Treasure Coast Real Estate Blog

Your local news and information source for homes and investment real estate along South Florida's Treasure Coast

Thursday, November 3, 2016

Understanding Home Owners Associations

What You Need to Know About HOAs


If you’re a first-time buyer and are confused about what a Home Owners Association is (or does), you should definitely ask the right questions before you consider buying. Basically, an HOA is an organization which is designed to protect the quality of life and property values for owners within a neighborhood or shared building. How they do so, though, can vary widely. Typically when you purchase a residence subject to an HOA, you’ll be required to pay monthly dues which often contribute to major repairs or maintenance or the upkeep of common/shared resources.

But HOAs can also have a significant impact on what you can and can’t do with your own home. The HOA’s rules are detailed in what’s called covenants, conditions and restrictions (CC&Rs). To understand how strict an HOA is (or isn’t) you’ll want to understand the details of its CC&Rs before you consider buying. These might have reasonable restrictions, such as keeping junk cars out of the front lawn, or they might extend all the way to what color you can paint your garage door.

HOAs are typically of greater concern to condo buyers than single-family home buyers, but they cannot be overlooked when searching for your next residence. Here are some questions you’ll want to ask yourself and the HOA before you make an offer:

1. How comfortable am I sharing decision making about my own home? Yes, you own your property, but if you agree to abide by the CC&Rs of an HOA, you’ll need to be willing to abide by its rules.

2. How much are the HOA fees, and how much have they increased over time? Your budget can be seriously impacted not only by current HOA fees, but anticipated increases. Sometimes HOAs can even require residents to chip in for major repairs or upgrades beyond HOA fees.

3. What are all of the CC&Rs? Get a copy of the CC&Rs and make sure you understand all of the rules. Furthermore, see if you can sit on on an HOA board meeting or obtain notes from past meetings. This will help you understand the temperament of the HOA as well as the type of past conflicts residents have had with the board.

4. Is the home (or unit) you’re considering in compliance with the HOA’s CC&Rs? If you’re considering an offer on a problematic property, understand a real hassle may follow.

If you like the idea of a group of neighbors who set community or building standards, a residence with an HOA may be for you. But if not, don’t worry! There are lots of other homes out there. Get in touch today!

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Website. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Monday, September 26, 2016

Townhouse Rentals in Stuart, Florida

This week we are featuring three excellent townhouse rentals in Stuart, Florida. All three are in "like new" condition and range from a two-bedroom unit with loft and garage to a four bedroom unit with garage and resort facilities. Call us at 772-288-1765 to schedule a showing today or visit www.stuartrentalhomes.com for more info.

Stuart News Ad 9-25-2016


This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Website. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Friday, September 23, 2016

Self-employed? Improve your odds of getting a mortgage.



The so-called “gig” economy means more people than ever are self-employed, receiving 1099 tax forms as independent contractors. In the world of the self-employed, the idea of securing a mortgage can seem like a fantasy. Unlike the traditionally employed, the self-employed entrepreneur is seen as a greater risk. Despite making a good living, some self-employed workers never even apply for a mortgage, believing the dream of home ownership is cut off by slim chances for approval.

This isn’t necessarily true! Don’t give up on home ownership just because you’re self-employed. Instead, take the steps to boost your status in the eyes of lenders. Here are some tips to put you on the path towards pre-approval:

1. Lower your debt. Debt is what haunts almost all new buyers seeking a loan. If you’re self-employed and debt-free or have a low income-to-debt ratio, you look much more appealing to lenders.

2. Keep your personal and business accounts separate. Professionals draw a line between business income and expenses and personal income and expenses. Demonstrating this level of maturity is a plus.

3. Deduct less on your taxes. The self-employed are almost always guilty of taking tax deductions which cast a little shade on their mortgage application. Take honest, documented deductions, and don’t make it look like you’re desperate to cook the books!

4. Register and pay yourself like a pro. Make sure your business is licensed and registered and, if possible, set up your business structure to pay you on a W-2 form rather than declaring your income as 100% 1099.

5. Document everything. Make no claim without paper (or verifiable digital records) to back it up. Check stubs from clients, proof of income, expenses… everything. The more thorough and organized your documentation, the better you look to the lender reviewing your file.

It can also be useful to make a larger down payment than most, but lenders understand this can be difficult. You may be eligible to use your IRA or even an old 401(k) to boost your down payment, but talk to your tax professional before you make any moves.

Don’t let self-employment cloud your view of securing that mortgage. It is possible! I’d be happy to put you in touch with lenders when the time comes. You can reach me at 888-288-1765, or visit my Website to learn more about the home buying process.

