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Florida Room Square Footage Is It Considered Living Sq. Ft.

Living Sq. Ft. Florida

Make sure when your looking at homes you know the true gross living sq. ft.  of the home .   You may think your buying a 1800 living sq. ft. home as advertised, but in reality your buying a 1600 sq. ft. living sq. ft. home.  Living sq. ft. as defined for the main home in Florida is all space under roof and central heat and air.  This does not apply to space where the floor drops from the main floor of the home as in a garage or lanai.

Florida rooms are  a prime example of space that gets added into the total living sq. ft. on home listings.

In order for an appraiser to add living sq. ft. for a Lanai that has been turned into a Florida Room the Florida room must meet the following criteria.

Must have glass windows

Must have central heat and air not a add-on uint

The floor must be at the same level as the house

No patio doors from main house to Sun Room

All permits must be pulled and is it recognized by county assessor as gross living sq. ft. 

If any of the above criteria are not met an appraiser cannot count the sq. ft. in the room as part of the gross living sq. ft. 

True living sq. ft. affects the value of the home and comparing other homes of like kind in making a buying decision.

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Adverse Possession In Florida

Adverse Possession

Adverse Possession In Florida

Squatters, trespassers, and encroachers may, over time, gain ownership rights to Florida property.

There is no single statute in Florida that spells out the elements that a trespasser must establish to prove adverse possession.

Read More Here

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Factors That Affect The Asking Price Of A Home

Factors That Affect Your Asking Price How quickly you need to sell Repairs needed and updating The amount of competition in your price category, location, and living sq. ft. The availability, flexibility and affordability of financing The sale prices of similar homes sold in your area during the past six months to one year What months of the year bring more buyers to your area The number of buyers looking in your home's price range The number of bedrooms Lot View Factors That Should Not Affect Your Asking Price The original cost of the property; price is determined by today's market The total cost you've invested to make improvements The cost to build your home today Emotional attachment The opinions of friends and neighbors

Factors That Affect Your Asking Price

  • How quickly you need to sell
  • Repairs needed and updating
  • The amount of competition in your price category, location, and living sq. ft.
  • The availability, flexibility and affordability of financing
  • The sale prices of similar homes sold in your area during the past six months 
  • What months of the year bring more buyers to your area
  • The number of buyers looking in your home’s price range
  • The number of bedrooms
  • Location, location, location
  • Lot View

Factors That Affect Your Asking Price How quickly you need to sell Repairs needed and updating The amount of competition in your price category, location, and living sq. ft. The availability, flexibility and affordability of financing The sale prices of similar homes sold in your area during the past six months to one year What months of the year bring more buyers to your area The number of buyers looking in your home's price range The number of bedrooms Lot View Factors That Should Not Affect Your Asking Price The original cost of the property; price is determined by today's market The total cost you've invested to make improvements The cost to build your home today Emotional attachment The opinions of friends and neighbors

Factors That Should Not Affect Your Asking Price

  • The original cost of the property; price is determined by today’s market
  • The total cost you’ve invested to make improvements
  • The cost to build your home today
  • Emotional attachment
  • The opinions of friends and neighbors

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Pulling Owner/Builder Permits Is Risky Business

Building Permits Marion County Florida

You’re ready to start your home remodeling  project and start interviewing contractors.  The contractor you chose insisted on you pulling the permit for the job.  You thought no big deal I can do that.

Pulling Owner Building Permits Marion County FL

If you do not intend to do the work yourself and have been asked by someone without a contractor’s license to pull the permit, you are at risk of financial harm both by penalty and injury.  Chapter 489.103 (7), Florida Statutes:  Owners of property must supervise the work being performed.  Any person working on your building who is not licensed must be employed by you, which means that you must deduct F.I.C.A and withholding tax and provide workers’ compensation for that employee.

Without workers’ compensation insurance, you could be held liable for injuries received on your property.  Typically, your homeowner’s insurance policy will not honor your claim if the work being performed required a licensed contractor.  You could end up responsible for thousands of dollars of medical bills. 

Not only is it dangerous, but it’s also a crime in Florida. 

Chapter 455.227, Florida Statutes:  Any person who knowingly aides, assists, procures, employs or advises an unlicensed individual can be charged with a first degree misdemeanor and may face fines of up to $5000 for each offense.  

