Florida Keys Real Estate Articles

Things To Consider When Making Home Improvements added 5-8-2012

When homeowners make the decision to do home improvements, they are often not properly prepared. This is often because they have never been provided with helpful advice. This is not something you will have to worry about; the following article is going to give you tips to make sure the renovation process goes smoothly.

You may have many problems that need tending to in your home. It is up to you to determine which issues need your attention first. Small problems can be put on the back burner, but if you have a problem that could cause damage to your home or even damage to your health, you should take of it first.

Be aware that certain home projects may take up a lot of your time. It is always wise to try to estimate how long each project will take you, and give yourself a few hours of breathing room. This way, should the project go longer or something unexpected should occur, you will have the time set aside to handle it.

Do your best to make up a budget for any project you are working on. Do not forget to take into account the tools and supplies. Making a budget ahead of time will make it easier to figure out how much you are going to have to spend. Of course, just like with the time it will take, it is smart to set aside extra money. You never know when you are going to need a few extra bucks!

Once you have figured out what projects you are going to tackle, determine if you are going to need help or if you can do it on your own. Certain project, like switching out a toilet seat or painting, can be done by you and your family, saving you loads of money. However, large projects, like installing a new shower or putting in new cabinets, may require the assistance of a professional.

If you have so many projects you want done, but do not know which one to go with first, start with a room that people coming into your house will see the most. This is a rule that many homeowners follow, as they want their house guests to be impressed with what they see. Certain rooms, like a family room or bathroom, will probably be seen by guests. On the other hand, most people will not be looking at your bedroom.

Safety is always something that should be taken into consideration when doing any home renovations. So many unfortunate accidents occur during home renovations, many of which could have prevented had the person taken proper precautions. What you need to ensure safety depends on what you are going to be working on. For example, if you will be knocking down a ceiling, you should be wearing a helmet.

In conclusion, it is possible for the whole home renovation process to go smoothly, especially if you use the advice that has been provided to you in this article. Just be sure you use this advice properly in order to get the best results.

Buying a Vacation Home, What You Need to Know added 4-16-2012

The Florida Keys are among the most enchanting places to live the world over. With balmy days and tropical breezes coming from both the Gulf of Mexico and the Atlantic, sunrise to sunset make the Keys an ocean lover’s paradise. Vacation properties in the Florida Keys are always in high demand, regardless of the real estate market. For travelers who have fallen in love with the Keys, a vacation home becomes a dream come true. But like with any other investment, a vacation home in the Keys means having to be in the know.

Vacation Homes can be Rental Properties

The very term "vacation home" means it won't be occupied year-round by the owner. While that has homestead and tax implications, it also means a viable rental income. Vacation homes that double as rentals up their resale value, according to Catherine Jeffrey, a real estate specialist in Fredericksburg, Texas. But not all vacation homes make instant rentals. Check with the local housing authority and/or homeowners association to ensure the property is allowed to be rented.

Rents aren't Guaranteed

With every positive, there is a negative. And so it goes with vacation homes rented in the Florida Keys. While you won't be there on a full time basis, neither will rental tenants. Budget for having your Florida Keys vacation home rental tenant empty at least eight months of the year. Most vacation homes doubling as rentals are tenant occupied for more than 17 to 19 weeks per year, according to HomeAway.com's Christine Karpinski. However, this rate might significantly improve if you contract a management company to market and maintain your Florida Keys vacation home.

Loan Rates are Based on the Owner's Occupancy Rate

If you use your Florida Keys vacation home more as a second home than a now and again vacation residence, you'll get a better mortgage rate, according to HSH Associates. Keep in mind, vacation home owners who use their projected rental income to qualify for a mortgage might have to put down as much as 25 percent.

Vacation Homes have Tax Benefits

If you rent your Florida Keys vacation home for just two weeks of the year, you get to omit that income on your tax return. Plus, you still reap the benefits of deducting the property taxes, points out CNN Money. Because the tax code changes every year, be sure to consult your tax professional to take advantage of any tax benefits. 