As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Thursday, September 22, 2016

Helpful Tips That Help Your Property Sell Faster

 Download the Checklist


Whether you are looking to sell your own home or hire a Realtor, selling your home doesn't just mean sticking a sign out front. There are a lot of preparations you should make to ensure you get the best offer possible in the shortest time.


Things to Consider When Preparing to Sell

  • What is the buyer's first impression of the exterior of your house?
  • Shall I re-seed the lawn and get my landscaping in top shape?
  • Does the house or any part of the house need painting?
  • What about the door mats? Do I need to replace them?
  • What about the screens? Any holes? What about the windows? Do they work well or do they need attention?
  • What is the buyer's first impression as they step inside the house?
  • Are my pets in control at all times?
  • Does the carpet need cleaning or replaced?
  • Are all appliances in good working order?
  • Can I take items out of the cabinets to make them look more spacious?
  • Is there any furniture that can be stored to make rooms look larger?
  • Since all buyers want to look in closets, can I take some of the clothes out to make them look roomier?
  • Are the garage and storage areas as clean and neat as they should be?
  • Should I stay out of a prospective buyer's way?
  • Are the price and terms offered going to appeal to most of the buying public in my price range?
  • Do I need to be aware of other houses similar to mine also being offered for sale?

Click here to download our Home Sale Preparation Checklist



Home Sale Preparation Checklist
Download the Checklist

Looking to sell? Feel free to contact me for a no-obligation home evaluation today!

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Website. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Monday, August 1, 2016

Should You Buy a New or Existing Home?





Maybe your dream home has the intricate details that you usually find only in older construction - wainscoting and crown molding in the interior, the front porch with a swing, an older tree shading the back yard, and the white picket fence. 

Or maybe your dream home has all the conveniences of modern living - open floor plan in the living and dining spaces, large windows, connected, “smart” appliances and security systems, and minimalist design elements. 

Whether you go for a brand new construction or an existing home, both types of properties have their pros and cons when it comes to purchasing. What type of home is right for you will depend on which factors are most important for your lifestyle. 

Build your dream home with new construction

If you’re making a home purchase that’s still in the pre-construction phase, you may be able to customize many of the details. Many home builders will give you the option to add design elements that will give you the exact dream home you desire. If it’s a new subdivision, you may even be able to pick which lot you like best. 

Very early in the building process, you may have more room to customize. For example, if the walls aren’t complete, you may be able to add extra outlets in each of the rooms or custom wiring for surround sound in the media room. Perhaps you could move the laundry room to the top floor instead of the basement. You might be able to get a separate mudroom entrance. 

Later in the building process, you may be able to add marble countertops, an island, and custom cabinets in the kitchen. Your master bathroom could be upgraded with a steam shower, spa tub, and European fixtures. You will want to check with the builder to understand which features are included, and which ones are extra. 

New homes save money with fewer repairs and more efficiency

Once your home is complete, all you’ll need to do is move in. New appliances will be under warranty for a few years if they need repairs, and will likely work well for several years without needing fixes. Often, new construction is under a builder’s warranty, so any repairs needed in the first year should be covered. 

New homes often contain energy efficient and green appliances, like high-efficiency stoves, refrigerators, washing machines, heaters, or air conditioning units. These energy-saving appliances, along with good insulation and energy-efficient windows, will help you save money on monthly utility bills. 

New homes also often use new building materials that require less maintenance — for example, using composite siding instead of wood, which doesn’t need annual repainting. You won’t need to spend as much to maintain your new home. 

If you customized it during pre-construction, you won’t need to spend any money on renovations or upgrades for several more years. You can just enjoy it and not worry about saving for major home repairs. 

What you need to do to make a good new home purchase

Before you put in your offer, do some research on the builder. Do they have a good reputation? What else have they built? Did their other new properties have issues such as poor construction or unfinished details?

You like the model home, but will you like where it’s situated? After you look at the home itself, come back to the neighborhood to see what it’s like at different times of the day. Walk around during the day and in the evening, and see how you like the area. 

Brand new communities usually attract similar types of buyers—urban professionals, couples, or young families, for example. These will be your neighbors, so you’ll want to make sure that you want to be part of this new, homogeneous community. 

You may also need to be flexible with your move-in date. Builders will only be able to let you move in if they can meet their construction schedule. If the wiring is delayed, the walls can’t be finished. And because there are so many construction tasks that are dependent on the completion of prior tasks, schedules tend to slip. 

