One of the most common debates a buyer may have internally, or actually debate over with a spouse, is whether to buy New Construction or Resale. Purchasing a home is a gigantic commitment, so lets weigh the pros and cons of BOTH. There is no correct answer here, only things that should be considered.
New Construction Pros
New Construction will charm you with its newness and readily maintained associations. It can be exciting to pick your floor plan (or have blue prints drawn for a custom built home).You are also able to choose your building materials and flooring. Modern floor plans better suite today's lifestyle of gathering in the kitchen area, and having a formal and non formal living space. A newly built home will have BRAND NEW EVERYTHING, be built to withstand mother nature, have larger rooms and offer luxury. A newly built home in most cases comes with a builder's home warranty and has up to date wiring ready to suite modern technologies.
New Construction Cons
When purchasing new construction, you can be limited geographically. If you are looking to live in a certain area, or in a specific school district then it may not be an option! Today's home lots are often much smaller than the lot of a resale home. When buying a newly constructed home, you may have to purchase appliances and window treatments because they might not be included in the price of the build-out. Many new home communities do not have mature landscaping yet and the associations are in their infancy, so the condition of the area in years to come will be left up to speculation. Let's not forget to mention that building can create budget and time restraints, which can cause stress until you get to the closing table.
Residential Resale Pros
Finding a house that fits all of your wants and needs in a specific school district or metro area may be easier with a resale home. Older resale homes can have charm, distinction and character that cannot be purchased or recreated in a new home. Often a resale home has existing window furnishings, mature landscaping, appliances and finished upgrades or fencing that would otherwise have to be purchased with New Construction. When looking at resale residential homes for sale, you can see immediately the kind of neighborhood you will be moving into and whether or not the association is actively involved in deed restriction. Another pro to purchasing resale is timing. If you don't have time to build - a resale is waiting for you to move into! Potential 'Sweat Equity' is also a great reason to purchase resale. You may have an opportunity to upgrade or modernize an existing home to increase its equity much quicker than you could increase the equity of a newly constructed home.
Residential Resale Cons
Now that we've discussed all of the 'charm' you can experience with a resale, lets talk about the 'not so charming' realities of resale. Resales can be out-dated, so money will have to be set aside in your budget for up-dating. Older homes can have issues with mold, older wiring and plumbing or need a roof replacement soon. A thorough inspection will outline these concerns for you with respect to the home. Dated floor plans and smaller rooms can really turn a buyer off from an older home as well. Often the most valuable part of a resale home is going to be in its location, location, location.
What does it all mean?
Whether you decide to buy new, or existing, you need representation. A mistake we see too often is a prospective buyer decides they want a NEW home, so they go straight to the builder. Remember, the community sales office represents the BUILDER not you the buyer. Home inspections should be completed on a new or existing home as well.
By Jamie Bullock
www.USA-FloridaHomes.net
Thursday, July 22, 2010
Tuesday, July 13, 2010
Market check for Jan-Jun 2010!
The inventory of available homes for sale is continuing to decline. This may be the time to buy! The average list price is 13% less compared to same time last year and the average sale price is 18% less to same time last year. Even though we've had some bumpy weeks the pending transactions are 18% more than same time last year.
For more information call me at 305-776-2025 or sign up for my newsletter!
For more information call me at 305-776-2025 or sign up for my newsletter!
Monday, July 12, 2010
Just listed!
Vacant lot in the Histrorical Area of Key West!
Lot is located in the Historical Preservation Area of Key West, includes 2 ROGO units. Existing structure on property needs to be preserved. Plans for 2 single family 2 story homes which implement the existing structure with pool and 2 off street parking available. Plans for one 3BD/2,5BA and one 3BD/3,5BA. Tremendous value!
For more information call me today: 305-776-2025!
Thursday, July 8, 2010
Can Paint Trump Pain?
This is a story about two famous French artists, Henri Matisse (1869-1954) and Auguste Renoir (1841-1919):
Although Henri Matisse was nearly 28 years younger than Auguste Renoir, the two great artists were dear friends and frequent companions.
