Why Investors Are Looking At The Florida Housing Market

If you were to look at the great state of Florida you will notice the following things:

  • Lots of sunshine… like loads of it. On average the state gets 80% sunshine throughout the year!
  • National parks! Ever heard of the Everglades?
  • Beaches, 663 miles of them to be precise
  • Art Deco, some call it the birthplace, others, well, don’t listen to them.
  • And so on…

Yes, the state of Florida has some amazing things, and by some, we mean loads of amazing things but is that the reason why investors are shifting their interests into the great state of Florida or is there something else going on? We’ve decided to take a look at some of the hotspots and show you why Florida is becoming a great investment opportunity in the Florida housing market.

From Broward County to Miami Dade there are a variety of opportunities that have made the market an investor’s paradise, especially when it comes to diversifying their market portfolio.

Strong Rental Market
Since renting started, Florida has managed to capture the essence of short term and long term rents. Seasonal migration means that you can have your property rented for at least 6 months of the year, or even establish longer contracts where the occupancy is still only the same amount of time.

With median rental prices at $1700 per calendar month, investors can see a 10% return on their property portfolio.

Location, Location, Location
OK, so if it isn’t clear from our introduction, let it be clearer now. You are in the state of Florida. Yes, in every state there are areas which appeal more than others, but in Florida, you have a smorgasbord of properties to choose from.

fort lauderdale perfect for investment
Beach front locations, suburban streets, winter bird migration hot spots and so on. It’s not uncommon to see people camping on the lawns of homeowners trying to sell their homes for $1 million dollars; why? The area is that attractive. Simple.

Diversify your assets
With the current low mortgage rates, the ability to generate an income for your property, considering your savings would bring in close to zero interest if they stayed on a bank account, makes real estate investments pretty attractive those days. Once again, just make sure you can afford the mortgage without compromising other areas of your budget, and have an emergency fund ready if the property needs more repairs than you thought, or if the tax bill increases this year.

You can grab a bargain
Miami is a bargain centre for investors right now; both the market crash in 2009 combined with a little more fiscal prudency has meant that the housing market has become a great opportunity to grab a great housing bargain. But, you want to get there quick, some areas are massively on the up and what is today’s bargain is tomorrow’s dream home.

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How Much Will Your House Cost To Fix?

Have you ever considered the real cost of fixing your house? From the roof to the kitchen, undergoing a massive renovation package to the whole house can end up costing you 000’s and yes that may be something you never considered.

Our investigation into the cost of fixing your home has shown that there are some very expensive fixes which you can’t avoid, especially if you’re looking to sell your house fast. Let’s take a look at some of the more eye watering costs that you could expect if you are looking to sell your home in this market.

The average cost of a kitchen remodel can set you back as much as $49,000. With the average cost of a kitchen remodel at just over $20,000 you may want to think of other more cost effective solutions. Replacing doors and countertops may help with the quality of your overall look and finish but even this can set you back $10,000 with contractor figures factored into the work.

Another cost that people may not consider is the garden! Well, the saying, never judge a book by it’s cover couldn’t be further from the truth with a home. Your garden is a statement and also a security issue. Want a white picket fence to show off, or a rear garden fence line from your neighbours? Your looking at a national average of $2500 just for a replacement fence.

Our investigation into the costs of fixing a home have shown though that some things can’t be avoided. Windows for example are a great way to maximise your return on investment. An average total house replacement for a two up and two down home will set you back just over $4000, however on resale you can make as much as $6000 back, so a total profit of $2000.

Check out our infographic and see how much it would cost to fix your house today, if you were looking to sell it fast!

How Much Will Your House Cost To Fix

 

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How to protect your home from Zika

Residents of Florida will know by now that there are two major things happening in the news, Zika and Zika. Yes, we can’t escape the fact that Zika is playing a role in our day to day lives, especially in the news cycle that wants to keep reminding us, beware of Zika.

So, as a Florida resident, living in your home, what do you need to know about Zika and what do you need to know when it comes to selling your house fast in a Zika area?

Our in house expert, John Russo, has some tips and advice for those looking to sell their home fast with all the news of Zika in the press. We then take a quick look at what the CDC suggests when it comes to protecting you, your family and your home from the mosquito transmitted disease.

OK, John, over to you, what do you advise…

Treat it like its environmental
Florida has seen tornados, alligators, massive lizards and a plethora of environmental issues over the years; guess what it doesn’t stop a housing market in its tracks. Obviously, the prospect of getting bitten by mosquitos is higher, and therefore the chance of catching Zika is equally higher.

