Homebuyers: 7 Tips For Finding A  Mortgage Lender

With spring comes the year’s most active real estate buying time, which coincides with mortgage rates at or near record low levels. Homebuyers in the St. Petersburg-Tampa area are asking themselves how to find the best mortgage broker. Here are some tips on securing the financing you need to get into your new home.

1. Shop your bank and credit union. Your already have a checking account or saving account, so you have a track record with your bank or credit union. Find out what rates and terms they offer.
2. Check with Bankrate.com. This site will provide you with a variety of lenders and the rates they’re offering. You want to find the best deal, and the company that will provide the best customer service.
3. Ask friends. Word of mouth is some of the best marketing available. Check with your friends, or even potential neighbors to see what mortgage providers they used and how they were treated. And always ask about any unexpected costs they had to cover.
4. Remember that the mortgage market rates can change daily. Rates are a product of the marketplace, so check several sources for the best deal.
5. Be cautious. Loan representatives, from time to time, will unfortunately try to lure you into their office with claims of lower than real rates, promises to cover closing costs, etc. Drive your mortgage bus. Interview lenders, and choose one that can provide you with the best terms and that you can trust.
6. Consider a quality mortgage broker. If you’re buying a home with a sale price below $150,000 [Read more…]

Annual Florida Insurance Reviews Can Pay Big Dividends

If you’re one of the thousands in the St. Petersburg-Tampa area (and around the state) who have had their Citizens Property Insurance “assumed” by another carrier, you’re probably finding it hard to fathom how and why they could do such a thing. Citizens is a not-for-profit, tax-exempt government corporation whose public purpose is to provide insurance protection to Florida property owners throughout the state.

Basically, the state run and funded “insurer of last resort,” as it is often referred to, is trying to reduce its exposure, and ultimately we taxpayers exposure, by shedding as many policies as possible regardless of whether there has been a history of claims, or not.

According to the Florida State Insurance Commissioner’s office, Citizens has every right to sell their policies, which is in fact what they’re doing, to other state authorized and licensed insurance companies who are members of the Florida Insurance Guarantee Association (FIGA). FIGA backs all policies “as written,” says the Commissioner’s office.

So For Example:

If your Citizens dwelling coverage is say $250,000, which comes with coverage for other structures, personal property, loss of use, personal liability, medical payments, personal property replacement, fungi and sinkhole coverage, etc., the company “assuming” your policy does so at the same levels and premium, at least until it’s time to renew your policy. However, if for some reason you choose to stay with Citizens, they will greatly reduce your coverage limitations. So you’re left with a choice between two not so nifty alternatives. Plus, you won’t know what your new carrier will charge you upon renewal until 45 days prior to your renewal date.

As a result, many homeowners are taking on the always-enjoyable task of reevaluating their insurance portfolio and performing the annual Florida insurance review to determine whether there are alternatives to Citizens and the assuming company. Often, it turns out that alternatives do exist that can save homeowners a load of money in some cases.

Recently, one of our customers started out just looking into potential homeowners underwriters. After finding alternatives that provided the same coverage as Citizens, but at significantly lower rates, this spurred him to expand his reevaluation to include health, auto and his umbrella liability policy. At the end of the day, he was able to bundle his homeowners, auto and liability policies, and save over $3,000 a year for virtually the same coverage.

It’s a smart idea to take some time each year to compare your current homeowners and auto insurance coverage with alternative companies. You’ll certainly stay on top of how much coverage you need and carry, and it may save you a substantial amount of money.

Happy shopping!

8 Tips For Choosing The Right Interior Designer

You’re perplexed. You’ve lived in the same Old Northeast house in St. Petersburg, Florida for however many years. Your kids are gone, and now you want to reinvent the interior to fit you and your partner’s new lifestyle. You’re both stumped for ideas, so you’ve agreed to call-in an Interior Designer, but how do you go about finding the right one?

Here are a few tips on choosing an interior designer.