When Renoir was confined to his home during the last decade of his life, Matisse visited him daily. Renoir was in a wheelchair, almost paralyzed by rheumatoid arthritis, and in great pain. He remained able to grasp a paintbrush – although he required an assistant to place it in his hand – and Renoir continued to paint in spite of his infirmities.
One day as Matisse watched the elder painter working in his studio, fighting torturous pain with each brush stroke, he blurted out, “Auguste, why do you continue to paint when you are in such agony?”
Renoir answered simply, “The pain passes, but the beauty remains.”
Renoir continued to paint until the end of his life.
The next time we’re faced with a challenge, it helps to remember that the pain passes but the beauty remains!
Although Henri Matisse was nearly 28 years younger than Auguste Renoir, the two great artists were dear friends and frequent companions.
When Renoir was confined to his home during the last decade of his life, Matisse visited him daily. Renoir was in a wheelchair, almost paralyzed by rheumatoid arthritis, and in great pain. He remained able to grasp a paintbrush – although he required an assistant to place it in his hand – and Renoir continued to paint in spite of his infirmities.
One day as Matisse watched the elder painter working in his studio, fighting torturous pain with each brush stroke, he blurted out, “Auguste, why do you continue to paint when you are in such agony?”
Renoir answered simply, “The pain passes, but the beauty remains.”
Renoir continued to paint until the end of his life.
The next time we’re faced with a challenge, it helps to remember that the pain passes but the beauty remains!
Wednesday, July 7, 2010
Easy fixes for 4 household problems
Problem: Oil Stains on Garage Floor
Lyday’s solution: "You can remove most of a stubborn stain with a bit of elbow grease and scrubbing. First, remove the surface oil by sprinkling some cat litter on it to soak it up. Then clear away the cat litter and focus on the stain.
Make a paste of hot water and dry dish or laundry detergent. Use a stiff bristle scrub brush to scrub the area with the paste. Hose the area and let it dry. Another method is to use a product such as Spray ’n Wash on the stain for 10 minutes, along with a dry detergent.
Your last option is to spray on some oven cleaner. Use this sparingly, wash it down thoroughly, and keep children and pets away from it."
Problem: Leaky Faucets
Lyday’s solution: "Most faucet leaks can easily be fixed with a rubber washer, an O-ring, or seals—depending on what type of faucet it is. By fixing the problem yourself, you can save a good bit of money since plumbers can be expensive and will charge you a standard fee even if it takes only 10 minutes to fix the problem."
Problem: Nail Pops
Lyday’s solution: "Nail pops are a problem across the country. The term comes from the nails that hold the drywall to the studs actually popping out through the face of the drywall. This is from either a house settling or the wood studs drying out over time, squeezing the nail out of the wood and pushing it through the drywall.
The fix for this isn’t terribly hard, but it’s tedious because there are up to 32 nails in a 4-foot by 8-foot sheet of drywall. My suggestion is to pound the nail through the drywall to the stud. Then, just above it, place a drywall screw to hold the drywall to the stud, and finish it off with a few coats of spackle or joint compound. Finally, seal and paint it.
Most home-improvement stores also sell nail pop kits that can make this job easier."
Problem: Squeaky Stairs
Lyday’s solution: "The most common problems that occur in a staircase are the treads (horizontal surface of the steps) coming loose, which causes squeaking. Also common are the spindles or balusters coming loose. If you can get underneath the staircase, fixing the treads is easy.
You will need to attach an L bracket from the underside of the tread to the stringer (the long piece of wood that connects the treads and runs diagonally up the wall). If you can’t get underneath the staircase, you’ll have to make the repair from above.
Squeaky stair kits are available that allow you to make this fix even through carpet. Otherwise, you can secure the tread to the stringer with a trim screw."