Yes, we’re not dealing with alligators or crocodiles and mosquitoes are harder to spot than a reptile rushing out of the swamp, however the Governor and his team are investing a lot of money and time into tackling the zika virus. Therefore, you need to treat this like an environmental risk and one which could in the short term affect house prices, but in the long term, it will completely depend on the measures taken now. As much as you can’t predict when and where a hurricane will land, think of the Zika virus in this way.

Zika and the environment

Don’t panic
It’s easier to say than do, but the second tip I have is to not panic. As you will see, we’ve found some great information on things to do with regards to protecting yourself against the Zika virus. When it comes to the housing market, reports of “sales dropping by 50%” or “house values 30% lower” are completely a micro overreaction to a situation.

If you are looking to sell your house fast, then Zika outbreaks won’t affect your house price more than what you think it actually will. My advice, don’t panic and don’t be swayed by media reports providing one sided views of a situation.

So, what do we advise to help you around the house and know about the virus. We’ve done a bit of research and here are some tips;

1) Remove standing water around the house
A mosquito can breed in just one teaspoon of water, so you need to think about things around the home that can provide the basis of any standing water. Rinse out any cups you use for your toothbrush, flower pots, bottles and accumulating garbage.

Have a pool? Don’t worry, the chlorine used to treat your pool repels mosquitos.

2) Exercise indoors
Mosquitos are attracted to carbon dioxide and heat, both of which, your body makes in bountiful quantities. So, if you’re looking to get fit and healthy, the CDC advises getting some exercise inside the home rather than breaking a sweat in the outdoors to minimise risk of Zika.

homeworkout

3) Get the right mosquito repellent
As Reader’s Digest advised earlier this year, “The Centers for Disease Control (CDC) recommends products with active ingredients DEET, oil of lemon eucalyptus, picaridin, or IR 3535.”

“DEET is the standard,” Mustapha Debboun, PhD, director of the mosquito control division of Harris County Public Health and Environmental Services in Houston, told NPR. “All the repellents being tested are tested to see if they beat DEET.”

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Colours You Should Never Paint Your Home

A fresh coat of paint is a relatively inexpensive way to make a home stand out; whether that’s painting the outside, or making more of a feature. However, choosing the wrong shade of colour/colours for your home could have some serious consequences, especially if you’re looking to sell your home fast to a private buyer; even if you consider this simple sum, it’s your house, shouldn’t you be able to live with whatever colour you choose?

The simple sum has a simple answer. Of course you should. However if your looking to sell your home fast there are a few things that you need to consider, and the colour of your walls and exterior are certainly something you should think about.

So far in 2016, we aren’t seeing much of a change to an exterior colour of a house. Combinations include white and grey, beige and taupe, slate and black. If you’re looking for inspiration on your interior colour, you don’t have to move that far away from the neutral palette; a variety of grays, shades of white and neutral greens.

For a home buyer, the more neutral the colour, the more likely you will get a sale according to Zillow Digs who analysed 50,000 photos of “recently sold homes, they found those with rooms painted in certain colors tended to command higher selling prices than expected.”

So what does having an eye for detail or design tell us? Well, done tastefully, colours that work well within the kitchen or toilets could be used in the home in the right places and add value; a keen buyer will be interested in seeing how you’ve kept the home fresh and well maintained; so going white isn’t always a forced solution.

There are 4 colours you should however avoid if you’re looking to get the best value for your home are the following;

1) Off-White or Eggshell
Off-White or eggshell colours can really put off potential buyers when compared to rooms that had a little more zest or colour. The kitchen for example, is a great room to paint in a variety of different colours that could add as much as $1400 dollars to your house sale when compared to an off-white or eggshell based colour.

However, if you’re thinking of ditching white as a colour all together, be patient. Small rooms which have lots of light can really pull off a strong white look, whilst large rooms with low light can equally benefit. Darker colours, like grays can however do the opposite.

2) Dark Gray’s
Gray may be a trending colour now, but not all grays are equal. Light gray or even “dove” grey are a hit with home sellers adding on average $1100 on recent house values but dark gray has become a massive no no! You could lose up to $1200 dollars on a future home sale based on research.

dark_grey

3) Brown anything
Brown is a great colour, for coffee! But when it comes to your home, and looking to sell your house fast, then you need to re-consider why you don’t see many style awards going to homes that have brown walls. Research has indicated that brown walls can even reduce the value of your property by nearly $500 dollars per room if you were so inclined to paint your house like a tropical land mass.

4) Terracotta
Remember the 90s? Friends was on TV, burrito’s became a national treasure, Bill Clinton and the numerous scandals? Well, one wave of creativity was sweeping the streets and that was, terracotta painted walls. Everyone was using them as a feature wall or worse, as base coat around the house. Well, terracotta is most definitely out, especially if you want to sell your home to a potential buyer. With prices being reduced as near as $700 per room, you may want to reconsider keeping the 90s in the 90s.

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