Contractors can be licensed by the State of Florida or can be licensed by the county they work in and not have a state license.   If your contractor is doing work that a license is not required make sure they carry liability insurance and worker’s compensation insurance.

There is no such thing as a Handyman License in Marion County Florida.

Contractor Licensing Requirements For Marion County Florida

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Florida Auto Insurance What You Should Know

Florida Auto Insurance

Auto insurance varies from state to state and when you move here to Florida it’s a good idea to educate yourself on our state’s auto insurance policy options.   Florida auto insurance has one piece to it that is consider the no-fault piece of the policy.  Personal Injury Protection on your auto policy is the no fault part of Florida auto insurance.  Personal Injury Protection kicks in right away without you having to go to court to determine who is at fault.  Other coverage’s on your Florida auto insurance are not no fault.  One exception to Personal Injury Protection is when you rent a car out of the state of Florida.  Personal Injury protection does not cover you in an out of state rental car.  Many people do not know this.  If you are driving your own car out of the state of Florida than you are covered under the Personal Injury Protection.   For more details on Florida Auto Insurance coverage go Here:

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Do you really need a Buyer’s agent to help you buy a new house?

Q:  What can a buyer’s agent realtor do if you are buying newly constructed home in a brand new neighborhood. I’m interested in new homes built by Pulte.   It seems easy to do on your own. I have done this before, and I negotiated myself with the selling agent working for the developer.

 

It’s the agents expertise in several areas of the real estate business that brings value to the buyer. It’s not just about the price a buyer pays for a home it’s the whole package that comes with buying real estate.

I personally sell homes in Pulte neighborhoods so hence my opinion.

Depending on location new homes today are like buying new cars. They depreciate the minute you move into them. How do you know this? Look at the history of the resale market in the neighborhood with your buyer’s agent.

Several people have bought new Pulte homes that could of saved a bundle and had a better home if they bought a resale only 8 years old in the same Pulte neighborhood. It amazes me that buyers don’t even know re sales are available in the same Pulte neighborhood because they can’t get passed the new sales office. It amazes me that buyers don’t know there are two Pulte developments in my area.

A builder such as Pulte keeps their prices the same with or without a real estate agent because they know people talk about what they paid and Pulte needs their homes to appraise for the value they want to sell them at. Keeping prices the same stabilizes their base price and allows them to increase their base price. Pulte also knows the value of Realtors and wants to keep them happy.

It’s what you don’t know that always comes to bite you in the butt.

The most important thing about buying a new home in planned development is the lot and your buyer’s agent is the one to help you pick it. There is more to picking a lot than just the view.

Your buyer’s agent is going to make you think about things you never thought of so you can make a better buying decision.

Is the builder’s lender the best deal verses another lender?

What are the best upgrades to put in the home to get the most value out of the home when you go to resale?

When building a home would a typical buyer know what the most important construction phases are especially if building in a different state? Most people think the county inspectors are all they need to check on the construction. Think again!

Biggest mistake a buyer makes when building a new home is they think everything is going to work perfect. Not! What about the nail that went through the water pipe or pipes? Missed wiring anyone?

What do buyer’s know about venting a new home? Builder cutting corners or are they doing it right?

I always feel that people who know the value of an educated person helping them and understand that hard working people should get paid for their knowledge, advice, and time are the ones that appreciate a buyer’s agent.

 

Dawn Rupersburg Realtor Ocala FL

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New Construction Does Not Come Without Headaches

New Home Construction

When you think of buying a newly constructed home you expect there will be no problems.  Most often problems are not apparent until you start living in your home.  The county has issued a certificate of occupancy and many new homeowners think this guarantees that everything is in working order and complete.  This couldn’t be further from the truth.

There are 1000’s of complaints homeowners have with their new home from plumbing leaks, electrical issues, roof issues,  flooring issues, mechanical issues and the list goes on.

under_construction_ho_a_lb

Construction defect law is a busy practice area in Florida, given the abundance of new homes, apartment buildings, and condominiums constantly being built.   Who is really building your home?  Builders contract the work out to subcontractors and then subcontractors hire subcontractors themselves.

As your new home construction Realtor I can help you ask the right questions of your builder and make you aware of things to protect yourself during the building process and after the building process.  Help you with choosing the best upgrades for maximizing your investment.