They will, first, help you figure out what you really want, and then you help transform your old digs into new ones…

1. Go to your room. Take notes on each room you’re thinking of redesigning. Organize your thoughts as to how you want to live in that space. Gather up your files of design snippets, photos, napkin scribbles and random thoughts.
2. Define your budget. Be realistic. And stick to it. Period. (Well, until you find that amazing claw-foot tub you’ve always wanted to soak in.) Then…
3. Ask around. Check to see which designers your friends and family have used and what their experiences were like. Were they extremely satisfied? Was the project finished on time and within budget? Ask the Style Editor at your local city magazine or the Tampa Bay Times for a recommendation. Set up interviews, and meet with each one to see if your personalities mesh.
4. Find and be a good listener. You’re going to spend a lot of time with your designer talking about some of the most minute details of your daily life, and how you use your home spaces, so you want to find someone who will listen to you and understand your particular needs. Then, it’s your turn. Have an open mind, listen to your designer’s ideas and form a creative team. If you find the right designer, it can be a really enjoyable process.
5. Check their portfolio. Some designers specialize in meeting the various needs of their clients. Some have their very own style. A good designer should be able to tailor their [Read more…]

Home Inspections – A Key Element In The Residential Buying Process

Home inspections are an essential part of the home buying process. Whether you’re purchasing your first house, or you’re a seasoned investor, in-depth inspections are often the only way to discover details of a home’s construction and other defects that may not be visible to the untrained eye.

Due to its sub-tropical to tropical climate, Tampa-St. Petersburg homes, especially older homes, are susceptible to termites, mold, mildew and wood rot, in addition to a variety of other maladies. A thorough home inspection will reveal readily observable problems, and a professional inspector will provide his or her client with an objective assessment regarding the conditions of the systems and components of a home. The assessment will also include recommendations to correct any problems the inspector uncovers, but most often it does not include the possible cost of the corrections. These estimates can be derived from the appropriately licensed contractors.

Keep in mind, inspectors look at readily accessible systems for flaws and deficiencies, but cannot reveal every problem that might exist in a given home.

9  Standard Home Inspection Components:

1. Structural Inspection – A thorough assessment of any deterioration of the foundation, floor structure, wall structure, ceiling structure and roof structure.
2. Exterior Inspection – The inspector will check the siding, flashing and trim, exterior doors, decks, balconies, porches, railings eaves, soffits and fascias, grading, surface drainage, walkways, patios and driveways. However, the inspector is not required to inspect shutters, awnings, fences, soil conditions, seawalls or docks unless otherwise licensed and/or requested to do so.
3. Roofing – Roofing materials, drainage systems, flashing, skylights, chimneys and any roof [Read more…]

Tampa/St. Pete Home Options: Buy vs. Rent – Which Is Right For You?

We receive a lot of questions from prospective homeowners asking whether it’s better to buy or rent in the current St. Petersburg/Tampa real estate market. Unfortunately, there’s no clear-cut answer that applies to everyone in every market. Following are a series of questions and some thoughts to consider as you’re making your decision.

1. Are you ready to make a long-term commitment to a home for at least five years? If so, buying is probably your best option.
2. Have you saved enough money for a down payment? If so, consider buying over renting.
3. Do you qualify for a mortgage? Visit our Mortgage Calculator to get a feel for how much you qualify for based on mortgage term and interest rate.
4. Are you interested in becoming a part of a community where you can put down roots and make friends? Again, buying is probably the best choice.

Florida Real Estate, Thoughts To Consider:

• As home values rise, the equity in your purchased home also rises.
• Mortgage payments are generally fixed while monthly rents often increase beyond what you might spend on a monthly mortgage payment.
• When considering whether to rent or buy, take a long-term approach. The longer you plan to stay, the greater the advantage of owning your home.
• Homeowners receive tax breaks by deducting mortgage interest and property taxes.
• Consider tapping your IRA for a down payment. Under current law, each individual may withdraw up to $10,000 as a penalty-free (but not tax free) lifetime credit for purchasing a first home. If you’re married, both you and your spouse can withdraw $10,000 for a total of $20,000! And your generous rich relatives are able to use their IRAs to make a penalty-free $10,000 gift to you for a first time home purchase.
• When selling your home, it’s possible that the capital gains you realize could be tax-free.
• There is a great deal of emotional satisfaction in owning your home.

