Flrida Keys Real Estate Articles
Repair Your Credit With Some Great Advice-added 1-18-2012
With bad credit your options are limited, you can't take out loan, lease a car, or do anything that requires good credit. Failing to pay your bills in a timely fashion will lower your credit score. If you are looking for ways to improve your credit score, the advice in this article can help you.
Before you agree to enter a debt settlement, learn about what happens to your credit as a result of it. There are ways that are less damaging than others, that is why it is important to research about it before starting an agreement with creditors. Many collectors just want to get paid and don't care about credit consequences.
Avoid using your credit cards whenever possible. Instead use cash for all your purchases. Pay off any credit card purchases immediately.
Do everything you can to avoid bankruptcy. Bankruptcy can make getting credit almost impossible for many years. Although it seems like the wise thing to do at the time, it will bring you negative consequences in the long run. Most lenders will be hesitant to work with you in the future when a bankruptcy shows on your credit report.
To have a quick start on improving credit is to pay off your biggest debt first. Your credit will only get worse if you are not paying off your debts.
Do everything you can to avoid filing bankruptcy. It can adversely affect your credit for up to 10 years. Bankruptcy may sound great because your debt goes away but there are consequences. Filing for bankruptcy will make it very difficult for you to qualify for credit in the future.
When you receive your credit card statement, go over it carefully. You are looking to see that every charge is correct and determining whether or not you are being charged for an item you didn't buy. You need to be sure that everything is correct on the statements.
If you ever need to get a loan for any reason, your credit score will affect your future. If you are buried under a mountain of debt and have poor credit as a result, you can crawl out of that hole using the following tips.
How You Can Have Good Credit Again- added 12-12-11
If there are inaccuracies in your credit file, this can give you a poor credit score making it very difficult for any types of loans in the future. Taking your poor credit situation into your own hands and doing something to make it better is generally considered best for getting you back on your feet again. Here are a few ideas for fixing your credit.
Bankruptcy should be a last resort. When you file for bankruptcy it shows for 10 years, your credit report will suffer from this. It may seem like the right things to do, but your future will be affected. If you do file for bankruptcy, it will be extremely difficult to get approved for a loan or a credit card for many years, if ever.
Be upfront about your situation with the collectors, and they may be able to make payment arrangements you can afford. Let them know a realistic amount you can pay. Don't forget that negotiating is always an option.
An important part of a credit score is paying your bills when they need to be paid. Setting up payment reminders is a great way to help you make your payments on time. There are lots of ways in which you can make payment reminders. You can establish them through your online banking account, where reminders will be sent to you through email, or you can have debtors send a text to you reminding you there is a payment due.
The first step in credit repair is to close all but one of your credit accounts as soon as possible. Make the minimum payment each month on your other accounts, but make the largest payment possible to the one account you are focusing on. Doing so will allow you to pay off one individual debt rather than a multitude of lesser balances.
Debt collection agencies can be the most stressful part of a bad credit crisis. If a debt collection agency is harassing you, writing a cease and desist letter can stop the harassment. Remember, even when the debt collectors stop annoying you by phone, your obligation to pay what you owe is not alleviated.
As this article shows, there are many alternatives that you can use to boost your credit rating and get back on track. If you follow our helpful tips you should see a nice rise in your credit score. Repairing your credit on your own can work, and it's an excellent way of improving your record.
Brighten Your Kitchen With These Handy Tips-added 10-21-11
When it comes to your kitchen, you really want to put effort into how it looks. Not only do you spend a lot of time creating meals in this area, so that it should be neat and organized as well as updated, you also want to be sure that it is inviting for any gatherings that will take place in the room. Even with the most dull and uninviting kitchens, you can use these handy tips to create a better environment and a setting more pleasing to the eye.
Start with the cabinets. When you change the appearance of the cabinets, you will find that the entire appearance of the kitchen changes, too. You can turn a drab kitchen into a more luxurious cooking area just by changing out or updating your cabinets, or even by just applying a new coat of paint or varnish.