Adapted from The Homeowner’s Manual (Que Publishing, 2006), By Lynda Lyday, ISBN 0-7897-3451-6
Lyday’s solution: "You can remove most of a stubborn stain with a bit of elbow grease and scrubbing. First, remove the surface oil by sprinkling some cat litter on it to soak it up. Then clear away the cat litter and focus on the stain.
Make a paste of hot water and dry dish or laundry detergent. Use a stiff bristle scrub brush to scrub the area with the paste. Hose the area and let it dry. Another method is to use a product such as Spray ’n Wash on the stain for 10 minutes, along with a dry detergent.
Your last option is to spray on some oven cleaner. Use this sparingly, wash it down thoroughly, and keep children and pets away from it."
Problem: Leaky Faucets
Lyday’s solution: "Most faucet leaks can easily be fixed with a rubber washer, an O-ring, or seals—depending on what type of faucet it is. By fixing the problem yourself, you can save a good bit of money since plumbers can be expensive and will charge you a standard fee even if it takes only 10 minutes to fix the problem."
Problem: Nail Pops
Lyday’s solution: "Nail pops are a problem across the country. The term comes from the nails that hold the drywall to the studs actually popping out through the face of the drywall. This is from either a house settling or the wood studs drying out over time, squeezing the nail out of the wood and pushing it through the drywall.
The fix for this isn’t terribly hard, but it’s tedious because there are up to 32 nails in a 4-foot by 8-foot sheet of drywall. My suggestion is to pound the nail through the drywall to the stud. Then, just above it, place a drywall screw to hold the drywall to the stud, and finish it off with a few coats of spackle or joint compound. Finally, seal and paint it.
Most home-improvement stores also sell nail pop kits that can make this job easier."
Problem: Squeaky Stairs
Lyday’s solution: "The most common problems that occur in a staircase are the treads (horizontal surface of the steps) coming loose, which causes squeaking. Also common are the spindles or balusters coming loose. If you can get underneath the staircase, fixing the treads is easy.
You will need to attach an L bracket from the underside of the tread to the stringer (the long piece of wood that connects the treads and runs diagonally up the wall). If you can’t get underneath the staircase, you’ll have to make the repair from above.
Squeaky stair kits are available that allow you to make this fix even through carpet. Otherwise, you can secure the tread to the stringer with a trim screw."
Adapted from The Homeowner’s Manual (Que Publishing, 2006), By Lynda Lyday, ISBN 0-7897-3451-6
Tuesday, July 6, 2010
Optimistic Outlook for Housing, But Challenges Reamin
Economists participating in a recent NAHB Construction Forecast Conference Webinar agreed that the housing market is on the road to recovery, but cautioned that several factors could contribute to a bumpy ride in the coming months.
"Home buyer tax credits clearly did their job and got people back into the marketplace," said NAHB Chief Economist David Crowe, who also served as moderator of the webinar.
With the expiration of the tax credits in April, Crowe said the housing momentum is being carried forward by low interest rates, pent up household formations, stabilizing prices and budding employment growth.
However, many factors continue to drag on housing at this time-including the critical shortage of credit for new and existing projects, competition from short sales and foreclosures and regional economic disparities.
The availability of acquisition, development and construction (AD&C) financing remains a major concern as the industry moves forward, Crowe said. "Builders still tell us that credit is extremely tight. Banks are saying not so much. That gap is an indication that something is broken, at least when it comes to residential construction."
NAHB is forecasting 552,000 single-family starts in 2010, up 25% from last year's 445,000 level, which was the lowest annual output since 1959 when the government began collecting this data.
Suffering from an acute shortage of available financing and a significant shadow inventory of homes lost to foreclosure that are competing against normal inventory, Crowe said that multifamily housing starts are expected to lose further ground this year, falling 18% to 93,000 units, before rebounding to 150,000 units in 2011.
Crowe anticipates that nationwide home prices will remain flat this year and post a modest increase in 2011 and that mortgage interest rates will continue to stay low, barely breaking 6% by the end of this year, and not rising much above that level through 2011.
