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Will Association Fees and Hurricane Insurance Derail Housing Recovery in Florida?
Two recent articles in the Miami Herald have me wondering if our fragile South Florida housing recovery is going to hit the skids. The one in Monday’s business section talks about condo association fees and the one in today’s paper discusses the increase in windstorm insurance. if you are getting ready to buy, make sure you keep both of these articles in mind and allow an extra cushion for increases. If you already own, have either of these costs gone up for you yet?
10 Ways to Prepare for Homeownership
So, you have been reading that now is the time to buy and you are ready to take the plunge and purchase your first home. Before you start surfing the websites and looking at properties, take the following steps to make sure the process goes smoothly once you find your dream home.
The Importance of Customer Service
I would think that in today’s economy everyone would be striving to perfect the art of customer service. I rely 100% on referrals for obtaining listings and buyers and know one of the reasons I do well is because I strive to provide great customer service. I have had two experiences lately where customer service was not bad, it was absolutely non-existent. In the first one, I contacted several pool companies to give me an estimate on diamond-briting my pool. Out of the three companies that I contacted, only one came by and followed up with a quote and a phone call to see if I had any questions regarding the quote. I contacted one of the companies again, only because they are well known and I figured anyone can make a mistake, and they stood me up for a second time. Sorry, but if I have to work that hard to give you work, I can’t imagine how hard I will have to work once you have my deposit.
The second instance is actually with a company I recommended to a client. I had referred this company before with rave reviews. This time however, my buyer is completely unhappy because a project that should have taken 3 weeks has taken two months, she tries to get people out to the house to finish the work, they set a date and time, don’t call or show up, and no one in the company has called to follow up, apologize or explain the delays. My client is patient and understanding, but the lack of communication has led to her frustration. To stress how important customer service is: in this case, I was at a gym class today and someone asked the group where my client was. Several women started saying that she was having nothing but problems with the house (I sold it to her) because of the company installing the windows (I recommended the company). One woman asked, “What is the name of the company so I can avoid them”? Imagine if my client had been happy with her windows. Instead of having 8 women who will avoid this company like the plague, they would have been referring them instead! In addition, I will no longer feel comfortable referring this company, as it has affected my reputation as well. So instead of taking Yosemite Sam’s view of complaints, use them to perfect your customer service.
You Have Heard It, But Do You Believe It?
Now is the time to buy a home, really. If you don’t believe me, read who is saying that buying a home now is a smart move.
Remodeling? Consider Changing Your Front Door
According to Remodeling magazine’s Cost vs. Value Report, the biggest return on investment was replacing the front door with a mid-range entry door. Not only is it the least expensive out of the 33 projects included in the report, it also returns an average national return of 128 percent.
Other good remodeling projects that don’t cost a lot include:
- Organizing kitchen cabinets, including rollout trays.
- Add or replace tiles.
- Add a breakfast bar.
- If you don’t have granite in the kitchen, install granite tile. It is a lot cheaper than a granite slab.
- Update the bathroom by adding a new medicine cabinet, light fixtures, faucets and vanity. If it has tile, scrape and regrout.
- Recondition kitchen cabinets and put on new hardware.
- Replace light fixtures in foyer, bathrooms, and kitchens.
Mortgage Rates – Low Enough to Refinance Now!
You would think I ‘d know better. I am in real estate after all. But I got too caught up in the mortgage/real estate/job market/Wall Street mess, and the whirlwind of media negativity, to see that mortgage rates had dropped SOOOOO LOW that I could have saved a lot of money EACH month, if I had refinanced. Luckily I wasn’t too late to miss the boat in its entirety. I had grown complacent with my 5.75% interest rate since I had refinanced it several years ago when rates were at “historic lows”. I saved on my monthly mortgage from when I originally purchased my home, so thought I was okay. I did the calculations last week and, based on a rate of 4.625% for a 15 year loan, realized I would save $544.77 each month and that in less than a year that savings would pay for the closing costs associated with refinancing.
If I were to take a portion of my monthly savings and use it to pay down the principal balance on my loan and another portion to invest in my retirement fund, I would still have a little extra spending money! Needless to say, I filled out the paperwork today. What are you waiting for?
Buying Real Estate Needs to Make Sense
Two sentences in today’s Wall Street Journal article by Brett Arends sums up all of the often conflicting real estate news these days. “A real-estate purchase needs to make sense on its own terms. And measure it on cash flow today, not the hope for capital gains tomorrow.” This advice makes sense in any real estate market and, if followed, should make real estate a great long-term investment, whether it is your primary residence, or an investment property.
Free Trees Help Beautify Your Yard and Conserve Energy
The right landscaping can help you save money. Properly positioned, plants will shade your home and 
lower cooling costs. Using plants that don’t require a lot of water can minimize water usage while still allowing you to have a beautiful yard.
Miami-Dade County wants to encourage tree planting and offers the popular “Adopt-a-Tree” program several times a year throughout the County.
Achieving and maintaining a Florida-friendly yard, one that requires minimum watering and maintenance, is a great way to improve your home.
Other home improvement articles:
Free High Efficiency Shower Heads
Buying a Home? Know What You are Looking For
I know it sounds obvious, but knowing what you are looking for isn’t always as simple as it sounds. Once you are pre-approved for a mortgage, decide what your ideal neighborhood and home would be. Are schools important or is it more important that you be close to work? Determine what the “must haves” are. These are the specifics of the property or neighborhood that you are not willing to give up but would be willing to sacrifice a “nice, but not necessary” for. This could be an extra bedroom, pool, specific school district, waterfront criteria etc. Knowing what you are looking for both in a neighborhood and home is extremely important as it will help keep you focused. Once you narrow down your wants, you will realize you don’t have to look at everything on the market, only those specific properties that meet your criteria.
Why Homeownership is Like Drinking Red Wine
Both are good for your health! According to a recent U.S. News & World Report article there are more than just economic benefits in owning your own home. "People have more extensive social support systems, and that has a potential positive impact on health," according to William Rohe, professor of city and regional planning at the University of North Carolina. Although the individual health benefits of homeownership are unclear and other factors such as education and income level may come into play, there is proof that homeownership is good for children, because it provides stability, and the community because homeowners have a reason to invest in their community through voting, philanthropy, and volunteering.
Like the health benefits of wine, however, the benefits of homeownership can turn into liabilities if you overindulge. Too much wine on a short-term basis can cause a nasty hangover and in the long run can lead to liver damage. Kind of feels like today’s real estate market.
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