If you find the wood floor in your kitchen can't be refinished, try laying a high quality linoleum floor over it. This can give your kitchen a nicer appearance instantly, whether or not you are working on any other areas of the kitchen. The floor says a lot about a kitchen, and a cost-efficient improvement like this will give your kitchen a great makeover.
Purchase new decorations, table cloths, and tea towels to place in the kitchen. A table cloth quickly changes the appearance of your kitchen, while coordinating colors with different decorations and tea towels will add to the effect and can really give your kitchen a brand new look.
Replace the sink, if it's old and outdated. When your kitchen sink becomes old and outdated, it can become subject to corrosion. Simply replacing the sink and your faucet can create a brand new look for your kitchen that you will find very clean and fresh.
Use a satin finish paint to revamp the walls. Your walls are always going to need a bit of revamping, as your kitchen has to deal with constant heat, humidity, and even flying food debris from time to time. You can use a satin finish to get the best look for your kitchen's walls.
With an experienced buyer’s agent, the home buying process can pleasant and sound. For Quality Professional help with Marathon Fl Homes for sale contact Carmen
With these simple and easy tips for revamping your kitchen, you can turn any old and outdated kitchen into the best room in the house, perfect for accommodating all the gatherings that your family wants to have. You can definitely have the kitchen you want in just a few simple steps.
Advantages of Using an Experienced Real Estate Agent to BUY Your Home added 10-25-11
New home buyers can be overcome by the process. Families searching for a home will have to not only find a suitable house, they will have to ensure that home is both affordable and sound. That includes scheduling inspections, securing financing, choosing a title company, determining the true market value of a property and making a reasonable purchase offer.
The good news is you can have someone do this on your behalf. Otherwise, you will spend nearly every waking hour on your home search and purchase.
Here are the advantages of using an experienced real estate agent to buy your home:
Finding a home fitting your wants and needs. Though it may sound simple to browse the Internet and find several potential homes, it takes many hours. A professional real estate agent has a tool known as the “MLS” or Multiple Listing Service. This tool is exclusive to licensed agents. It allows a buyer’s agent to target specifics such as location, square footage, number of room and bathrooms and amenities.
Determining the fair market value. Just because a home is “listed” at a certain price does not mean the home will sell for that amount. Many sellers’ agents will price the home just above market value to have room to negotiate. Pricing a home over market value also helps the seller (and the seller’s agent) to maximize profits. A competent buyer’s agent will tell you what a home is really worth.
Protecting your interests. Repairs may be necessary. You need a professional that is familiar with negotiating repair costs. An experienced real estate agent will get you monetary “concessions” to make repairs yourself or will arrange for the seller to make the repairs prior to closing.
What’s more, an experienced real estate agent can point out where emotions might be driving a bad decision. Having someone to represent you will prevent a bidding war when unnecessary.
Navigating the paperwork. In the home buying process, oodles of paperwork will be involved. An experienced agent can explain and in most cases, complete the paperwork for you.
Expertise at the right price. You won’t have to pay a commission to your buying agent. The seller must pay both his agent and yours. For no cost, your agent will identify possible code problems, ensure a smooth closing and keep records throughout the process.
With an experienced buyer’s agent, the home buying process can pleasant and sound. For Quality Professional help with Marathon Fl Homes for sale contact Carmen
Home Loan Mortgage refinancing Guideline-added 7-21-11
Property owners who're thinking about re-financing his / her house loans possess a couple of choices to think about. Nevertheless, before you decide to set about any kind of re-financing plan, it really is beneficial to find out some fundamental information to enable you to make the most efficient choice. Not one home mortgage refinancing strategy or even plan suits everybody. It will help to locate a plan that fits your particular requirements.
Set and also Varied Rates Of Interest
A very common home finance loan features a fifteen-year time period as
well as a set rate of interest. This is the favorite option for many
owners considering that the rate of interest is not going to adjust
over the course of the obligation. A fifteen-year term is really a
comfortable period of time for a lot of property owners also.
For more information about finacing Marathon Fl Homes for sale as well as other Middle Keys Real Estate please Contact us.
Nevertheless, some other property owners will be more drawn to a variable charge house loan. This method can in fact be cheaper over time however it is much more high-risk. In the event the rates of interest raise, the same is true of your property home finance loan charge. Nonetheless, this method will pay out for a long time in the event the rates of interest will be in a person's favor.