 

 

 

 

 

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Capital Gain Exclusion On The Sale Of A Residence

Capital Gains On Sale Of Home

Florida is where people from all over the United States and other countries come here to purchase a principal residence or second home.  If you currently own a principal residence  in the United States and want to buy a principal home in Florida you will want to consider the time frame you have to sell your current home to take advantage of the capital gain exclusion.  The time period to sell your current principal home is two years from the date of principal ownership to take advantage of the capital gain exclusion.  You can claim only one exclusion every two years.

The capital gain exclusion excludes up to $250,000 gain received on the sale of a principal residence for a single taxpayer and $500,000 for a married couple.  The taxpayer must have owned and lived in the property for two of the past five years from the date of sale. The occupancy does not need to be concurrent.    If you do not meet this test you may be able for partial exclusion consult your accountant.

If your spouse passes away consult your accountant to take full advantage of the $500,000 exclusion.

Consult your accountant for further information on this subject.

 

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We Buy Homes For Cash! Read More

We Buy Homes For Cash

We all have seen the yellow signs ” We Buy Homes For Cash

We buy homes for cash is a catchy phrase for will buy your home only if we make a good profit on it. This can be a good deal for the person who has a home in need of several repairs and can’t afford to make them. Investors are needed for these type of homes because the majority of home buyers are not interested in taking on the big headache. Warning! Before you hand over your home for cash make sure you understand the terms of the sale with an investor.

Make sure your dealing with an investor who really has cash to buy your home, otherwise you will be selling your home on terms you both agree to.

If an investor wants to take over your payments know that if the investor does not make the payment your still responsible to the bank until the note is out of your name. Your credit is on the line.

There is a good chance the investor will rent your home to make the payments. Nothing wrong with that, but depending on the terms you agree to you should know that up front.

Don’t ever transfer the deed out of your name until your bank and you are paid in full. Once you transfer the deed any money you owe on the home is still going to be your problem.

If you agree to allow the investor to assign the contract than you just hired a middle man to sell your home and make a quick profit. The investor is only looking out for their best interest not yours. Your better off hiring a licensed, experienced Realtor who is looking out for your best interest.

If your home is need of several repairs before it will sell than try getting a home equity loan and make the repairs. I can put your home on the market within 30 days of all repairs being completed so it sells quicker and put some extra money in your pocket.

We Buy Homes For Cash Ocala Florida

 

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Florida Real Estate Listing Agreements

Exclusive Right Limited Service Listing Agreement: The seller gives the listing broker the right to put the property in the MLS and to offer compensation to cooperating brokers. The listing broker earns a flat fee up front in most cases and can also earn a fee at closing depending on the services the listing broker and seller agree to. This type listing is mainly for sellers who want to try and sell their home themselves to save on the listing side of the commission.

Exclusive Brokerage Listing Agreement: The seller authorizes the listing broker to sell the property and to offer cooperation to other agents, but reserves the right to sell the property themselves. In this listing agreement the listing broker earns a commission if he/she sells the home. The listing broker does not collect a fee up front. This type listing is mainly for sellers who want to try and sell their home themselves to save on the listing side of the commission.
In both the exclusive right limited service and exclusive brokerage listing agreements the seller is agreeing to pay a commission to a real estate licensee who brings a buyer.

Seller Beware: The seller needs to find out from any buyer who is interested in their property if their working with a real estate licensee who brought the seller’s property to the buyer’s attention. Bypassing an agent will not save on commissions and it’s this type of contract that the National Association of Realtors claims has the most procuring cause cases filed against the listing broker. If the listing broker looses the procuring cause case then the listing broker can bring a lawsuit against the seller for damages.

Florida Real Estate Listing Agreements

Seller Beware: If a buyer’s agent is involved in a FSBO transaction the buyer’s agent will need to give written notice to the seller clearly indicating that the buyer’s agent doesn’t represent them. In addition, the buyer’s agent must not provide advice or act in a manner to lead the sellers to believe that the agent is acting on their behalf and creating a dual agency.

Exclusive Right of Sale Listing Agreement
The seller grants to the listing broker the sole right to sell the property and the listing broker earns a commission no matter what brokerage brings the buyer. Both the listing and selling side of the transaction involve a licensed real estate agent.

The following listing brokerage relationships are offered under all the listing agreements: Transaction Broker, Single Agent, Non -representation, and Transition from single agent to transaction broker.