If you’re considering getting into the landlord game, you might wonder whether it’s best to buy a single family home or a condominium. Many people believe it best to stay away from condominiums because of all the issues with homeowners associations, and they have a point. However, single family homes have many issues, too, so don’t make up your mind so quickly. Consider these things:
When you’re buying an investment property, the first thing you should do is pencil out your real estate deal to see if it has fair cash-on-cash investment returns. As a general rule, you’ll find that single family homes typically have lower cash-on-cash returns than condominium properties. So a fair deal on a single family home might be a cash-on-cash return of 3 to 5 percent, while a condominium might have 4 to 7% returns. The condominium will probably take this round, but every property is different, so you need to pencil out your specific deal to understand the returns.
Every time your tenants leave, you’ll need to re-rent the property. And it’s a lot of work! You have to advertise, take calls and emails, show the property, draft a lease, do a credit check, move the old tenant out,...
Norris & Company brokers and associates remain in a constant state of learning to bring innovation and fresh solutions to every real estate transaction. Those letters that frequently appear after a Realtor’s name mean that he or she has invested the time, energy and financial resources to offer clients an advanced level of knowledge and skills. The designations represent specialized training in a specific aspect of the industry or in marketing luxury properties.
So what do the designation letters represent? Here is a descriptive list offered by the National Association of Realtors and its affiliates:
ABR® – Accredited Buyer’s Representative
An ABR designated agent focuses on working directly with buyer-clients at every stage of the home-buying process. They are trained to thoroughly represent buyer-clients in real estate transactions and provide the quality of service and degree of fiduciary responsibility that sellers have customarily received.
ALHS -- Accredited Luxury Home Specialist
ALHS agents are members of an elite group of exceptional and dedicated real estate professionals. As a testimony to their commitment, these high caliber agents subscribe to The Luxury Home Council's strict guidelines that demonstrate the agent's expertise in this highly demanding segment of the real estate marketplace.
With the Atlantic Hurricane Season quickly approaching, June 1st-November 30th, now is the time for Indian River County residents to make or review Hurricane Checklists and Evacuation Plans. Below is a short list of items you may want to include while preparing:
- Water (1 gallon per person/pet per day, plan for 3 days)
- Medications (2 week supply)
- First Aid Kit
- Battery Operated Radio
- Flashlight / Lantern
- Non-perishable food
- Coolers for Food and Ice
- Propane for Gas Grills
- Fill Vehicle Gas Tanks & Cans
- If you have a Generator, check it to make sure it is in working order before a storm approaches.
- Pet Supplies (food, meds)
Have a plan in place with family members as to where you will go in the event you are ordered to evacuate for a storm. This is particularly important since cellular communication immediately after a hurricane is limited to first responders/emergency services and landlines are often not working in the affected areas. If you plan to evacuate to a shelter and have pets or special needs, be sure to make these arrangements well ahead of time as shelters for these services may have limited capacity.
Get cash ahead of time. ATM’s will likely be down as power may be out for days and/or businesses closed. Credit/Debit cards won’t work for the same reasons.
For insurance purposes, take interior...
Should you buy now or wait? Estimated cost differences on three mortgages; $250,000, $500,000, $1,000,0000.
Still sitting on the fence?
Homeowners sometimes wonder if they should sell their home on their own. In real estate lingo, this is known as FSBO, or "for sale by owner". Most data suggests the answer to this question is emphatically "no"! A few of the drawbacks that a Seller encounters when trying to do a FSBO include: no access to MLS (multiple listing service); no access to many real estate search websites including home search giant, Realtor.com; limited access to recent sales data so a reasonable list price can be achieved and less experience with sales contracts and negotiations. So just how critical is it to list with a knowledgeable and experience Realtor? See the graphic below and judge for yourself!
Termites leave signs of activity but by the time they do, your house may already be infested.
The following are warning signs that you may have a termite problem.
- Swarmers and/or Discarded Wings: More than likely, the only time you will see live termites is when they "swarm". Subterranean termites usually swarm in the spring while drywood termites tend to swarm in the summer months. You can almost be sure your home is infested if a large number of winged termites (swarmers) or discarded wings are found inside the home. Swarmers are often confused with flying ants so be sure to verify which you have.
- Mud Tubes and/or Tunnels: Because dark, moist conditions are preferred, foraging termites construct mud tubes as protective runways from the soil to the wood inside a home. Look for mud "tubes" along the foundation of your home, around doors and windows and also on wood posts.
- Small Holes in Wood or Drywall / Blistered Paint: Small exit holes are created when termites swarm inside your home. Because they...
The graph below depicts the number of months it would take to sell the existing residential listings on the market, May 2010 through May 2012. Inventory is down 75% from where it was two years ago. We now have approximately 5.6 months of inventory where two years ago in May, we had approximately 22.6 months. What does this mean? Now is a great time to Sell since there is less competition in the marketplace. Conversely, now is a great time to Buy as home prices are just now making an upward turn and mortgage rates are still low.
Click on graph to enlarge.