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Information and tips for buying or selling a Home or Condo.

The Difference Between Home Warranty and Home Insurance

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On March 10, 2021

In Home Buying, Information, Real Estate

The Difference Between Home Warranty and Home Insurance

Decorative Image
The Difference Between Home Warranty and Home Insurance

When purchasing a new home, it’s important to do in-depth research on all facets of the homebuying process. One thing you’ll need to understand is how to best protect yourself and your investment if anything were to go wrong. Check out the information on home insurance versus home warranty below to educate yourself on your options.

Home Insurance
Homeowners insurance pays for any accidental damages and loss that are caused by fire, lightning strikes, windstorms, and hail, however, damage from earthquakes and floods is typically not covered. It also covers the replacement of personal property in case of theft or damage and liability if a person were to get injured in your home or on your property. According to American Home Shield, the average annual cost of a homeowner’s insurance policy ranges between $300 and $1,000, and the bank usually asks you to obtain a policy before the mortgage is issued. Make sure to keep in mind that each type of coverage in the policy is subject to a limit and, in most cases, you will have to pay a deductible.

Home Warranty
A home warranty is designed to cover the cost of repairs and replacements of larger appliances and crucial systems in your home that may fail or break due to age and wear and tear. This includes but isn’t limited to HVAC, electrical, or plumbing components, kitchen appliances, and your washer and dryer. With a home warranty, you are required to pay premiums year-round, even if you do not use it, and it won’t cover damages if appliances were not maintained properly or if the damage is from a fire or other disaster.

Have a Great Day!
Larry and Ann

As always, for all your Real Estate needs, call or text Larry @ 941-993-3125
or
Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com

Home Trends

By

On March 8, 2021

In Home Improvement, Real Estate, Sarasota

Home Trends

Infograph
Home Trends

Top 10 Home Trends for 2021

These top 10 home trends will not only add comfort but might even add extra value to your home.

Zoom Room: A Zillow survey found a desire for a home with a dedicated office tops the list of reasons why Americans working from home say they would consider a move if they were to continue working remotely at least occasionally.

“HOMECATION” AMENITIES: Pool was the top Zillow keyword search term in 2020. Waterfront and dock also landed in the top 10. Additionally, homeowners want to create a luxury experience at home, upgrading to a spa-like bathtub or a relaxing rain shower.

INTER-GENERATIONAL LIVING: According to Generations United, about one in six Americans currently have multi-generational households. In 2020, the share of young people moving back home reached all-time highs as millennials and Gen Z-particularly renters-moved in with their parents.

GOURMET KITCHENS: With stay-at-home orders, many brushed up on their culinary skills, which has spawned a desire for gourmet kitchens.

BACKYARD OASIS: A Zillow survey from a Harris Poll found that 41% of people say they value a large outdoor space as a result of social distancing recommendations.

SMART AND SAFE TECH: With a desire to lessen the number of germs in the home, buyers are increasingly looking for items like touchless appliances and faucets, self-cleaning toilets and more.

SMALL CITY LIVING: With more opportunities for working remotely, buyers are looking into smaller, more affordable communities and open spaces.

HEALTH AND WELLNESS AREAS: If you don’t feel safe going to a gym, having an area in your home dedicated to your health and wellness is ideal.

PET-FRIENDLY LIVING:
Pet adoptions increased in 2020, so homebuyers and renters are looking for more pet-friendly features, such as a pet shower or dog wash area.

NEW CONSTRUCTION: More than a quarter of buyers who bought a new-construction home did so to customize home features, while 37% chose new construction because everything in the home was new and never used, according to a 2020 Zillow survey.

Florida Realtors
Sources: Zillow.com, bit.ly/zillow-home-trends

Have a Great Day!
Larry

If you have any questions about the Sarasota Real Estate Market
Call or Text me @ 941-993-3125
Go to My RE/MAX Site and search all you like LarrySellsSarasota.com

Owning a Vacation Rental

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On January 18, 2021

In Real Estate, Sarasota

Dos and Don’ts of Owning a Vacation Rental

Dos and Don'ts of Owning a Vacation Rental
Dos and Don’ts of Owning a Vacation Rental

Are you considering a vacation home purchase that will produce valuable rental income when you’re not using the property? If so, check out these dos and don’ts to get the most out of your financial investment.

DO: Create a financial plan. This will help you predict the potential revenue and expense of owning a rental property.

DO: Work with a knowledgeable Realtor when buying. A good agent can help you find a property in a good location with the best rental potential.

DO: Get to know your home. Carefully check all parts of the home and repair and replace items that need it.

DO: Choose a property manager carefully. Check their reputation in the area, then ask how they’ll: Maintain the home so it stays in good condition, communicate with you and maximize your revenue.