For more information on buying vs. renting, contact Chris today at 727-642-9107.

A final walk-through within 24 hours of closing is recommended.

Homebuyers: Final Walk-Through Essential Before Real Estate Closing

The first thing you want to find when you walk into your new home after the closing is that the house you just bought is in exactly the condition you expected. A final walk-through within 24 hours prior to signing the papers and handing over the checks will help ensure that nothing has changed, that all required repairs have been completed and the home is clean and ready for its new owners. Always insist on a final walk-through.

12 Tips  on the all-important homebuyers final walk-through

1. Have your real estate agent accompany you; it’s always best to have another pair of knowledgeable eyes along to pick-up on things you might miss in your excitement. Chris Hounchell & Associates of Keller Williams Realty is expertly qualified to make every step of your closing a smooth success.
2. Ask the seller to accompany you; they know about all the house’s little peculiarities and can answer any last minute questions you might have. It’s also a good idea to have a good relationship with the seller as you may have questions for them later.
3. Turn on all the lights and faucets, flush the toilets and check that the appliances you purchased are all there and are working properly. Take the time to run the dishwasher, turn on the ceiling fans, ring the doorbell, make sure the hot water heater works, test the security system, etc.
4. Test the heating and air conditioning system regardless of the time of year.
5. Open and close all doors and windows. Are they working right? Is there any breakage? Are all the screens in place?
6. Does the garage door opener work and do you have all the remotes? [Read more…]

Design and Remodel For a More Sustainable Home – Top 10 Ideas

Green or sustainable remodeling provides an opportunity to adapt your home to your future needs and changing lifestyle, while lowering energy and maintenance costs by creating a healthier home environment. It’s also a way to reduce waste and pollution.

But just what is “green remodeling?” It’s a responsible way to minimize your impact on the environment through saving water and energy during the remodeling process by reusing and recycling construction materials, using construction materials with recycled content, reducing indoor pollutants, and lowering maintenance needs and costs while increasing the durability and life of your home. Additional benefits are also available by using local manufacturers and suppliers of resource-efficient building materials.

Here are 10 tips to use when “going green in Florida:”

1. Set your goals and priorities – What can you do to reduce the impact on the environment and what will it cost? Using sustainable products and practices will sometimes cost less (utilizing re-used or salvage materials), about the same (safer paints, carpets, adhesives and finishes), or more than conventional products. Some choices costing more initially may save money in the long run by reducing energy costs and lasting longer. Bottom line – do the things that are important to you and are within your budget.
2. Salvage and reuse existing materials. Many communities now have architectural salvage businesses stocked with the materials you may need for your remodeling project. Spend a few hours familiarizing yourself with what’s available locally. Reclaimed building materials can provide cost savings, quality and durability while diverting waste from landfills.
3. Consider energy efficiency. Saving energy is a smart investment. When buying [Read more…]

Celebrate Your First Home!

12 Tips for First Time Homebuyers

You’re reading this blog because you’ve decided to buy your first home. You’ve thought long and hard about it for some time. You’ve weighed the pros and cons, and decided taking the plunge is the right thing to do. You’ve saved for a down payment, prices are the lowest in years and you believe the timing couldn’t be better.

Now it’s time to focus on what you need and what you want. Here are some tips to consider and questions to answer:

1. Decide how much room you need, or will need. Two bedrooms? Three? Four? And how many bathrooms? Space for an office? Pool? Garage? One car or two? Water access? Will your family be expanding?
2. What kind of neighborhood or community suits you best? If you’re currently living in the neighborhood or community in which you want to buy, you already know it’s particular character, amenities, price range, style, pluses and minuses, etc. But if you’re somewhat new to the area, we suggest starting with an Internet search of online listings and locales to get a feel for where you might want to live.
3. Choose a reputable real estate agent. He or she should be a good listener, and should fully understand what you’re looking for, the neighborhood in which you want to live and the price range you need to stay within. Your Realtor should also have experience and a solid reputation behind him or her. Remember, your Realtor is working for you. Get recommendations. Interview a few and choose wisely.
4. Establish a relationship with a lender. Know your borrowing ability, and be in a position to [Read more…]