The main difference relating to the set and also variable charge lending options can be like the various strategies you utilize when you are making an investment with your money. There are several individuals who are risk-averse and choose to invest their money inside risk-free securities as well as personal savings accounts. But other people are much more prone to taking a risk and like to put money into the stock exchange, while they realize that the marketplace can be quite unstable from time to time.
A World Away – Vacationing in the Florida Keys added 5-25-11
The Florida Keys offer many of the same laid back characteristics as the Caribbean, without ever leaving the United States. Amazing sunsets and a free spirited attitude all contribute to the laid back atmosphere of the Keys.
There are many activities to do, like sport fishing, scuba diving and snorkeling, boating, sailing, kayaking and eco-tours. Each island destination has its own special features. These islands are also rich in culture and history with many galleries, restaurants, festivals, music and theater to visit and check out. Of course, just relaxing is always an option throughout the Keys as well.
The Keys span about 120 miles and are connected by bridges and causeways, running south west from Miami. This area has the only living-coral barrier reef in the United Stares and is approximately 5 miles off shore and runs the entire length of the Keys.
The first island in the Florida Keys is Key Largo. Being close to the Everglades National park, there is much wildlife to be seen here. It is a popular destination for kayakers and bird watchers. There are many amazing scuba diving or snorkeling sites in Key Largo as well, with many sunken wrecks in the area. The John Pennekamp Coral Reef State Park is located here and offers scuba and snorkeling tours, glass bottom boat tours and swimming in the Florida Keys National Marine Sanctuary. In 2002, the navy ship, the USS Spiegel Grove was sunk to provide a reef here and a sunken wreck for divers to explore.
The next island in the chain is Islamorada. It is comprised of six islands including Plantation Key, Windley Key, Upper Matecumbe Key, Lower Matecumbe Key and the offshore islands of Indian Key and Lignumvitae Key. This area is well known for its world class sport fishing. There are many fishing tournaments held here each season.
Marathon Key is in the middle of the Florida keys. It is famous for the Seven Mile Bridge, which links it to the Lower Florida Keys. You will find great shopping and many fine restaurants offering fresh seafood. At Crane Point Museum, there is one of the last untouched tropical hardwood hammocks in the Florida Keys.
Big Pine Key is known for its boating tours and for bird watching and fishing. The diving and snorkeling is great here too. It is a quiet region of small resorts, home-style restaurants, vacation homes and untouched natural areas.
The last of the Florida Keys is Key West. There are many festivals, shopping and restaurants. Boat tours provide a great way to view Key West from the water. The snorkeling and diving are renowned here to see a diverse array of marine life. Wrecks and reefs, both artificial and natural coral, are home to hundreds of species of tropical and game fish. Many visitors rent a bicycle or go on walking tours to explore the history and architecture of Old Town Key West.
So if you are into eco-tourism, scuba diving or snorkeling, shopping and dining, or just want to relax in a tropical paradise, the Florida Keys may be the destination for you.
6 Important Aspects Successful Holiday Rental Owners Always Employ added 4-28-11
If you are going to shell out cash advertising your vacation rental property on vacation rental websites, you would want to make sure it is a success. Here are 6 items you can follow which will help make sure you get the most "bang for the buck".
1. SET RENTAL RATES Competently - If you'd like your holiday property to let, you must be realistic, optimistic, but not greedy! Set realistic rental premiums to your property or home and make certain that the costs are right on the site(s) your listing and routinely examined as the market changes. Search for similar properties ("comps") inside the exact same region as yours. Only charge a premium if your property has some distinctive features. And, be willing to discount your home on occasion when needed. Within this business, in the event you generate losses for a weeklong rental, you cannot make that up!
2. CHECK E-MAIL REGULARLY - When you use an online holiday rental property webpage remember your users. They’re generally Internet "savvy" and likely verify their e-mails regularly...particularly when they have got requested some info. Also, be certain your contact number is outlined on sites that enable you to as sometimes people prefer to just call you directly, so be certain to examine phone messages.
