Have you been thinking about making a career in real estate?
There are many reasons to love a career in real estate, but there are many negatives too. There’s no such thing as a “perfect” career, but if you can get to 85% (and you’re having fun), you’re doing well!
Here’s a Bird’s Eye View of 5 Benefits of a Career in Real Estate:
Access to Investments.
Here Are A Few Negatives of a Career in Real Estate:
Working Beyond 40 Hours a Week.
No Regular Paycheck.
You Need to Spend Money to Get Started.
Not a Lot of Repeat Customers.
Requires a Real Estate License and CE Credits Every Two Years.
In summary, you have to weigh your options before jumping into the pool of real estate. I’ve been a student and/or practitioner of real estate for 27 years and I still find it fun and fascinating to observe the changes happening every year. If you want to know more about this career, reach out to me. John@colemantanner.com
Buying “new construction” is an exciting undertaking. Unlike buying an existing home, you’ll get to make it your own before turning the key for the first time. Here are ten tips to keep in mind as you begin your home building journey.
Establish a Set Budget. When it comes to establishing a budget for your new home, being a prudent homeowner is highly recommended. Therefore, you should plan on paying a 20% down payment on your new home and your monthly housing expense (principal, interest, tax, insurance, and association fee) at 25% of your income.
Get Everything in Writing. Having a lawyer review your initial contract and any subsequent amendments is highly recommended. Here are a few items to look for in the contract: (i) a “cooling off” period; (ii) payment schedule; (iii) timeframe for completion; (iv) included plans and specifications, warranties and insurance protection; and no blank spaces. Be clear about what changes are allowed once you “sign off” on the final plans. Two addendums you should include are (a) “all changes must be clearly documented & mutually agreed upon” and “time is of the essence.”
Stay Informed. Ask the builder for regular updates. Have somebody take pictures of the progress so you have evidence of any issues that may arise.
Be Patient. Delays will happen. This is a marathon, not a sprint.
Prepare for Hidden Costs. Does the developer’s estimate include “Finishing Costs”? How about zoning or CDD fees? Does your estimate include utility hookups, such a electric and gas meters? What about internet service wiring and installation? Are there estimates for your exterior, such as landscaping, concrete decks or brick pavers, fences and entries, or a mailbox? Try to think of every expense associated with your new home so that your estimate is as close to perfect as possible and that you have adequate financing in place to cover every expense. Ask about closing costs and developer contributions, if any.
Choose the Right Builder. It’s always a good idea to read online reviews, talk to residents in the new community about their experience, and see if any complaints are filed against them on USA.gov – consumer complaints, the Federal Trade Commission, and the Better Business Bureau. Also check to see if they are registered with the National Association of Home Builders. Lastly, are they good at communication? The last thing you want is to feel in the dark whilst waiting on your new home to be built.
Hire a Private Home Inspector (HI). Look for a home inspector with a current or prior Residential Contractor or General Contractor license. This type of person will know all the building materials and methods used in the construction industry. Their job is to ensure the structure is built up to code and complies with the municipal and HOA regulations and CC&Rs. Having the new home inspected by a 3rd party will help you rest easy at night while you wait. There are four stages of construction which warrant an updated inspection: (i) Foundations & Footings: the HI will check the slabs, foundations, drains and form work; (ii) Framing: the HI will check that the walls are straight & level, verify room dimensions, and ceiling height and roof lines all conforming to the plans & specs; (iii) Lock Up: This is the stage where the windows and doors have been installed. The HI will check the frames, seals, window flashing, brick and mortar work, and electric and plumbing; (iv) Final Inspection (Pre-Handover): At this point your home should be ready for a Certificate of Occupancy. Your HI will check for final interior/exterior finishings, paint, tile, carpet, wood flooring, cabinetry, windows & doors, and hardware, as well as inspect the site to ensure it is clear of any remaining materials or debris.
Create an Image File. You will be looking at plenty of options for creating your new home just the way you want it, and trying to convey a mental image of the vision for what you want each room to look like is quite tricky. So, why not save images that demonstrate what you want? This will help you communicate your requests to the builder and other 3rd parties more succinctly.