Selling Your Home Faster through Home Staging added 3-13-2012
During hot and cool home sale periods, there are homes which simply have difficulty generating buyer interest. While homes around it have offers coming in, they remain largely unseen and do not sell. The trick others have often discovered isn't just about pricing the home right. Or finding the perfect real estate agent. It's usually the homeowners have hired or taken the lead of a home stager.

What is Home Staging?

Home staging is the process of making a house look not only presentable to potential buyers, but look like their future home. Staging involves rearranging and/or updating the home's interior furniture and decor, de-cluttering and adding curb appeal. In general, a staged home is a clean, well-lit home depersonalized from the current resident.

What Are the Basics of Home Staging?

Home staging is about one fundamental principle--making the home look more like a new construction model than a family's home. Fit for a brochure is another way to think of home staging. But it involves these key factors:

Clean and Clear

The first thing which needs to be done is to lighten the load inside the home. Meaning, de-cluttering the space. Taking down family photos and other personal items is a must. Anything which personalizes the space has to be removed because it acts as a mental barrier to potential buyers. In addition, scrubbing the floors, freshening up the walls with some paint and dusting thoroughly is absolutely necessary.

Light the Space

Curtains and blinds are cleaned and opened. The more light inside a home, the better. It not only helps to "connect" the outside space, it makes the house appear more open. It also promotes a sense of warmth.

Enhance Curb Appeal

Mow the yard. Pull weeds. Plant colorful flowers and plants along the walkway and place potted plants or flowers near the door. Pressure wash the exterior walls and roof, along with the garage floor and driveway. If the paint looks worn even after the pressure washing, it's time to slap on a coat of paint.

Highlight Key Features

Pools, fireplaces, spas, kitchens and baths. These are key features in any home. Making them stand out is very important to staging the home properly. Using furnishings and decor, make those key features pop with pizzazz. Color goes a long way in making a home more inviting. Lastly, get some inspiration from home staging magazines. Or, look online at staged homes for guidance.  

Foreclosures: What You Need to Know Before You Buy added 2-23-2012

The economy is down, but that does not mean that it is a bad time to buy! With prices as low as they probably will ever be again, the market is perfect to get into, if you can afford it. Foreclosures offer amazing properties at a fraction of their previous value, and the attraction can convince you to jump in without knowing what you're doing, leading to disaster. Read on for some simple tips which will help you to pick the right home to ensure your investment is safe.

A house bought without you seeing it will be a losing proposition. If you're buying a house to "flip", or renovate and sell, that's different, but a house you plan to live in must be visited at least once, but preferably a few times so you can see what the neighborhood is like both during the day and at night, and see how the house handles warm daytime and cool nighttime.

When you create your budget for buying a house, most of it would be dedicated to the cost if buying new. If you're buying an old or foreclosed house, you should reserve half your budget (that is the money you have in hand, NOT including your mortgage or line of credit) for repairs. Foreclosed houses tend to be uncared for by the previous owner as they couldn't afford to fix any problems, and you won't be able to ask for a discount based on faults you find.

It's of utmost important that you check the title on the house to ensure there are no liens against it, or any other owners who might pop out of the woodwork later to file a suit against you. Title insurance helps you maintain the title once you own it, and that is also a great investment once you decide on a house to buy,

You must hire a professional, reputable home inspector to check the house from top to bottom. If you don't want to, stick to renting. A home inspector will find faults you would never see, and some of those problems could cost you more to repair than the house is worth. If he tells you there are major issues with the roof, foundation or other costly repairs, look for another house.

If you know what to look for, and how to look for it, buying a foreclosure can be the best decision of your life. Use what you've learned here to choose the home of your dreams, or at least the one you can turn from a nightmare into a fantasy!