3. RESPOND Promptly - Vacation goers usually see a couple of properties that are of interest for them and then make contact with those owners. The faster you reply, the higher quality chance (most of the time) you've got of winning them over. There have been times We have leased properties in prior times and since it took an owner 24 hours to reply, I had already decided on some other house. A quick and efficient response shows the renter self-assurance how the rental encounters will follow suit.
4. YOUR LISTING Ought To Be Exact And Complete - Ensure that your listing facts are kept up to date and are complete. Take a look at web listing frequently to make sure that your contact information is up-to-date. Also, ensure that it truly is exact on the explanation of your property and its particular features. This will help you with recurring customers, but also will keep you away from trouble with rental agreements or laws with regard to such issues.
5. GREAT Photographs - The truth is what they say, "a photo speaks a thousand words". Don't forget, renters are thinking about staying at your rental based (more often than not) entirely on your images plus your word. The better pictures to assist them to be assured with the resolution, the better. This is one way I look at it. If you were thinking about buying a pre-owned auto, would you do so on the internet without a good glance at the outside/inside of your motor vehicle, the engine, etc. Not quite the same, but you get the picture. The more images and the prettier, the more effective. Make sure to have pictures of your rental amenities for instance a pool, the seashore, or a golf course - these are generally top holiday rental sellers!
6. BOOST YOUR EXPOSURE - There are various "hot spots" for people throughout the world. Prior to we owned or operated property, our family used to head to the Florida Keys each year, usually twice. You will find numerous holiday rental properties in the Florida Keys area.
Should I Consider Purchasing a Home After Foreclosure? added 3-28-11
Foreclosures on the market are normally available, regardless of the condition of the economy. Buying a foreclosure might or might not end up being a wise plan of action. Following are things to consider before you take the leap into purchasing a foreclosure.
Is it best to buy a foreclosure or delay the process until the bank
or mortgage company has completed their process? Typically you will get
a better deal, if you make your purchase during foreclosure. However,
you could be truly getting the property "as is" with few, if
any, guarantees. Making a proposal after a home becomes an REO (real
estate owned) of the lender may cost someone a little more, however,
the key owner/lender has more then likely spent some funds in repairing
some problems and/or giving the home and property a little TLC to make
it more saleable.
Is the property truly a great buy?
Many people mistakenly assume that all foreclosures equate to a bargain
purchase. Consider that belief a bit. First, most foreclosures take place
on real estate where little equity exists. For example, people owning
a home worth $250,000, but having only a $100,000 first mortgage will
typically never allow the property to be susceptible to foreclosure.
They might be throwing away $155,000 in equity.
Contrast that example with another $250,000 home with a first mortgage
balance of $245,000. If you could not afford that home, you might be
much more likely to let it go to foreclosure since you are losing little
money. You, being the buyer, might need to pay near the FMV (fair market
value) of $250,000, even if it were a foreclosed property or home.
Are there any expensive repairs that should be completed before you resell
or stay in the property or home?
The nature of home loans may make it faster and easier to purchase a
house in great condition for a higher price than to request "rehab" or
repair dollars to get integrated to the loan. Often, you may be required
to fund major repairs out of your own pocket.
You should find MLS (multiple listing service) listings of similar homes for sale in the same neighborhood as your preferred foreclosure home to compare prices. Is the price of the foreclosure substantially lower than current prices for matching homes? When the price is similar, you may be wiser to buy a house from a professional real estate professional. Should the purchase price for the REO be substantially less than typical FMV for that area, you might have an actual bargain. For more info please contact us.
Buying Vacation Real Estate in the Florida Keys added
1-19-2011
We're all aware of the fact that real estate values are falling, yet buying a vacation home now maybe the best investment one can make. Just be sure that when you buy a vacation home, you buy it in the Florida Keys. This is a year round vacation investment that pays you every week!
The conventional wisdom is that, now in today's unstable economic times, is the worst of all times to buy vacation real estate. And this may be true, for real estate investments in most areas… Yet, if one considers that a vacation home, in the right area, the Florida Keys, is an investment that can almost always shows a positive cash flow. The major side benefits of owning a vacation condo, or even a home, in the Florida Keys outweighs most potential downside risks. That side benefit is that when the owner wishes to use it, he can. It's not like owning a parking garage or warehouse.
