summer vacation rentals - north wildwood, wildwood, wildwoood crest and diamond beach homes and condos for sale - wildwood real estate for sale - wildwood realtor - island realty group - wildwoodrents - buywildwood - joewildwoodWildwood Vacation Rentals - North Wildwood , Wildwood , Wildwood Crest Condos and Homes for Rentnorth wildwood, wildwood,  wildwood crest and diamond beach summer vacation rentals - north wildwood, wildwood, wildwoood crest and diamond beach homes and condos for sale - wildwood real estate for sale - wildwood realtor - island realty group - wildwoodrents - buywildwood - joewildwood

WILDWOOD NEW JERSEY REAL ESTATE -  BUY...NOT RENT!

HOME          FEATURED RENTALS          NORTH WILDWOOD RENTALS          WILDWOOD RENTALS          WILDWOOD CREST & DIAMOND BEACH RENTALS
SEASONAL RENTALS          WILDWOOD RENTAL SEARCH          WILDWOOD RESERVATIONS          RENTAL SPECIALS          SPECIAL EVENT WEEKENDS
WINTER RENTALS          YEAR-ROUND RENTALS          ADD YOUR RENTAL PROPERTY          WILDWOOD EVENTS SCHEDULE
WILDWOOD CONDOS & HOMES FOR SALE          WILDWOOD FORECLOSURES & SHORT-SALES          OUR SALES          YOUR PROPERTY'S VALUE
IN THE KNOW          CURRENT NEWS          BUY... DON'T RENT          THINGS TO DO IN WILDWOOD          THINGS TO KNOW          INFORMATION
LOCAL BUSINESS          ABOUT ISLAND REALTY GROUP          CONTACT US


 

 

HOME

 

NORTH WILDWOOD

 

WILDWOOD

 

WILDWOOD CREST

 

RENTAL SEARCH

 

SEASONAL

 

SEPT WEEKENDS

 

 WINTER RENTALS

 

YEAR-ROUND

 

FEATURED RENTAL

 

RESERVATIONS

 

ADD YOUR RENTAL

 

LISTING AGREEMENT

 

IN THE KNOW

 

CURRENT NEWS

 

BUY... NOT RENT!

 

FOR SALE

 

CMA

 

HOME SEARCH

 

THINGS TO DO

 

FUN THINGS TO DO

 

HAPPENINGS

 

INFORMATION

 

LOCAL LINKS

 

AGENTS and STAFF

 

CONTACT US

 


ISLAND REALTY GROUP


1701 New Jersey Avenue

North Wildwood NJ 08260

Office: 609.522.4999

Fax: 1.866.571.9766

 

HOME SEARCH

Do we sell property?

Yes we do!

Island Realty Group is a full-service real estate brokerage dedicated to finding you that perfect shore property. We serve the entire South Jersey Shore Area from Brigantine to the Wildwoods plus mainland Somers Point.

Now more than ever is the best time to consider realizing that dream of owning a property at the shore. Our professional sales team is standing by!

North Wildwood, Wildwood and Wildwood Real Estate for Sale and Rent - Wildwood Condo Rentals, Wildwood home for rent, wildwood house rentals, wildwood vacation rentals, fasy real estate, buywildwood, wildwoodrents, homesearch

Click house above to have  New Sale Listings Sent to you

 

 

CHECK OUT OUR ADDITIONAL WEBSITES

JoeWildwood.com

Ocean City Real Estate

Jersey Shore Real Estate Search

Buy Wildwood

Buy Stone Harbor and Avalon

Somers Point Real Estate

Rent in Wildwood

Buy Sea Isle

Fasy Real Estate

Buy Ocean City, NJ

Buy the Seashore

Ocean City, NJ

Buy Somers Point

 

Why Wildwood ..

because Wildwood has big, beautiful beaches that are FREE, beach concerts, a great boardwalk with all the amusements, shopping, rides, roller coasters, games, miniature golf,  boardwalk food for all, pizza, ice cream, french fries, deep sea fishing, charter boats, sea-doo rentals, sailing, magnificent sunsets at Sunset Lake, great restaurants an exciting  nightlife, parades, car shows, Hot rods, Irish weekends, Harley weekend, Fireman's weekend, Hereford Lighthouse, Doo-Wop museum, Convention Center, Pacific Avenue shopping, a full calendar of events, nearby attractions - Cape May County zoo, historic and quaint Cape May, ferry to Lewes, DE, Atlantic City casinos, Stone Harbor shopping, village of Cold Spring,  and so much more

COME SEE FOR YOURSELF

 

 

Understanding credit - FICO scores and more

Are you tired of renting?

Do you want to be your own landlord?