The road back to normal levels of residential construction will be longer for some states than others. By the end of 2011, the top 20% of the states will see their production levels back to normal. Those states include Texas, Oklahoma, Montana, Wyoming, Tennessee, Louisiana, Mississippi, Alabama, Arkansas and Kansas. The previous boom markets in California, Arizona, Florida and Nevada, along with the Great Lake states of Michigan, Indiana, Ohio, Illinois and Wisconsin that were hit by deep cuts in auto production and manufacturing, will be the last ones to recover.
Copyright© 2010 RISMedia,
"Home buyer tax credits clearly did their job and got people back into the marketplace," said NAHB Chief Economist David Crowe, who also served as moderator of the webinar.
With the expiration of the tax credits in April, Crowe said the housing momentum is being carried forward by low interest rates, pent up household formations, stabilizing prices and budding employment growth.
However, many factors continue to drag on housing at this time-including the critical shortage of credit for new and existing projects, competition from short sales and foreclosures and regional economic disparities.
The availability of acquisition, development and construction (AD&C) financing remains a major concern as the industry moves forward, Crowe said. "Builders still tell us that credit is extremely tight. Banks are saying not so much. That gap is an indication that something is broken, at least when it comes to residential construction."
NAHB is forecasting 552,000 single-family starts in 2010, up 25% from last year's 445,000 level, which was the lowest annual output since 1959 when the government began collecting this data.
Suffering from an acute shortage of available financing and a significant shadow inventory of homes lost to foreclosure that are competing against normal inventory, Crowe said that multifamily housing starts are expected to lose further ground this year, falling 18% to 93,000 units, before rebounding to 150,000 units in 2011.
Crowe anticipates that nationwide home prices will remain flat this year and post a modest increase in 2011 and that mortgage interest rates will continue to stay low, barely breaking 6% by the end of this year, and not rising much above that level through 2011.
The road back to normal levels of residential construction will be longer for some states than others. By the end of 2011, the top 20% of the states will see their production levels back to normal. Those states include Texas, Oklahoma, Montana, Wyoming, Tennessee, Louisiana, Mississippi, Alabama, Arkansas and Kansas. The previous boom markets in California, Arizona, Florida and Nevada, along with the Great Lake states of Michigan, Indiana, Ohio, Illinois and Wisconsin that were hit by deep cuts in auto production and manufacturing, will be the last ones to recover.
Copyright© 2010 RISMedia,
Monday, July 5, 2010
Calendar of Events in Key West for July 2010!
July 15 to July 18, in Key West
Mel Fisher Days Each year Mel Fisher's family and friends celebrate the legendary salvor’s accomplishments, unquenchable optimism and exuberant zest for life with a festival chock full of events. Visit Web site for details.
Contact: (305) 296-6534 (305) 296-6534 Email: skwiley@melfisher.com
July 20 to July 25, in Key West
Hemingway Days The 30th celebration of the legendary author’s work and lifestyle features literary readings, a theatrical premiere, short story competition, fishing tournament, Sloppy Joe’s Look-Alike Contest and a pre-birthday "party" commemorating Ernest's July 21st birthday. Contact: (305) 296-2388 (305) 296-2388 (Look-Alike); 294-0320 (literary)
July 21 to July 23, in Key West
Del Brown Permit Tournament Anglers fly-fish on the flats in a challenge that honors the late angling pioneer Del Brown, who caught and released more than 500 permit off the Keys. Entry fee is $1,500 per angler. Professionals and guides are allowed to compete as well. Contact: Charlotte Ambrogio 305-942-0428 305-942-0428 Email: csasun@aol.com
July 21 to July 24, in Key West
Drambuie Key West Marlin Tournament Anglers pursue the mightiest of the offshore species in the same waters plied by novelist Ernest Hemingway. The catch-and-release tournament, held in conjunction with Key West’s annual Hemingway Days celebration, offers more than $50,000 in guaranteed prize money.Contact: Scott Greene (305) 292-2710 (305) 292-2710
provided by http://www.keywest.com/
Mel Fisher Days Each year Mel Fisher's family and friends celebrate the legendary salvor’s accomplishments, unquenchable optimism and exuberant zest for life with a festival chock full of events. Visit Web site for details.