Investing in Real Estate in the Florida Keys, the Whys
Obviously for someone that hates the sun, the tropics or clear blue waters,
the Florida Keys is not a place to invest. But for those that love
water sports, world class fishing and year round sun, there's almost
no other place that compares in both physical beauty and a potential
continuing source of income. Year round, The Keys is a vacation destination.
Those from the northern states during the winter, flock to the southeast
and especially the Keys, as a welcome escape from the cold.
Deep sea fishing, sailing, diving, spear fishing, underwater exploration, flats fishing, sailing, water skiing are just a few of the many sports and past times people enjoy during the rest of the year. There's almost no limit to the water sports that are available. While it's possible to do many of these sports year round, the spring, summer and fall have the warmest and calmest coastal waters. Vacationers, a rental property owner's target market will pay high weekly rental rates to stay at a condo or home in the Keys to enjoy and experience these sports.
If a vacationer has a yen for history and interesting surroundings, the Keys also provides interesting tours and sights to see in Key West, as well as other places like Big Pine Key, where a state sanctuary exists to preserve the Keys Deer species. With its history and its beauty, the Florida Keys is an incredibly interesting place to invest. With tourists year round, owning a vacation home in the Keys makes a lot of sense.
High Returns Result from Short Term Vacation Rentals, but There's a
Catch
Some communities, townships, homeowner and condo associations in the
Florida Keys have placed restrictions on short term rentals. If an investor
decides to purchase a home or condo, it is imperative that one checks
to see if there are any rental limitations concerning weekly rentals.
The 'key' to rental profits in the Keys is the owner's ability to rent
the property year round on a short term, weekly basis. If that's not
the case, look elsewhere where no such restrictions exist.
Depending upon the type, size and location of the unit, weekly rentals and purchase prices can vary tremendously. For instance, there are waterfront mobile home villages that offer rentals as low as $300-$400 per week. In contrast, there are homes that may be rented for well over $5000 per week or more. Obviously, the cost of purchasing a mobile home, condo or luxury home will vary tremendously and one may be an order of magnitude higher in price, than the other.
During the summer, with diving and water sports the big attraction, weekly rentals are easy to line up using only the internet and perhaps some of the vacation rental internet sites. Many of the locals in and around South Florida, as well as other parts of the country will come to the Keys, sometimes several times per summer. Even in the fall, while a bit slower, is a time that people might come down for a week or so for a quick vacation. Of course, the onrush of vacationers, typically staying a month or longer occurs during the winter months. Obviously, this season offers the Keys property home owner the highest rental rates. Although even this has been changing within the last 10-15 years.
Vacation Rental ROI & Rate of Return
The first year or two of actually owning a vacation getaway in the Keys
typically shows a near break even cash flow. If one aggressively pursues
the marketing on the internet travel sites, cash flows may become positive
even during the first year of ownership. A positive cash flow in terms
of mortgage versus rentals will usually show itself after the third
or fourth year. There are many factors determining ROI, most notably
are:
. The condition of the rental property
. Number of return renters
. Water view and facilities
. Location and ease of travel from the airport
Locate the Best Keys Areas and Properties
If all of the above are positive, the owner can command the highest rents
and the number of returning vacationers. These will be the easiest
to rent and command the highest weekly rents.
For More information please Contact Me
Importance of dealing with an experienced agent in a short sale added 12-2010
In real estate, a short sale takes place when an outstanding loan against a property becomes greater then the estimated market value of that property. This process is a way in which homeowners can avoid foreclosure and can also pay of their mortgage by reaching a settlement with the lender at the same time.
How a short sale works
In a short sale transaction, a knowledgeable real estate agent asks the seller to provide the required documents—such as income tax returns, closing documents, pay stubs, and bank statements—before listing the property.
Then, through a careful in-depth review of the seller’s current financial situation, a logical way to proceed can be set up, paving the way for a successful completion of the short sale. Short sales are a complex process, for both the buyer and the seller.