Now is the time for you to consider buying a property rather than continuing to rent. The interest rates are low and the prices have stabilized. You can buy and let tenants pay your mortgage. If you can settle before Memorial Day, all your summer rentals can be used for your payments PLUS you can take advantage of depreciation expenses on your income tax. This can be a WIN WIN situation.
 

How much can you afford?

  • On average your mortgage payments, including taxes, should not exceed 28% of your gross income. However, this is looked at on an individual basis when you apply.

  • Here is a loan calculator to help you find out just how much that new house is going to cost you each month. Just fill in the amounts below with the given number of payments, interest rate, and loan amount and you will get your monthly payment. 

                                       

 

# of
Payments
Interest
Rate
Principal
 
Monthly
Payment
 
 
 

Remember to add monthly taxes, utilities and insurance to this figure to be more exact. 

  • Keep in mind that credit history, property condition, job stability and other factors may affect the lender's final decision.

  • Another  way to  give you an idea of how much of a mortgage payment you can afford is to use the following 28% -36% test

First, calculate your gross monthly income (before deductions). You can use income from borrower, co-borrower, alimony, child support (if 5 years remaining), second job (if have 2 year history), Social Security, disability etc. (if 5 years remaining), stock dividends, and investment income. 

Multiply this gross monthly income by 28%

Multiply this same gross monthly income by 36%, then subtract monthly debt payments (auto loan, store charge cards, primary credit card, other credit cards, other loans)

The lesser of the 2 tests equals the maximum mortgage payment for which you can qualify. Before using the payment table, remember to subtract monthly taxes and monthly insurance.

30-Year Conventional Mortgage Payment Table

Loan Amount 6 % 6 1/4% 61/2% 6 3/4% 7%
$40,000 $239.82 $246.28 $252.82 $259.43 $266.12
$60,000 359.73 369.43 379.24 389.15 399.18
$80,000 479.64 492.57 505.65 518.87 532.24
$100,000 599.55 615.71 632.06 648.59 665.30
$120,000 719.46 738.86 758.48 778.31 774.33
$140,000 839.37 862.00 884.89 908.03 931.42
$160,000 959.28 985.14 1011.30 1037.75 1064.48
$180,000 1079.19 1108.29 1137.72 1167.47 1197.54
$200,000 1199.10 1231.43 1264.13 1297.19 1330.60
Tax Deferred Exchange (1031) Information
1031 Facts
1031 Exchange Procedure Manual - free

 

Options

How will you fund the purchase of a second home? It's a good idea to get some answers before you start shopping. The numerous cash buyers in the second-home market have the edge. But if you're not one of them, getting mortgage preapproval before you launch your search will keep you competitive if you find a hot property. For quick cash, borrowing from the cash value of a whole-life insurance policy is one option, as long as you set up a repayment plan to preserve the long-term value.
 

Shop around for the best interest rate if you want a fixed-rate mortgage on the property. Depending on how long you plan to own the property, consider exploring adjustable-rate mortgages with, for example, fixed interest and monthly payments for five to seven years. If sellers own the property outright, ask if they would consider seller financing. You may be able to negotiate a lower interest rate, a lower down payment, and a flexible payment plan.

 

Renting your home  
One way to defray the costs of owning a second home is to rent it out when your family isn't using it. Here are some things to consider:
  • If the home is in a development with a homeowners association, ask if you're allowed to rent out your home. The answer may be no.
  • Limit wear and tear by renting only by the month or the season.
  • Use word-of-mouth advertising; rent to friends (or friends of friends) who may be more likely than strangers to treat your place with care.
  • It takes time to handle inquiries and deal with potential renters yourself. Is it worth the expense of hiring a rental manager who will schedule renters and handle emergencies and maintenance?
  • You may want to add amenities, such as hot tubs, televisions, gas grills, and a modern kitchen, to keep renters coming back. You'll also want a locked storage room or closet for your family's possessions.

 

10 Mistakes First-Time Home Buyers Make

Apr 10th, 2009

 
 
 
The declining home values that are plaguing homeowners are just one of the factors creating an opportunity for prospective home buyers.

Standard & Poor's latest Case-Shiller index, which tracks home prices across 20 major U.S. cities, reported that values dropped 19% in January from a year earlier.

Those depressed values, combined with near-record-low mortgage rates and government incentives (an $8,000 first-time home buyers' tax credit included in the stimulus bill), are luring more first-time home buyers into the market. Indeed, a recent Century 21 Real Estate survey found that more than three-quarters (78%) of potential first-time home buyers say now is a good time to buy.

If you agree, be aware that buying a home comes with plenty of potential missteps. Here are 10 all-too-common mistakes first-timers make.

