second home

People relocate to South Florida for a few reasons; retirement, job opportunity, second home, tax savings, lifestyle, and to be closer to family to name just a few.

Relocating to a new state or region can feel overwhelming, especially when it comes to settling into an unfamiliar community. Whether you’ve moved locally before or this is your first big relocation, there’s more to it than just packing boxes and changing addresses.   Finding the right city or neighborhood will make all the difference in your satisfaction with your decisions.

Here are a few  key tips to help make the transition smoother, from using online resources to connecting with locals, so you can start feeling at home before you even relocate.

If you have moved locally before, you know the bureaucracy that comes with every move:

• Change your address on your driver’s license and other ID
• Register to vote, if you are a citizen or becoming a Florida resident
• Move your utility services to the new location
• File a post office change of address
• Register your children in the local school
• Find new doctors…and more

Just like when you are moving locally, there will be lifestyle activities that you should explore before moving:

• What is the commute between work and home, school and home?
• Does the new location have access to activities you enjoy now?
• Where are the religious or social centers like those you belong to now?

How to explore potential places that I’ll enjoy in the new region.

Use Internet Resources: Start by seeking out the types of local information you rely on now, but specific to your new location.

Explore online news outlets like THE PATCH or local newspapers.  Join local social media groups, which often give a sense of the community. Just like in your current area, you’ll find a mix of people—some helpful, some not—but these groups can offer valuable insights.

Check out religious and cultural organizations that align with your interests. Their websites often list their mission and activities calendars, which can help you connect with like-minded people even before you arrive. Many also offer newsletters or online communication platforms that are great for staying in the loop. Research schools, crime statistics, demographic information, weather and more to fully understand how a move will impact your way of life.

Networking: Start by asking friends, family, or colleagues if they know anyone in your new area. Personal introductions can be invaluable in helping you get settled and learn more about your new community.

Pre-move Vacation: Consider spending a week or two in your new town or city to get a feel for the place. Use this time to meet with people who can assist with your move and try out activities you already enjoy—whether it’s sports, theater, religious services, hiking, or even attending a local event. Engaging in these activities will help you connect with locals and give you a sense of whether the area aligns with your lifestyle.

Consider a Two-Step Move: Evaluate whether it’s less stressful to rent for a year before buying a home. Each approach has its own benefits and challenges. Renting allows you to test the waters, while buying right away offers a sense of permanence—but either way, the decision should be based on your comfort level and finances.

Develop a Relationship with a Local Exclusive Buyer’s Agent: A local exclusive buyer’s agent is a valuable resource when moving to a new area. They have in-depth knowledge of the region and can guide you to community activities and resources that will ease your transition. Their expertise can help you navigate your home search while also connecting you with local networks.

Filed under: Blog, Boca Raton real estate, Down Sizing, EBA, Exclusive Buyer Agency, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Homebuyer Advice, International Home Buyers, Moving Apps, Real Estate, Relocation, Retirement, second home, South Florida Real Estate, Tax deductions, Uncategorized, vacation home by Kim Bregman
Comments Off on Preparing For A Relocation

Approximately 50% of Floridians live in communities governed by homeowners associations (HOAs), sometimes referred to a property owners associations (POAs).  These associations, which govern various aspects of community living, such as property maintenance and shared amenities, can provide numerous benefits but may impose certain restrictions on homeowners.

To make informed decisions while purchasing a home governed by a homeowners association (HOA), prospective buyers must be aware of the rules set forth by the HOA and how those rules interact with local ordinances and state laws.

One advantage of purchasing a property under an HOA is the access to various amenities. Many communities boast shared facilities such as swimming pools, clubhouses, fitness centers, tennis and pickleball, or spas, which may be included in the dues residents pay. Additionally, HOAs often are responsible for maintaining common areas to include, but not limited to, security gates, roads, lighting, sidewalks, landscaping, and exterior building maintenance, ultimately enhancing the overall neighborhood utility and aesthetics. A HOA may also have dispute resolution procedure in place to assist with conflicts between neighbors, management and more.

Living within an HOA-governed community might have certain restrictions related to architectural modifications or pet ownership. Additionally, fees required for upkeep and management could impact affordability depending on individual financial circumstances. Therefore, buyers should consider their desires for autonomy versus communal support while evaluating properties in association-controlled neighborhoods.

After considering the advantages and disadvantages of purchasing a home within an HOA community.  Should you decide that an HOA community is appealing to you, it is essential to go deeper into the specifics of the prospective association.  Thorough examination of the governing documents like covenants, conditions, and restrictions (CC&Rs), bylaws, rules and regulations, financial statements, reserve studies, insurance policies, and any other pertinent documentation will further evaluate if the specific community is where you want to make an investment in a home.

These documents will provide important information on architectural control guidelines, assessment obligations (including special assessments), dispute resolution procedures, rental restrictions, pet policies, parking rules, and maintenance requirements and more.

Here are some of the documents you need to request and review when reviewing an HOA in advance of purchase commitment.

Financials

Annual due and fees, special assessments, fines and fees and other budgeted expenses and necessary information a buyer needs when evaluation their total financial obligation when purchasing a home.  At a minimum a budget, balance sheet and audited financials should be reviewed in advance of finalizing a purchase decision.

Declaration of Covenants, Conditions, and Restrictions (CC&Rs)

This is a legally binding document that is officially recorded for all registered homeowners associations (HOAs)and filed with the State. The CC&R covers the rights and obligations of the HOA to its members and vice-versa.  The goal of the CC&Rs is to protect, preserve, and enhance property values in the community.