Get more variety and established neighborhoods with an existing home

Existing homes are those that have generally been built and lived in between the 1920’s and 1970’s. With existing homes, you will get more variety in home styles, as different types of construction have gone in and out of style throughout the decades. Within one neighborhood, you may be able to find a mix of different styles like Victorian, modern Tudor cottages, tract style, ranch or split-ranch, or contemporary homes.

Existing homes are situated in established neighborhoods, which may have more amenities nearby that a new home in a brand new subdivision may not have. Your new neighborhood may have restaurants, cafes, and boutiques within walking distance. 

You might also have access to more supermarkets, dry cleaners, discount stores, and gas stations nearby. An established neighborhood might have a nice park, running path, or playground for the kids to enjoy. You might also be closer to a library or the post office. 

Resale homes can be a less expensive purchase 

If you’re considering a resale home, you may be able to get into a beautiful, unique property at a lower purchase price than a new home. 

There are many more resale homes available than there are new homes — according to the National Association of Homebuilders, about 10 times as many. With such a large pool to buy from, the market for resales can be more competitive. You may have more room to negotiate the  selling price of the home. With a brand-new construction, you won’t likely be able to have the same kind of negotiating power. 

Before putting a home on the market, sellers often make home renovations or remodel parts of their homes to make them more attractive to buyers and to be able to potentially increase the list price. If the resale home has a brand new, modern kitchen, an updated bathroom, or even a new roof or upgraded windows, you could end up getting a home that’s comparable to new construction without having to pay the potential more expensive new-home list price. 

Existing homes have already been inspected at least once on the last sale, so you will know about any potential structural problems or repairs that have been made on the home. Knowing the track record on your potential home will help you avoid purchase mistakes—you’re much less likely to end up with a property that has a rotting roof, dangerous electrical wiring, or a crumbling foundation. With a new home, you could end up with incomplete construction or major issues that you didn’t know about because they weren’t yet documented. 

What you need to do to make a good resale purchase

Before you go too far down the road to a purchase, you can protect your purchase by first having the home inspected. A good home inspector will document all flaws, no matter how small they appear. If the inspector finds any major problems, like foundation cracks or leaky roofs, you may be able to counter offer and get the seller to either fix it or reduce the selling price. 

Even if the inspection doesn’t uncover any major issues, you will need to expect the unexpected. Older homes will eventually need replacement appliances, a new air conditioning unit, or a plumbing repair. As long as you know that before you buy a resale home, you can plan for surprise repairs. 

With an older home, you may want to eventually remodel parts of it. Will you be happy living in your house while you’re doing major work on the living room or the kitchen? If you know that it would disrupt your lifestyle too much, you may want to consider whether you really want to buy an older property. 

Whether you choose to buy a new home or an existing home, the best way to get started is to speak with your trusted real estate professional. We will have access to both new properties and resale homes that may fit your goals, and will know which neighborhoods will serve your needs. 

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Sunday, July 31, 2016

Would You AirBnB Your Home to Sell It?

If you stop to think about it, selling a home is a bit of a strange endeavor. You’re asking prospective buyers to make a huge investment in your home without the experience of actually living there. Yet this is standard procedure. Buyers make offers after showings without having spent a single night in the home where they’re planning on living!

Now there’s an emerging marketing trend designed to take some of the ambivalence out of buying a home. Some sellers are taking the steps to let prospective buyers “live” in their house for a few days to see if the home is right for them.

AirBnB is one platform making this strategy possible. Most effective for sellers who have staged their house and are not currently living in the listing, the approach is direct: Sellers list the home on AirBnB and when they have an interested buyer, they arrange a temporary “rental” of the property. This way, the buyers get to spend real time in the home. They are allowed privacy, the chance to see what it’s like to sleep in the house at night, and use the facilities just as they would if they owned the home.

While the approach goes a long way to calming buyer fears, the idea is not without its critics. For one, not all brokers may be comfortable with this approach. Obviously having prospective buyers temporarily rent the home can create difficulties showing the home to other buyers when the property is rented.

Also, there are infrequent horror stories associated with this type of short-term rental. Home damage and even squatters who refuse to leave have happened to people listing their property on AirBnB. Finally, there are potential legal complications related to short-term rentals in certain communities. Nonetheless, there are thousands upon thousands of people who have offered up their short-term rental with no problem.

You can see the appeal, though. There’s a real potential for buyers to build an emotional attachment to your home if they spend a little vacation time there together while evaluating the property.

What do you think? Would you AirBnB your home if it gave you an selling advantage?

AirBnB’ing your home is hardly the only strategy for a quick, competitive sale. I have a full range of marketing and sales techniques to help you sell! If you’re thinking about selling soon, get in touch to see what I can do for you!

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.