Think About the Little Things. Having electrical, telephone and internet outlets installed after drywall & insulation are installed is practically impossible to have done, so be sure to think about where you want your TVs mounted and cable boxes set prior to the electrical installation date. Do you plan on enjoying afternoon on the patio in the shade? The direction of your new home and where the sun sets will impact whether or not this happens. Keep shady sunsets in mind when you are looking at available lots. Location is important! By the way, corner lots are usually bigger and offer more privacy (one neighbor instead of two), so you’ll likely be charged a premium for it.
Lastly, Begin With the End in Mind. Will this be your “forever” home or your “retirement retreat”? Whether you plan to grow a family in a home that you’ll spend the rest of your life in, or one you will approach your golden years in, take time to envision the lifestyle you want for yourself (and your growing family, perhaps) before you select a new home development.
In closing, buying a new home is fun when you think of the construction details with a business-like approach, and the community lifestyle & interior design with your heart. We wish you a successful journey in pursuit of your “forever” home!
Coleman Tanner Realty – Your Home for Real Estate Solutions!
To schedule a Home Buyer Consultation, we can be reached at (786) 258-8877 or by e-mail at firstname.lastname@example.org.
It occurred to me this morning that I have not shared a post about my resource for new homebuyers. A few years back I created a Udemy course and pdf checklist that educates and guides new homebuyers about the process. Check out the course here.
If you have any specific questions, comment below or contact me @ (786) 327-6326. I hope this helps! Happy house hunting!
In Florida, home sellers (and their listing agents) are required to disclose any defects that are not readily observable and materially affect the property value. (Ch. 475.2701, F.S.) With that being said, there may be times when certain defects are unknown to the current homeowner.
The home inspection is a major step in the due diligence process of purchasing real property and serves to protect the buyer from expending money on a property that may be worth less than anticipated if material defects later become known. Moreover, oftentimes the lender will require a home inspection and/or a Wood Destroying Organism (WDO) report prior to approving a loan for closing.
Q: What does a home inspector examine?
A: The home inspector will examine the exterior and interior construction of the property, the mechanical and electrical systems, as well as the plumbing system. Below is a list of the common elements observed during a home inspection.
Topography and foundation or crawlspace
Driveway, sidewalk, porch & patio areas
Walls, siding, trim, windows & doors
Garage(s) and/or carport(s)
HVAC and/or wall unit(s)
Plumbing, well/septic system
Other external concerns
Are home inspectors licensed?
A: In the state of Florida, home inspectors are required to be licensed. Check with your state’s division of licensing or ask your local real estate agent.
Use a Seller’s Property Disclosure Statement when you are buying/selling a residential property.
During your walk-through, inquire of any observable defects/recent repairs.
Contact your local government’s permitting department to inquire of any open/closed permits on the subject property. The most important aspect of this step is to ensure that any work done in the past was permitted, up to code, and that all permits are closed. Finding out there is an open permit prior to closing can cause delays and frustrate the closing process, not to mention the potentially high repair costs that may surface.
In closing, it is highly recommended you hire a licensed, insured, and experienced home inspector, ask the seller for a property disclosure statement, and check the property history with your local permitting department. While these tasks may be a bit tedious, your real estate professional should be there to guide you through the process and ensure that you have a smooth closing!
Okay, so I have been experimenting with Canva and I love the capabilities for digital & print media. So far I have only used the graphics online, but you could easily print the pdf’s for, let’s say, open house brochures. Here’s a sample piece I created to market the neighborhood I live in:
As you can see, I introduce three properties within the Town Center development: Esplanade (Condos), 5 Thousand Town (Luxury Apartments), and The Uptown (also Luxury Apartments). The 4th main image is part of the shopping center.
You may note that I also added two pop-out images of the rooftop fire pit and the pool deck touching the 5 Thousand Town image. These are especially useful for highlighting some of your listing’s “special” features that draw in your prospect’s attention.
Well friends, that’s it for today’s lesson. I hope you enjoyed this post and I look forward to seeing you again inside the blog.