Contact: (305) 296-6534 (305) 296-6534 Email: skwiley@melfisher.com
July 20 to July 25, in Key West
Hemingway Days The 30th celebration of the legendary author’s work and lifestyle features literary readings, a theatrical premiere, short story competition, fishing tournament, Sloppy Joe’s Look-Alike Contest and a pre-birthday "party" commemorating Ernest's July 21st birthday. Contact: (305) 296-2388 (305) 296-2388 (Look-Alike); 294-0320 (literary)
July 21 to July 23, in Key West
Del Brown Permit Tournament Anglers fly-fish on the flats in a challenge that honors the late angling pioneer Del Brown, who caught and released more than 500 permit off the Keys. Entry fee is $1,500 per angler. Professionals and guides are allowed to compete as well. Contact: Charlotte Ambrogio 305-942-0428 305-942-0428 Email: csasun@aol.com
July 21 to July 24, in Key West
Drambuie Key West Marlin Tournament Anglers pursue the mightiest of the offshore species in the same waters plied by novelist Ernest Hemingway. The catch-and-release tournament, held in conjunction with Key West’s annual Hemingway Days celebration, offers more than $50,000 in guaranteed prize money.Contact: Scott Greene (305) 292-2710 (305) 292-2710
provided by http://www.keywest.com/
Easy Living only minutes from Key West!
Situated on a large lot and fencing all around this house offers open floor plan with separate dining area and split bedrooms. Stainless steel appliances. Spacious backyard, covered patio and above ground pool, perfect for gardening and entertaining. Plenty off street parking for several cars and/or boats and plenty of storage. Great biking and friendly neighborhood.
Offerd $360,000.
To see this home contact me today!
Friday, July 2, 2010
This is timely...
Time is an equal opportunity employer. Each human being has exactly the same number of hours and minutes every day. Rich people can’t buy more hours. Scientists can’t invent new minutes. And you can’t save time to spend it on another day. Even so, time is amazingly fair and forgiving. No matter how much time you’ve wasted in the past, you still have an entire tomorrow.
– Denis Waitely
– Denis Waitely
Thursday, July 1, 2010
Homebuyer tax credit update
Congress extends homebuyer tax credit and flood insurance.
The U.S. Senate passed two bills last evening previously passed by the House. Both bills still need President Obama's signature to become law, but that's expected to happen quickly.
Homebuyer tax credit:
The Senate passed HR 5623, which extends the mandatory closing date to qualify for the homebuyer tax credit. The contract deadline does not change - homebuyers must have a contract signed by April 30, 2010 (an exception for active duty military) - but the previous closing deadline of June 30, 2010, has been extended to Sept. 30, 2010.
The National Association of Realtors estimates that the approved bill will benefit more than 14,000 deals in Florida.
National Flood Insurance Program Congress once again reauthorized a short-term extension for the National Flood Insurance Program to Sept. 30, 2010. The bill, HR 5569, makes the program retroactive to May 31, 2010, the date the program went on hiatus.
The U.S. Senate passed two bills last evening previously passed by the House. Both bills still need President Obama's signature to become law, but that's expected to happen quickly.
Homebuyer tax credit:
The Senate passed HR 5623, which extends the mandatory closing date to qualify for the homebuyer tax credit. The contract deadline does not change - homebuyers must have a contract signed by April 30, 2010 (an exception for active duty military) - but the previous closing deadline of June 30, 2010, has been extended to Sept. 30, 2010.
The National Association of Realtors estimates that the approved bill will benefit more than 14,000 deals in Florida.
National Flood Insurance Program Congress once again reauthorized a short-term extension for the National Flood Insurance Program to Sept. 30, 2010. The bill, HR 5569, makes the program retroactive to May 31, 2010, the date the program went on hiatus.
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