Why Purchase Home Warranty Insurance-added 1-18-2012

The Florida real estate market is getting harder and harder to exploit. Many sellers and investors are lowering their asking prices and it keeps getting more difficult to actually make a profit. In times like these, everyone needs to think about new ways to make their products more appealing to buyers. One method of making sure you increase your odds of selling real estate is to buy home warranty insurance. Intelligent sellers and buyers will always want to make sure that the real estate they purchase comes with benefits. This is why the home warranty insurance has become so popular. It is a hassle free way of ensuring living conditions.

If you are one of the sellers, you undoubtedly want to make sure that you actually sell your property in a reasonable amount of time. But as the competition has become a lot rougher and the buyers have become more knowledgeable, it has gotten a lot harder to sell. The home warranty insurance is a very simple policy that covers all the repairs and maintenance the real estate could need over a predefined period of time. These insurances usually include everything that was installed in the house when the transaction was finalized. Furniture, heating and cooling systems, electrical systems and appliances are all covered.

If you are one of the buyers, it makes perfect sense to acquire real estate with the insurance, especially in Florida. It is the only way to ensure that you buy quality property and it wonít come crumbling down on you. The home warranty insurance usually lasts for about a year, but it can be prolonged for a price. for that whole year (or more), if anything that was already in the house breaks down, the insurance will make sure that you receive a replacement or the repair costs are fully covered. Note that the home warranty insurance does not cover theft of fire accidents. If something happens and it can be proved that it was your fault, you will not be able to rely on the insurance.

But even with all that, a property with home warranty insurance is considered far superior to one without it. It is profitable for sellers because it makes them look more trustworthy. If you can say that the property you are selling has insurance, the future home owners are much more likely to choose it. The advantage the insurance has for buyers is pretty self-explanatory. It makes sure that you donít pay for faulty property.

Note that if you choose to buy a warranty that covers more than 1 year, the yearly fee will be reduced. That means that if you buy it for 2 years, you will be protected for twice as long and you will be able to pay less per year. These are the main reasons why getting home warranty insurance is the smart thing to do. Many of us often choose to buy the electronics that have the best warranty, so why shouldnít we do so for real estate too? It is the logical choice that protects buyers and helps sellers make a profit.

Short Sales-What You Need to Know-added 12-12-11

Consumers looking for a house to make home might come across what would otherwise be the perfect property. The lone reservation is it is a short sale. Few terms have such negative connotations in the real estate market as a “foreclosure” or “short sale”.

What is a Short Sale?

A short sale is an agreement between a homeowner and the mortgage lender. The arrangement allows the homeowner to sell their property for less than the mortgage balance. This situation, in which a homeowner owes more on the loan than the property will appraise for is called being “upside down” in the mortgage. The home can be sold and the lender agrees not to sue the borrower for the difference or “deficiency”.

What Differs in Short Sale Properties?

The principle difference between a short sale and traditional sale is there is a third party involved in the transaction, outside the buyer and seller--the bank. This is where an experienced real estate agent can make a true difference, for the buyers and sellers.

This means before the home can be sold, the seller’s lender must agree to the sale. Unfortunately, for the buyer, since the lender is already loosing money on the deal, it will not typically make any repairs to the property or give allowances common in many real estate transactions.

What Can a Real Estate Agent Do for a Short Sale?

Short sale properties have many considerations during the offer, acceptance and closing process. This includes, but is not limited to: marketing the property effectively, bring buyers and sellers together and most importantly, be the mediator between the three parties consisting of the seller, buyer and bank.

What are the Pitfalls of a Short Sale?

As before mentioned, the biggest pitfall to a short sale is the fact the bank is ultimately in control of the sale. It is not unusual for a bank to take months to respond to a buyer’s offer, only to deny it. An experienced real estate agent knows which banks are most likely to deal and which pull back.

In addition, both the buyer and seller can be “tied-up” in limbo when awaiting the bank’s answer. A good real estate agent will have alternatives ready to go so both parties can pursue other options.

Short sales can be a great investment for a buyer. With the aid of a professional real estate agent, the process is made more easy.