1. Not knowing how much house you can afford.

Many novice home buyers spend a lot of time researching homes - comparing kitchen layouts and backyard square footage - but very little time researching their financing options. One of the first things buyers should do is talk to a qualified lender and get preapproved for a mortgage, says Claire Clark, senior vice president of business development at Prudential California Realty. Without first figuring out how much house you can afford, you risk falling in love with one you can't.

2. Assuming foreclosures are great deals.

Just because the previous owner owed $450,000 on a house before the bank took it over doesn't mean it's worth that much now. Values have slipped significantly, says Jay Michael, partner at Estate Property Group, a Chicago real estate brokerage, so you may not be getting the bargain you think with a foreclosure. Also, most homes owned by lenders or banks have been sitting vacant for months and may have been vandalized. That could require extensive renovation or repair. Weigh the costs of fixing up the property against the savings you'll likely reap by buying a lower-priced foreclosed home.

3. Letting your true feelings show.

No matter how much you've fallen in love with a house, don't let the seller's agent in on it. Otherwise, they will gain the upper hand in negotiations.

4. Failing to find a good buyer's agent.

Landing a mortgage is tough these days. So buyers should rely heavily on knowledgeable agents to help them get their finances in order, says Michael. After all, buyer's agents have a fiduciary responsibility to the buyer exclusively -- and should be looking out for their best interests. Start your search at the National Association of Exclusive Buyer Agents, a nonprofit representing buyers. Or consider using an agent recommended by a relative or friend. Interview each candidate about their experience, if they've worked with first-time buyers before and what kind of service you'll get from them.

5. Underestimating the costs of owning a home.

Whether it's a rusty pipe or a leaky roof, things go wrong and need to be fixed. Many home buyers don't anticipate the additional costs for repair and maintenance, or for an increase in utility costs, says Erin Baehr, CFP and president of Baehr Family Financial. Consider the age of your new home and how well it's been treated by the previous owners in your budget. Be prepared to set aside a small percentage (1% at most) of the home's purchase price annually for repairs and upkeep.

6. Failing to budget for property taxes.

Property taxes - and the likelihood that they'll climb over the course of your time in the house - should be factored into any home-buying budget, says Baehr. To get an idea of how much you'll be paying, call the local assessor's office or talk to people in the neighborhood.

7. Assuming your first offer will get accepted.

As home prices get even more affordable, competition is bound to heat up. "You can't assume you'll walk in there, make the offer and get it," says Clark. Try not to get discouraged if you lose out on the first - or second - house you make an offer on.

8. Skipping the inspection.

Before signing anything, hire a professional inspector, says Justin Lopatin, a mortgage planner with American Street Mortgage Company. The seller isn't likely to tell you there's mold in the basement or the walls are poorly insulated. Lopatin advises buyers to find and hire their own inspector - independently of the realtor - to ensure there's no conflict of interest. (You can find inspection companies in the phone book, or by doing a simple web search with your zip code.)

9. Doing too much too fast.

Some buyers want to make the house their own right away, says Baehr. They overextend themselves on credit to do so, and assume the improvement will pay for itself by increasing the home's value. But that's not always the case - especially in today's market. Instead, buyers need to exhibit patience and make changes over time.

10. Failing to include a contingency clause in the contract.

A mortgage financing contingency clause protects you if, say, you lose your job and the loan falls through or the appraisal price comes in under the purchase price. Should one of these events occur, the buyer gets back the money he used to secure the property. Without the clause, he can lose that money and still be obligated to buy the house, says Lopatin.

 

Top of Page
 

 


 

CHECK OUT OUR OTHER RENTALS:

 

NORTH WILDWOOD

 

WILDWOOD

 

WILDWOOD CREST



Equal Housing Opportunity.
REALTORŪ -- A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS and subscribes to its strict Code of Ethics. Inquiries regarding the Code of Ethics should be directed to the board in which the Realtor holds membership.

State of New Jersey Consumer Information Statement
 


 

wildwood rentals by island realty group, wildwood realtors selling and renting wildwood real estate in North Wildwood, Wildwood, Wildwood Crest and Diamond Beach New Jersey plus Wildwood special events and Wildwood Beach Information  

1701 New Jersey Avenue - North Wildwood, NJ 08260

Office: 609.522.4999          e-Fax: 1.866.571.9766

 

Rentals@IRGroupNJ.com

 

      Wildwood Realtors - Wildwood Real Estate for Sale at JoeWildwood.com                                                                                                        Wildwood Real Estate - North Wildwood, Wildwood Crest and Wildwood Condos and Homes for Sale                                                                                                  Wildwood Realtors - Wildwood Real Estate for Sale at JoeWildwood.com       

 

 

 


 

 
  Copyright ISLAND REALTY GROUP Date Last Updated:  June 12, 2022