DON’T: Ignore preventive maintenance. It’s better to fix or replace that aging water heater or HVAC system now than have it break during a renter’s stay.

DO: Be strategic about using the home yourself. If your goal is to maximize rental income, stick to planning your stay during the off season.

DO: Plan to reinvest in the home. Figure you may have to spend 1% of the property value each year on maintenance.

DO: Be realistic about pricing. Research area rental rates and don’t overprice. Your ultimate goal is to make a reasonable profit and that will require a high occupancy rate.

Florida Realtors
Sources: entrepreneur.com, sfgate.com, Morris Invest, blogs.netintegrity.net

Have a Great Day!
Larry

If you have any questions about the Sarasota Real Estate Market
Call or Text me @ 941-993-3125
Go to My RE/MAX Site and search all you like LarrySellsSarasota.com

Consider This – When To Refinance

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On January 12, 2021

In Information, Real Estate

Consider This – When To Refinance

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Refinancing your Home

Refinancing your mortgage is something most homeowners consider at least once throughout the lifespan of their home loan. It allows you to pay off your previous loan by applying for a new one that has better financial advantages. While there are many good reasons to refinance, here are 5 common ones.

Scoring a lower interest rate – The number one reason homeowners decide to refinance is to secure a lower interest rate on their mortgage. Not only does this save you money in the long run and decrease your monthly payment, but you can start building equity in your home sooner.

Using an improved credit score – Even if interest rates have not dropped in the market, if you have improved your credit score over the last few years, you may be able to reduce your mortgage rate.

Shortening the loan’s term – If interest rates are decreasing, there is a chance you may be able to get a shorter loan term with little to no change in your monthly payment, allowing you to pay off your loan sooner.

Switching from an adjustable rate to a fixed rate – If you chose an adjustable-rate mortgage with great introductory rates when you initially financed your home, that rate may increase significantly over the years. By switching to a fixed rate while interest rates are low, you can protect yourself from future increases.

Cashing out home equity – If there is a big purchase or payment on the horizon, such as funding a wedding or going back to school, your best option may be to use the equity you have built in your home to borrow money at a lower cost.

Have a Great Day!
Larry and Ann

As always, for all your Real Estate needs in the Sarasota Area
call or text Larry @ 941-993-3125
Larry’s RE/MAX Site: (link opens in new window) LarrySellsSarasota.com

How You Can Finance Your Home Renovation

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On December 29, 2020

In Home Improvement, Real Estate, Sarasota

How You Can Finance Your Home Renovation

How You Can Finance Your Home Renovation

Outdated kitchen. Overrun backyard. Unusable basement space. If you have a home renovation project on the mind, the first thing you have to consider is how you are going to finance it. Here are the most common options to make your dreams become a reality.

Cash – Paying in cash is the most straightforward financing option, just save until you have enough money to cover the expenses. This will help eliminate spending outside your budget; however, it can also extend your timeline.

Mortgage Refinance – If you’ve been making payments on your home for a few years and your interest rate is higher than current market rates, you may be eligible for a mortgage refinance, reducing your payments and freeing up some money.

Cash-Out Refinance – You can tap into your home equity and borrow up to 80 percent of your home’s value to pay off your current mortgage plus take out more cash to cover the renovations. This option is encouraged only when you’re making improvements that will increase the value of your home, as it can add a lot of interest and fees.

Home Equity – Getting a home equity line of credit allows you to borrow money against the value of your home. You receive usually up to 80 percent of your home’s value, minus the amount of your loan.

Retirement Funds – Homeowners can consider pulling money from a 401K or IRA account, even though they aren’t specifically meant to cover a home renovation. This option might incur additional penalties or tax payments, but may be worth it when making improvements that will benefit them financially in the long run.

Have a Great Day!
Larry and Ann

As always, for all your Real Estate needs in the Sarasota Area
call or text Larry @ 941-993-3125
Larry’s RE/MAX Site: (link opens in new window) LarrySellsSarasota.com

Wellington Chase on Palmer Ranch

By

On December 8, 2020

In Palmer Ranch, Real Estate, Sarasota

Wellington Chase on Palmer Ranch

Wellington Chase on Palmer Ranch

Wellington Chase is a community of 220 single family homes located off Northridge Rd and close to Northridge Plaza and Palmer Crossing Plaza.

Shopping:
Northridge Plaza with Publix, a UPS Store and more
Palmer Crossing with a Walmart grocery store, Bealls, Office Depot and more.
Sarasota Square Mall with Costco

Recreation:
The Legacy Trail for walking, running and biking. Also close to Potter Park YMCA.

Convenient to I-75
Siesta Key is just 6 miles away west on Clark Rd with Siesta Beach and Siesta Village for shopping and dining.

