Blog – Page 24

Why There Are Fewer Condo Developments Going Up

October 27, 2021 By Deborah Ward

The housing market has rebounded, even to the point that builders are getting busy again. What they aren’t building as many of these days, though, is condo developments. Builders now are opting for single family homes or rental apartments.

Condos were more lucrative, so why is it that fewer are being built?

Tougher rules on condo mortgages

One of the biggest reasons is that after the housing bubble burst, there are new tougher rules on condo mortgages.

Couple that with a stronger demand for rentals and lower demand for buying over renting, condos aren’t in demand. It leaves builders in a bind, because condos can be priced more flexibly and are more responsible to market fluctuations than rental units are.

In a strong market builders can sell out of condos even raise prices as they sell, faster than it would take to lease all of the units if it was a rental.

First time home buyers

Condos also help builders pay down their debt faster as they can pay lump sums at each closing. Unfortunately for the builders, the younger, first time home buyers that comprise the majority of home buyers, condos aren’t their biggest choice anymore.

As stated above, another big reason for that is the fact that the Federal Housing Administration, which backs mortgages made to low-wealth buyers, made it much harder for people to get mortgages from 2008 to 2012 for condos.

Under the new rules, at least half of the units have to be owner occupied and no more than half can be mortgaged with an FHA mortgage in order for the FHA to insure a mortgage for a condo unit. If they are under construction, at least 30% of the units have to be under contract before the FHA will even start issuing mortgages there. That makes it exceedingly difficult for first time buyers to buy a condo.

Why go through the hassle of looking, deciding and then being turned down when you can get a single family home.`

All of those factors have meant that builders aren’t bothering to build condos anymore. Can you blame them?

What Are The Most Important Factors (To You) When Buying A Home?

October 27, 2021 By Deborah Ward

There are a lot of things to think about when buying a home, but before you even start looking the most important question is what are the most important factors to you when you are looking for a home to buy? It will help make your home search more specific to you and your wants and needs.

So how do you start?

Look at your current living space and start a list. Write down what you like about it and what you don’t. Is the space too small? Find out the square footage of living space and then you know you your starting point for bigger. Are there enough bedrooms? If not, how many more or less do you need?

If your current home or apartment has a great functioning kitchen, write down what you use the most. If not, go to a home center and look at kitchen options to see what would work for you and what won’t. Just because it’s the “in” thing doesn’t mean it will be something you like or would use.

Think about what is surrounding your current home

Is there a big lot or no lot at all? What about how close you are to the water? Is waterfront property important or do you mind a short walk, bike ride or car ride? Is there shopping close by? What about fitness centers? Schools?

All of these things are key factors for someone, but are they for you? Your answers to these will determine neighborhoods to visit and find a home or neighborhoods to avoid.

HOA’s

Also keep things in mind like home owner’s associations! If they are important to you to keep the integrity and value of your home, look for homes in one. If they are too much of a restriction for your lifestyle, or too much more of a fee to add to your budget, look for homes that don’t have a home owner’s association.

Know what you want so you can set expectations and narrow your home search.

Should You Live In An HOA Controlled Development?

October 27, 2021 By Deborah Ward

If you are looking for a new home in Florida you will be finding that many are in communities that have homeowners associations (HOAs). You’ve heard many things about them, but aren’t sure if it is something that will be good for you. So let’s look at the pros and cons of owning a home in a HOA.

Standard of community appearance

One major thing an HOA does for all the homeowners in the community is uphold a standard of community appearance. The bylaws and rules of the HOA will outline what those standards may be. Typical rules include the upkeep of your lawn and landscaping, house exterior upkeep and paint colors, improvements to your home, and what kinds of vehicles can be parked outside your home such as boats or RV’s.

In some situations HOAs also provide maintenance and services such as trash removal and lawn care are handled by the association, leaving less work for the homeowner. Typically, common areas are maintained by the association, which can include pools, tennis courts and gyms, community centers and walking trails.

The HOA will also act as manager if there are problems like dogs barking, loud music or other disputes. HOAs also charge monthly fees to cover the services and maintenance.

Pros

Knowing all these things can tell you pros and cons. Pros are that your homes value will stay higher because your neighbors can’t let their properties become overgrown, paint them some wild color and keep 14 dead cars and a boat on their property. It also can mean less work due to the maintenance and enjoying amenities without having to put the work into caring for them. It can also help you stay friends with your neighbors even if you have complaints about them.

Cons

The cons are a bit more difficult to see, but are there. The most obvious one is that monthly fee. It’s not optional. If you fail to pay it the HOA can place a lien on your home and ultimately you may lose your home. Others are a bit harder to suss out, but have to do with your personality. If you are more of a free spirit who likes to do things your own way the rules of an HOA can be rather restrictive. If you are the kind of homeowner who feels that your property is YOURS and no one can tell you what to do with it, an HOA may not be for you either.

Knowing yourself is important, so weigh those pros and cons and see how it fits.

The Top 5 Kitchen Renovations That Will Help You Sell Your House Faster

October 27, 2021 By Deborah Ward

Ever wonder what the top kitchen renovations are to get the highest possible price for your home when you are selling it?