Next, the real estate agent will discuss the potential short sale with the lender and inform the seller of the results of their collaboration. When evaluating this information, the seller should always be aware that the lender has more control over the process than either the seller or the buyer, and should strive to maintain a courteous relationship with the lender with that in mind.
Note also that the lender and the seller are actually a partnership, because they both have to agree to the buyer’s offer in order for the short sale to progress.
“Low ball” offers can be a problem
In a short sale, potential buyers are usually hoping to find a bargain,
and they sometimes make offers that are unrealistically low in comparison
with the property’s estimated market value. As a result, the lender may
determine that it is in their interest to proceed with foreclosure rather
than accept the potential buyer’s offer.
An experienced real estate agent will realize that this is a possibility,
and will make a counter-offer to the buyer before presenting the lender
with the problematic original offer. Such “low ball” offers are usually
considered to be a waste of time for the lender when it comes to reviewing
them, and they often cause the lender to delay in responding, in regard
to selling the property, or to ignore the offer altogether.
Virtually anyone who has participated in a short sale agrees that dealing with an experienced real estate agent really made a difference in meeting their needs and satisfying their concerns in going through this complex procedure. The lender is also gratified because foreclosure has been avoided and the buyer or seller, have reached their goals.
What to be aware of in Buying a Condo
There are some important considerations to take into account before you make the final decision to purchase a condo. Too often, people overlook these critical issues and end up regretting their purchase down the line. Do your research carefully and you will make a sound investment. What should you be looking out for? Here are a few important questions to ask:
Is the condo complex professionally managed?
You should examine all HOA documents carefully. It is important to establish
whether or not the complex is professionally managed. It is a good
idea to speak with other owners to get their impressions of the complex
management. Also, look at the turnover rate of elected HOA members.
If there is a high turnover rate this may indicate that the HOA may
be disorganized and ineffective. Analyze the minutes of previous HOA
meetings to see what the issues are and if they have been dealt with
effectively. This will also reveal any major projects that might be
under way. What do the association dues cover? Are owners paying their
association dues? If there is a significant amount of unpaid dues,
it could be a sign that the HOA is ineffective as well as underfunded.
Check the HOA’s accounting records. Is there sufficient money in the
reserve account to cover any emergency repairs? If not, the HOA dues
could be increased to cover these unforeseen circumstances. Lastly,
check that the HOA is not currently involved in any litigation.
What insurance policy is in place?
Ask for a copy of the certificate of insurance to get more information
on the association’s insurance policy. You need to know exactly what
the policy covers. Is there sufficient cover to rebuild the complex
should something happen? Are the replacement costs outlined in the
policy an accurate reflection of the cost of rebuilding? Does the policy
have a building-ordinance clause?
What are the HOA bylaws?
This is where buying a condo differs significantly from buying a single-family
home. The HOA’s bylaws can be a minefield of information. They can
be difficult to understand and interpret. It is a good idea to have
a real estate attorney look over the bylaws on your behalf. You should
know exactly what you will own and what you won’t own.
How many units are owner occupied and how many are rented?
Generally, owner occupied condos are maintained better than rented condos.
If there is a high number of rented condos make sure that the HOA has
a clear rental policy. Find out exactly what these policies are and
if they manage the renting out of condos or not? Do they stipulate
that you use their lease agreement? If so, have your real estate attorney
look over their lease agreement. Also be aware that the HOA may prohibit
the renting out of condo units. You should be aware of all these fine
details before you make a final decision to purchase.
How often are units bought and sold in the complex?
A high turnover rate of units bought and sold could be a clear indication
that something is not right in the complex. This could affect the value
of all units. Talk to other people living in the complex and ask them
about the high turnover rate. Current owners will probably be quite
willing to reveal any major problems to you.
Buying a condo is a complex process. Make sure that you do your homework thoroughly to avoid disappointment later. As with any financial investment, a sound analysis and investigation will significantly reduce the risk involved.
FIVE TOP MISTAKES IN BUYING KEYS WATERFRONT PROPERTY
1. Not Understanding the importance of controlling Depth.
When buying waterfront property, both the actual value of the property
and it’s usefulness as to boating are governed by controlling depth.