Map powered by OODLE shows location of Wellington Chase on Palmer Ranch

Have a Great Day!
Larry and Ann

As always, for all your Real Estate needs, call or text Larry @ 941-993-3125
Larry’s RE/MAX Site:(link opens in a new window) LarrySellsSarasota.com

The Hamptons on Palmer Ranch

By

On November 16, 2020

In Palmer Ranch, Real Estate, Sarasota

The Hamptons on Palmer Ranch

The Hamptons on Palmer Ranch

Located just off Honore Avenue and North of Palmer Ranch Parkway East, The Hamptons is a community of 245 single family homes divided into 3 sections.

The South is maintenance free and stretches from Flagstone Drive just south of the community pool to the next community of Stonebridge.

The North is owner maintained and stretches north of the community pool including Donnington Ct and Sturbridge Ct stretching to the next community, Wellington Chase

The West is gated and also owner maintained and includes Bridgehampton Blvd and Gardiners Bay Circle.

A Community Heated Pool is available to all residents in The Hamptons.

Shopping:
Northridge Plaza with Publix, a UPS Store and more
Palmer Crossing with a Walmart grocery store, Bealls, Office Depot and more.
Costco located in Sarasota Square Mall

Siesta Key is just 6 miles away west on Clark Rd with Siesta Beach and Siesta Village for shopping and dining.

Map powered by OODLE shows location of The Hamptons on Palmer Ranch


Have a Great Day!
Larry

If you have any questions about The Hamptons or any community in Palmer Ranch – Call or Text me @ 941-993-3125
Larry’s RE/MAX Site: (link opens in new window) LarrySellsSarasota.com

Quick Fix Tips for Your Home

By

On November 10, 2020

In Home Improvement, Real Estate, Sarasota

Quick Fix Tips for Your Home

Tips to help keep your home in tip top shape by reducing the strain on your home.
These small items can improve your home.

Reduce the strain on your home

Kitchen
Dishwasher – Clean your dishwasher filter to increase its longevity
Smoke Detectors – Make sure that they work and you have fresh batteries

Bathroom
Sinks – Check under the sink for leaks

Bedroom/Home Office
Lights – Consider replacing your light bulbs with LED’s to use 1/5 the amount of energy as regular light bulbs

Laundry Room
Washer and Dryer – Check the rubber exteriors for cracking and brittle bits

Yard
Water Drains – Fix water drains that may have flooded during last years hurricane season to be sure to divert water away from your home

Have a Great Day!
Larry and Ann

As always, for all your Real Estate needs, call or text Larry @ 941-993-3125
Larry’s RE/MAX Site: (link opens in new window) LarrySellsSarasota.com

Hidden Fees to be Aware of when Purchasing a Home

By

On November 7, 2020

In Home Buying, Real Estate, Sarasota

Hidden Fees to be Aware of when Purchasing a Home

Hidden fees when buying a home

Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don’t forget there will be other costs associated with your purchase then the price of the home. Here are 5 fees to keep in mind as you begin to budget.

Home inspection – This is a crucial step in the home buying process. The findings that come from the inspection can identify the condition of the home and maintenance or repairs that may be needed in the future. Generally, you can expect to pay between $300 to $500 depending on the home and the location.

Title services – Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.

Appraisal fee – When getting a loan, you will be required to get an appraisal of the home to determine its estimated value. This will be conducted by a third-party company and the cost can be anywhere between $300 and $1,000, depending on the size of the home.

HOA fees – Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees begin around $200 per month but can be much more depending the amenities of the community.

Taxes – The taxes each buyer pays at the closing table differ, but it is not uncommon for an escrow account to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.

Have a Great Day!
Larry and Ann

“My goal is listening to your Real Estate wants and needs then fulfilling them.” call or text me @ 941-993-3125
RE/MAX Site: (link opens in new window) LarrySellsSarasota.com
Larry

Sarasota Monthly Real Estate Market Snapshot – October 2020

By

On November 6, 2020

In Real Estate, Real Estate Statistics, Sarasota

Sarasota Monthly Real Estate Market Snapshot – October 2020

October Real Estate Statistics for Sarasota County

New Real Estate Monthly Statistics for Sarasota County
OCTOBER 2020

913 Homes SOLD (up 35 from last month)
Median Sold Price $345,000 (up $27,000 from last month)
Average 48 Days on the Market (average was 60 days last month)
Months of Available Inventory 1.6 – same as last month.

“My goal is listening to your Real Estate wants and needs then fulfilling them.”

Have a Great Day!
Larry

If you have any questions about the Sarasota Real Estate Market Call or Text me @ 941-993-3125
My RE/MAX Site: (link opens in new window) LarrySellsSarasota.com

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