10 Investment Tips for Buying a Vacation Home

By Dan Hechtkopf and Reid Heidenry

1. View the home as a form of recreation, not an investment.
If you buy one, make sure, above all, that this is a house and an area you enjoy. It will be worth the cost if you spend as much time there as possible, put your heart and soul into caring for it or plan to keep the home in the family for future generations.

2. Approach joint property investments carefully.
These types of agreements can start wars even in the warmest families. Set down some rules about the percentages of ownership accorded each party and what rights those percentages confer.

3. Don’t buy outside the country.
In other countries, rules about title and ownership are not as clear as they are in the United States. In many countries, you run the risk of your property being ransacked or nationalized.

4. Research all four seasons before you buy.

It’s a good idea to visit the area in which you plan to buy during every season.

5. Make sure the house and location make a good rental.
If you’re really going to work to rent out the property, make sure it’s well suited for vacationers.

6. Work with an agent who knows the area.
The agent can also be a great resource for little-known information on hidden bonds and community events.

7. Don’t buy a timeshare.
Even in a good economy, it’s hard to sell a timeshare.

8. Buy an existing home instead of land.
To build a house from the ground up, you may have to deal with coastal authorities, local building restrictions, aggressive homeowners associations and sketchy contractors.

9. Factor in extra costs.
In additional to the loan, you’ll have to cover taxes, insurance, maintenance and utilities. If you live more than an hour away, you might have to factor in the cost of a caretaker or property manager.

10. Buy only what you can afford.
You simply enter what you make and what you owe, and the calculator will tell you how much more the banks will lend 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.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

What You Need to Know about Short Sales

Real Estate Web ReportWhat You Need to Know about Short Sales

By John Voket
In the previous segment, we looked at reasons to consider a short sale. But in this segment, we’ll hear from Charlotte, N.C. REALTOR® Jon Widdifield about what you need to know if you’re considering buying a short sale property in 2012:

1. The list price may not be the sales price; the bank may ask for more than the list price.

2. The bank makes the final decision, not the homeowner.

3. The home will typically be sold as is. If the homeowner does not have enough to pay the mortgage, they probably do not have enough to do repairs.

4. A short sale is not owned by the bank. However the bank must approve the sales price.

5. A short sale is not a short process; it can take several months to get to the closing table.

6. There will be bumps in the road when purchasing a short sale; you must be patient if you plan on purchasing one.

7. You can get really great deals on a short sale; just keep in mind it can be an arduous process.

8. Do not set your hear on a particular short sale until the deal is closed; the deal can fall through at any time.

9. Don’t give up. The process is difficult but these homes do get sold. And most importantly, if you’re considering transacting a short sale in 2012, Widdefield says…

10. Make sure you have an agent that is experienced in Short Sales. You need someone that knows what to do to get the deal closed.

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.

Palm City Farms on Five Acres – Outstanding Views!

Outstanding Views From Every Room!
 Enjoy views of the pond and surrounding woods from every room of this contemporary chalet style home. The property boasts a variety of fruit and specimen trees and a stocked pond on five preserve-like acres. This custom built home features spectacular clear-story windows, a working fieldstone fireplace, and hardwood floors with cedar plank walls and pine ceilings throughout. Upstairs discover the master bedroom suite with its own porch and loft overlooking the living room. Additional highlights include recessed lighting, sound system, two-zone A/C, full hurricane shutters, generator hookup, and outside workshop. Well cared for and move in condition. Furniture negotiable. Sold as-is with right to inspect.
View the Virtual Tour for 4558 SW Cherokee Street, Palm City, FL
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Eric Slifkin
Keller Williams Realty
772-288-1765
eric@treasurecoasthomesales.com
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Just Listed in Beachwalk at Marriot’s Indian River Plantation (Stuart, FL)

..location Location LOCATION ..
Two bedroom “Beachwalk” condo at Marriot’s Indian River Plantation Resort. Light and bright upper corner unit with glass sliders enclosing a spacious screened balcony. Short walk to the beach. Available Marriot Ocean Club Golf and Tennis membership.
View the Virtual Tour for 411 Plantation Road #522, Stuart, FL
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Visit my Blog: Stuart House and Home
Eric Slifkin
Keller Williams Realty
772-288-1765
eric@treasurecoasthomesales.com
L2L Virtual Tours AR

Spacious Golf View Condo

Rare three bedroom condo in Riverbend at Indian River Plantation. Top floor unit with panoramic golf and lake views. Recently updated throughout with granite counters, stainless appliances, new bathrooms, tile floors, and ceiling fans. Other features include, high ceilings, master bedroom suite with walk-in closet, washer/dryer in unit, and expansive balcony with glass sliders. Covered parking under building with private storage room. The nearby Marriott Ocean Club offers resort amenities including beach access, marina, and available golf / tennis club membership.

Question of the Day: Should I buy a vacation home?

Q: Should I buy a vacation home?

A: The second home market has more ebbs and flows than the primary home market. Sales are iffy in a bad economy except, perhaps, on the high-end. That said, there is a growing trend toward the purchase of vacation homes. They are being bought for investment purposes, enjoyment, as well as retirement. In the latter instance, some people are buying with the idea of turning a vacation home into a permanent retirement haven down the road, a move that puts them ahead of the game now.

Some of the tax benefits mirror those for a primary residence. Mortgage interest and property taxes are deductible, which helps to offset the cost of the home payment. And if you treat your second home as a rental property, you can fully depreciate it as well. But you are only allowed to occupy it for two weeks a year, or 10 percent of the total rented time, whichever is less.

Before taking the leap, ask yourself if you can afford to carry two mortgages, maintain two households, and pay the extra utilities and maintenance costs. Also, learn about financing requirements and options, which can differ slightly from those on a primary residence.

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.

Florida’s Existing Home, Condo Sales Rising

Real Estate Web ReportNow may be the time for Florida second home or retirement home buyers to get serious. With strong demand and wavering prices, the best units are going under contract quickly.

This trend became evident recently while showing beachfront condos to an out of town couple. Having seen a dozen properties over a three day span, we scheduled second showings of three waterfront units only to find they had all gone under contract. Two were priced at half what they would have sold for five years ago and the third was even less with a dock! All were furnished and updated. The couple returned home disappointed they had  missed out on these properties and unable to purchase a home in time for the winter season.

While less desirable properties still languish, the market for well-maintained homes in good locations appears to be heating up. Buyers in this niche are now less inclined to move onto another property if all their demands are not met, thwarting more discerning buyers’ attempts to find a dream home at a bargain basement price.  Read Market Report

 

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.

Sun Terrace in the Meadows, Palm City, FL

Desirable Sun Terrace patio home in The Meadows. This well kept home’s features include vaulted ceilings, built-in “Divosta wall unit”, newer A/C system, newer fridge and range, and a huge screened patio. Nicely landscaped oversize lot. The Meadows is a guard gated community with heated pool, tennis courts and playground. Minutes to everything.