What is controlling depth?
It is the depth at which your boat can safely get to open water at average
low tide. Another way to look at it is boating draft.
For example, most sailboats have at minimum a 4 foot draft—meaning they need at least 4ft of water to safely navigate without running aground.
So-If you own a sailboat or are ever considering the purchase of one, the waterfront property you buy has to have at least 4 feet of controlling depth.
How does this affect value?
People that own 50 ft boats and larger sailboats, that require 4 to 5
foot draft, will find that neighborhoods have controlling depths of
4-5 feet or more are typically more expensive as to real estate prices.
To Consider.
Even if you don’t own a boat, you may want to buy one in the future or
will possibly have friends coming to visit that do have a larger boat.
So first and foremost take Controlling depth into consideration.
2. Not knowing what types of Boats are allowed.
Generally there is no problem with pleasure craft, however jet skis and
commercial fishing boats can be a problem based on neighborhood (subdivision)
restrictions (if any)
For example: Many boating communities frown upon Jet Skis due to the
noise. If you plan on using jet skis or having friends that use them,
look into any restrictions.
The same thing goes for commercial boats.
3. Not paying attention to Flood Zones.
What type of Flood zone is the home you are buying?
For example flood insurance for a home in a VE will be triple that of
a home in an AE zone. So one of the first things to find out is the Flood
zone and then check with a local insurance company as to costs.
4. Using outside of the area lenders.
If you are buying waterfront property in Florida and are considering
a lender in Colorado, you can have a problem. Why?
Because lenders outside of the state can place prohibitive restrictions
on a property.
For example, some lenders will feel that any waterfront home bought
in Florida needs to be constructed of Concrete block as opposed to wood
frame, due to potential hurricane damage.
Be sure to talk to Local (at least State) lenders, as they will be familiar
with the area.
5. Not determining area (county or subdivision) rental Laws.
If you are considering using your waterfront home as a rental, look into
the area or subdivision zoning laws as to rental periods allowed.
For example-can you only rent monthly-every 6 months or are weekly rentals
allowed. Whatever the law, it will make a big difference in both ease
of renting and your potential income.
These are just some of the most important issues to seriously look into. As your Agent, I will help guide you through all of this.
Destination Resort Spectacular: The Florida Keys
Destination Resort Areas
Some shining example of real destination resorts are The Florida Keys,
particularly Marathon, key West, Nassau and ski vacation locales such
as Telluride and Aspen. What makes the Florida Keys a premier resort
location is the fact that it offers vacationers a year round destination.
While it’s true that Nassau, like Key West are cruise destinations,
Key West and the rest of the Keys have incredible
vacation attractions year round.
This is the key advantage that Florida Keys resort properties enjoy over ski resort properties in Colorado, California or Utah. The winter vacation season in Florida starts in late January and ends sometime in April. Beginning in June, the summer season kicks in until Labor Day. However, if you walked on the streets of Key West during the “off seasons” you couldn’t fail to notice tourists taking snapshots, fishing off the pier or enjoying the sights and sounds of old Key West. Cruise ships typically make port year round in Key West, probably to a greater extent than even in Nassau.
Other Keys Resort Areas
One shouldn’t overlook other Keys destinations such as Islamorada located
about 78 miles from Key West and 53 miles from Miami. That’s a one
hour drive to the airport. (Key West has its own airport, albeit somewhat
small with limited service). The major advantage that Islamorada offers
is its beauty, easy going life style and ready access to excellent
restaurants and even some funky night spots.
There are other locations worth mentioning in the Keys, especially Key Largo, with its proximity to Miami, great diving and fishing. Certainly, Marathon and some of the lesser known Keys are certainly worth considering as investment opportunities which also offers an owner a great place to stay while not rented. However, Key West will still be the major draw in the Keys as an income producing vacation area.
Investment Points to Consider
It’s a fact that more than 50% of the vacation properties owned (condos
and private homes) are owned by Florida residents. Another interesting
fact about the Keys, is that more than 55% of the properties that are
sold in the Keys are sold to people that visited there loved and loved
what they saw. Therefore, the key point (no pun intended) is that the
Florida Keys are an important vacation choice for people wishing to
own their piece of paradise.