Foreclosures--What You Need to Know-added 11-21-11

For home investors and those looking to buy a residence, a foreclosure property might be an inexpensive alternative. Compared with the price of custom-built home and those being sold privately, foreclosure homes are a great deal, selling between 10 percent and 40 percent below market value.

But with bargain basement prices come some considerations. Foreclosure homes, while holding an inexpensive purchase price, could cost far more in renovations. There are other potential things to watch for besides refurbishing costs. Having a seasoned real estate agent in your corner will help you avoid many problems.

Encumbrances or title issues. Legal ease for “the property has serious title problems”. An experienced agent will be able to turn-up any liens, easements, mortgages, restrictions or leases. For instance, if you find a foreclosure at the right price, put a purchase offer in and the sale goes through, you might have just purchased more than the home. A good real estate agent won’t put you on the hook for someone else’s mistakes.

Condition of the home. This can be just about anything. If the former owners are no longer present, the bank won’t have the slightest idea what might be wrong with the property. These homes are often sold “as is”, meaning you’ll have to dig deep to discover any problems. Having the hand of a real estate agent that has dealt with foreclosure properties can make this process much less cumbersome. Your agent will be able to recommend a good home inspector. Moreover, an experienced agent will know tell-tale signs on-sight.

“Diamonds” in the rough. You might come across a foreclosure that looks completely redone. New floors, new paint, new this, new that. What you may not know is all the work was done without pulling the proper permits. Professional real estate agents deal with these conundrums and will give you advice on the best way forward.

Financing and bidding wars. Every good real estate agent knows what it means to find the perfect home for their clients. Real estate agents perform a market analysis on each property a client is interested in buying. The bank will not lend a borrower money to purchase a home that appraises for less than it’s worth. Moreover, a good real estate agent won’t let her client enter a bidding war with other interested buyers based on emotion.

With a seasoned real estate agent, a buyer can make a more informed, sound choice.

Advantages of Using an Experienced Real Estate Agent to Sell Your Home added 10-11

In any real estate market, you need an experienced real estate agent to sell your home. Regardless of “buyers” or “sellers” market conditions, a proven track record will best serve your needs. Homeowners wanting to sell in a down market can find success where success has been demonstrated. With the right real estate agent listing your home, you’ll be privy to several advantages.

Proven Success

Closings are proof-positive of a listing agent’s ability to best describe a property. Highlighting the best features of your home attracts not only buyers’ agents but attract asking price offers. Hiring a listing agents without such a career record can cost you needless months of waiting for a valid offer.

Command of the Marketing Process

Experienced real estate agents understand the marketing process. Your home will be featured where it gets the most notice. A well adept listing agent will know which digital and paper publications are the most beneficial. Proven agents know how to use the Internet to their client’s advantage. Moreover, a professional agent will bring more people to open houses.

Aggressive Representation

Your decision to sell your home in any market can be a stressful experience. But an experienced real estate agent will know when to advise you to accept an offer and when to reject one. A good agent won’t just look at the offer, but will evaluate the true qualifications of the buyer. Good agents know how to work circumstances to a seller’s advantage.

Network Connections

Inexperienced real estate agents won’t have the strong industry connections necessary to generate a buzz about your property. Your listing will sell faster and for more money if your agent is already “plugged-in” to the circle of local market professionals.

Top Ranking Websites

The Internet has changed every facet of life, including the real estate market. Buyers can tour your home from another county or country. But they’ll only find your listing through top ranking search results. An experienced real estate agent with an attractive, informative website will provide a more diverse dissemination of your listing.

If you are serious about selling your home in a down market for the best price, you need an experienced real estate agent to list your home and represent your interests. An agent that knows the market through good and bad as well as the other real estate professionals, will help you achieve the results you are looking for.

Kim will be happy to put an end to your search for Florida Keys real estate, upper keys real estate, Key Largo real estate and Islamorada real estate! If you have any questions, please feel free to Contact Kim.
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