You’ve had a Realtor come through your home and give you some feedback so you can list to sell your house. The suggestion to do a kitchen renovation was not surprising. But do you have to gut the kitchen and start fresh or can you just do a few fast fixes? Well, kitchens sell houses, so updating yours will help. Here are a few suggestions to make your kitchen look fresh and updated and get you top dollar.

Update countertops

Ripping out your entire kitchen may not be in your budget. A total kitchen gut can cost upwards of $25,000.00. However, there are some less expensive things you can do that will make your kitchen look fabulous. Let’s start with countertops. Get rid of your old laminate counters. They look dated, grungy and people hate them. Popular choices today are granite or quartz. Buyers are looking for it, so do it if you want to sell your house.

What about the sink?

While you are replacing the kitchen counters, think about your sink. Enamel and steel aren’t the only choices anymore. You can change size, shape and what it is made out of. Think about doing an under mount. Or a double sink if you have the space, but don’t take too much counter space or make the kitchen look smaller by adding a double sink.

Cabinets

Your cabinets may be really nice, but if they are missing hardware or need a really good cleaning, they will look dated. At the very least take some wood cleaner and clean off the built up grease and grime and replace the hardware. A better idea is to reface or repaint the cabinets. It’s much less expensive than a total replacement.

Appliances and lighting

Do your appliances match? Do they work? If not, think about replacing them. Yes, it’s an expense, but nothing makes a kitchen look worse than old, mismatched appliances. To sell your house you need to update as much as you can. Don’t forget lighting! If there are spaces where you wish there was more light, add it. Under mount lights under cabinets are easy to add and give a lot of light. Look at changing other lighting fixtures as well.

Make your kitchen shine and your house will sell!

Dunedin Florida Real Estate – Take a Tour with Deb

October 27, 2021 By Deborah Ward

Dunedin, Florida is a great place to live. Whether you are looking for business real estate or for your home, it is a cozy town with amazing character.

You can take a quick tour with Deb:

Here is also some cool information that can help you choose Dunedin.

Dunedin is located close to Clearwater Beach, in Pinellas County, Florida. Dunedin’s name comes from the Gaelic pronunciation of Edinburgh, Scotland – NOT Dune-din but Dun-edin.

Its heritage is from its early Scottish inhabitants. It has a sister city in Scotland called Stirling. Dunedin honors its Scottish roots yearly with its annual Dunedin Highland Games. Dunedin High School and Dunedin Highland Middle School each have competition-level pipe and drum bands, and the high school marching band is called the Scottish Highlander Band. The city itself has its own pipe and drum corps, made up of teens and adults.

If you like the beach, Dunedin has plenty to offer. The Dunedin Causeway, Honeymoon Island, and Caladesi Island State Park, are rated among the best beaches in the world. Dunedin has gone the extra mile to protect the views of its amazing waterfront. In attention to keeping things simple and not take away from the beauty of the nature around Dunedin, the downtown business district has kept large commercial signage absent.

If you wanted to do something other than lay on the gorgeous beaches, there is golf and hiking or biking. The Dunedin Country Club golf course is a semi-private golf club that has memberships, but is also open to the public. If you like biking, walking or hiking, the Pinellas Trail runs right through downtown Dunedin. It’s, a 39-mile-long bicycle and pedestrian trail that runs through Pinellas County.

Sports are big here too. The Toronto Blue Jays hold spring training here, and it is home to the class-A Dunedin Blue Jays of the Florida State League.

Dunedin is also full of whatever size home you may need. From small bungalows to large, roomy homes, you’ll fine whatever your heart desires.

Looking for a home in Dunedin FL? Give Deb Ward a call today! 727-410-0336

Tampa Bay Home Selling Tips : How To Price Right For Your Neighborhood

October 27, 2021 By Deborah Ward

One of the best Tampa Bay home selling tips is how to price right. It is also one of the trickiest parts of selling your home. Pricing it right for not only what you need out of the sale, but for the neighborhood and to make sure it sells. So how do Realtors figure out that magic number? A few things come into play, especially in Tampa Bay. Here are some home selling tips for pricing right for your neighborhood.

Check the comps

First, know what other homes have sold for in Tampa Bay. Check comps, or comparable homes, for their sale prices. Do NOT look at listing prices. Other homes may have been overpriced or underpriced. Comps also tell you if your home and the sold home have the same amenities. If the comp house has been updated with granite counters and your home still has laminate counters, the asking price of your home won’t be as high.

Location counts

That leads to some of the other reasons why homes are found at different price points. One of those items is location. Where is the home? Is it in a gated community? Is it in a great school district? Does it have a homeowners’ association that keeps the quality of the neighborhood higher? Is it a waterfront or water view property? All of these things will mean you can price your home higher. However, location can have negatives as well. Is the home on a busy street that is noisy or unsafe for children? Is it near an airport or railroad tracks? Is the neighborhood decaying? All of these may mean that no matter how gorgeous your home is, you won’t get top dollar.

Home condition

Another home selling tip is that home condition affects price . Is the home updated? How new is the roof? What about the home’s systems (electrical, plumbing, heating and AC)? Are they up to date or in need of repair? Have the appliances been updated? The important rooms to focus on are kitchens and baths. They are also the most expensive, but they are what buyers look for to be fresh and up to date.

Pricing your home right is important. If you aren’t sure what to ask, bring in a Tampa Bay real estate professional like Deborah Ward and let her do it for you.