At the same time, the rentals on most of the properties can be used to defray most, if not all of the costs of owning a vacation property. In fact, after a few a years, the typical owner will have a net positive income based on vacation rentals. Of course, there is a trade off: how much does one wish to use their property versus how much income they do wish to generate with their property?
A Contrast: Owning an Investment in a Non Vacation Area
One of the primary reasons people elect to rent properties in non vacation
locales versus vacation properties is the belief that those renting
an apartment or home are less likely to damage the property where they
reside. This is a specious argument, notwithstanding the problems that
might result from renting to college spring breakers. Typically, if
you judiciously rent your home or condo, carefully screening to whom
you rent, there is little chance of major damage occurring.
This raises the question: why? Those visiting vacation properties in the Keys are spending most of their time outdoors sightseeing, fishing, diving, swimming, etc. While those in non vacation areas in their homes, spend the vast majority of their time (24/7, as it were) within that property. Breakage and damage is statistically more likely to occur, as a result of family problems and/or the wear and tear on a dwelling occurring with daily use. Another factor is partially socioeconomic. When a vacationer throws down $1,000 or more per week for a vacation rental in addition to a sizable security deposit, they are less likely to damage a well maintained vacation rental and may typically be more advanced in their career or job.
It’s Better in the Keys
In almost all ways, Florida Keys destination properties are certainly
on a par with Telluride or Nassau. However, the Keys offer the added
benefit of having an extended vacation season. Moreover, whether you’re
interested in the Upper Keys (Islamorada) or Key West (the Lower Keys),
property values have not depreciated nearly as much as they have within
the rest of Florida or the rest of the country. There are two good
reasons: 1. There is an overabundance of vacant properties throughout
the U.S. as homes go into foreclosure. 2. Key West or Islamorada are
vacation destinations and will perpetually produce income.
With an ongoing recession, vacations within Florida will be an even
more attractive alternative to vacations outside of the country. Thus,
a property purchased in the Keys will be an income producing property
(zoning permitting) in the foreseeable future. As an investment vehicle
and as a place to enjoy some ‘fun in the sun’, few vacation destinations
top Florida Keys real estate.
Importance of using an
experienced Real Estate Agent
There is a lot of hard work that goes into buying or selling a house.
With today’s market and economy, that hard work has become even tougher.
That is exactly why it is critically important that you hire an expert to help you navigate through all the details and negotiations.
Yes, there are lots of Real Estate Agents, but not all of them may be looking out for your best interest. Therefore the first thing you need to do in this process is to find a real estate agent that you can trust, that has experience and importantly has great negotiation skills.
From the experience side of things.
A few things to ask a prospective agent?
How long have you been in Real Estate?
Do you do this full time?
What are your sales stats for the last couple years.
(These may seem like intrusive questions, but any top-producing agent
will actually welcome them)
The importance of Negotiation.
Negotiating is probably the most important skill that an agent can possess.
The agent could be an excellent salesperson, but without negotiating
skills you might not be getting the best deal for your dollar.
A really great agent will listen to the concerns of both the buyer and
the seller and then work on something that benefits both parties.
A great negotiator will ask the proper questions to find out exactly
what those concerns are, and in addition what each side wants to ultimately
accomplish.
The goal being, to turn your transaction into a win-win situation for
both parties.
Area knowledge.
An agent should have in-depth knowledge of the area in which the property
is located.
From a seller’s perspective, knowing the actual value of the property
and how much the sellers could get for it is vital.
From the buyer’s perspective, the agent should know about schools, local
amenities and even which local business are in the surrounding area.
On the subject of tax rates, building codes, home repairs and insurance
costs, an experienced agent can also point out exactly where to get the
information.
In conclusion, picking an agent that has the experience and negotiating skills to help with selling or buying a home is an incredibly important step. Be careful to choose a strong partner in your pursuit of either selling or buying.
Carmen Cordova Carricaburu, CRS Alfredo “Fredy” Carricaburu
Broker/Associate Realtor/Associate
Carmen & Fredy Carricaburu
(305)289-0077
www.homesinthekeys.com