9 Tips for Buying a Vacation Home

  1.  Consider how you will use the home.  Will it just be for family and friends or do you plan to rent it as well?
  2. Evaluate Locations.  Are there enough amenities and attractions to keep you and your renters coming back year after year?
  3. Talk to locals.  What do they love about the area?  What is changing?  Are you hearing anything negative?
  4. Study local laws.  If you plan to rent the home, local rules may restrict rental periods or cap the number of days you can rent each week, month, or year.
  5. Calculate costs.  Along with mortgage, insurance, property taxes, and association fees, plan for wear and tear.  A good rule of thumb is 1 to 2 % per year to plan for maintenance and repairs.  Also, don’t forget the property management fee.
  6. Talk to an Accountant.  This person can advise you on such issues as the tax implications of rental income and changes in federal tax laws that could impact deductions.
  7. Test before you buy.   Once you have settled on an area, you should rent in every season so you can gauge busy and slow periods for rentals.
  8. Work with an experienced local sales agent.  Pick someone who knos the community and who can recommend the other experts you will want to consult.  Consider agents with Certified Residential Specialities (CRS) and Resort and Second Home Property Specialists certifications (RSPS).
  9. Take your time.  Don’t let the excitement of one great vacation push you into an impulse buy.  Educate yourself and listen to your agent.

I hold a lot of certifications including the CRS and RSPS certifications.  I have the local knowledge to go the distance for you.  I hope to hear from you soon.

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Kelly Klein 2019

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Federal Employees Need to Ask

Just read an article put out from the National Association of Realtors.  Federal Workers need to be contacting their lenders and landlords for forgiveness and ask for no late fees.

Mortgage, Rental Aid Arrives for Unpaid Federal Workers

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Mortgage, Rental Aid Arrives for Unpaid Federal Workers

Mortgage Holders who have been affected by the partial government shutdown need to click the link below and read.  Ask for forgiveness from your lender and landlord.

Source: Mortgage, Rental Aid Arrives for Unpaid Federal Workers

 

 

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Okaloosa October Sales Report

October

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Walton County October Sales Report

Walton_County_October

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How old is your Home?

Well a recent U. S. Census Bureau’s American Community Survey reveals that the median age of an owner occupied home is now 37 years old.  This means that half of all homes in the U.S. were built prior to 1980.  Why is this happening?  A decline in residential construction in the past decade.

Another 13.5% of the country’s total housing units were built prior to 1940, while 19% were built before 1950.

Homes built between 2010 to 2016 make up 4% of the inventory.  About 70% of homes built after 2010 are owned by Generation X (age 35-54).

So it brings me back to how old is your home?  

Currently there are 2,487 homes for sale in my own market.  Of those, 943 of them were built after 2010 (37.9%) and 1,230 were built from 1980 to 2010 (49.5%).  The remainder were built prior to 1980 with the oldest home for sale built in 1882.

house surrounded with trees on grayscale photography

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Pier Park, Pier Park North and West Pier Park

Pier Park, located in the heart of the world’s most beautiful beaches has over 120 stores! Get a detailed map of shops, restaurants and other locations.

Source: Pier Park, Pier Park North and West Pier Park

Pier Park is certainly OPEN for Business.  Christmas shopping is brisk.

 

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