Bylaws

The community’s bylaws establish the structure of day-to-day governance of your homeowners association and duties of the Board. This includes things like:

• Frequency of HOA board elections
• Process for nominating and electing new board members
• Number of members that serve at one time
• Length of board member service terms
• Meeting frequency and quorum requirements
• Duties and responsibilities of board members

Rules and Regulations

When you purchase a home in a community governed by an HOA you are agreeing to abide by all rules and regulations specified in the governing documents. Your community’s Rules & Regulations are a catch-all for the things that aren’t covered in the CC&Rs or Bylaws. These are often the rules that might need revising over time due to changes in the community.

Every document can be changed and is done so with Amendments.  Make sure you request all these, as well, for review.

Equipped with this knowledge about what financial membership entails within an HOA community in Florida will enable buyers to make informed decisions regarding if the property is suited to your needs and desires.

Filed under: 2022 Real Estate, 2024 real estate, Blog, Boca Raton real estate, CEBA, contracts, Down Sizing, EBA, Exclusive Buyer Agency, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, HOA, Home Buyer Advice, Home Buyers, Homebuyer Advice, homeowners association, POA, Property Owners Association, Real Estate, Real Estate Investment, real estate news, Relocation, Retirement, second home, South Florida Real Estate, Uncategorized by Kim Bregman
Comments Off on What Perspective Buyers Need To Know About Homeowners Associations

Florida is now America’s fast growing state. According to recent census data, the Sunshine State added over 400,000 additional people between July 2021 to July 2022. It was a growth of 1.9%, bringing the total population to 22,244,823. That makes it faster-growing than Texas, which has the second-largest population in the United States, trailing only California. Florida is a popular destination for retirees, second-home buyers, and investors which is driving up demand for housing.

Florida has consistently maintained one of the highest rates of job growth in the U.S., making it an appealing destination for those seeking employment opportunities and a vibrant lifestyle. This influx of residents contributes to the demand for housing in the state, stimulating the real estate market.

Key Market Indicators:

·      For Sale Inventory: As of December 31, 2023, there are 133,691 properties listed for sale, showcasing a diverse range of options for potential buyers.

·      New Listings: In the same period, 32,615 new listings have entered the market, providing fresh opportunities for those in pursuit of their dream homes.

·      Median Sale to List Ratio: The median sale to list ratio, a key metric indicating market competitiveness, stands at 0.977 as of November 30, 2023.

·      Percent of Sales Over List Price: Notably, 14.5% of sales in November 30, 2023, exceeded the list price, indicating a competitive environment.

·      Percent of Sales Under List Price: On the other hand, 67.9% of sales during the same period were below the list price, providing insights into negotiation dynamics.

Florida’s strong population growth, diverse job market, tourist attractions, affordable property prices, tax benefits, and diversified economy all contribute to making it a hot spot for real estate investment.

Filed under: 2024 real estate, Blog, Boca Raton real estate, Exclusive Buyer Agency, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, International Home Buyers, International investors, Real Estate, Real Estate Investment, real estate news, Real estate trends, second home, South Florida Real Estate, vacation home by Kim Bregman
Comments Off on Florida Is Not Headed For A Housing Crash

Because the builder’s agent’s job is to convince you to buy only their homes at the highest price. Your Exclusive Buyer Agent’s job is to even the odds and negotiate for the lowest price and best terms for YOU!

If you’re building what you buy, you might think, “Why would I need an agent?” However, new construction is a complicated and expensive process. The advantages are many; aside from the obvious ones. The fact that having buyer agent representation is often FREE cannot be repeated often enough. So too, should the misconception that not using a buyer’s agent will save money be constantly repeated – that simply doesn’t happen.

A seasoned agent with experience in new home construction can give you invaluable insight during the process. Whether they’ve done business with those particular builders, or are aware of other comparable communities in the area, they can provide a wider context to your transaction. They might have an existing relationship with your builder, easing any tensions that might arise.

Remember that that site agent represents the builder/developer. Most real estate agents are sub-agents of the Seller or Transactional agent. In neither case do they have a fiduciary responsibility to the Buyer.

The site agent is an employee of the builder and is obligated  to represent the best interests of the builder, not the homebuyer. They are expected to work to secure the builder the best deal.

The further you get into the home shopping process, the more challenging it becomes to bring in an agent. In fact, if you’ve already registered with a community, it might be too late.

Benefits of Using an Exclusive Buyer Agent for New Home Construction:

• Compare and evaluate builders’ reputations and history of their construction quality and service.
• Help you compare and evaluate advantages and disadvantages of new construction homes vs. resale homes.
• Provide information about the community.
• Help buyer with evaluation and selection of a building lot and options. Lot location and certain options have a very real bearing on resale value.
• Help buyer evaluate which options should be done by the developer during construction and which are more affordable to be done by an outside vendor post closing.
• Truly negotiate on behalf of the buyer. Many builders are offering “free” options and upgrades, but some are also making additional price concessions.
• Review the Agreement of Sale (PA) prior to buyer signing. This is not a legal review (only an attorney can do that), but an experienced agent will be able to spot terms and conditions that are atypical and of potential concern to the buyer. The agent may then be able to negotiate terms and conditions that are more favorable to the buyer but still acceptable to the builder. Keep in mind most new construction contracts are written by attorneys that represent the builder and these contracts are therefore heavily weighted in favor of the builder.
• Recommend a real estate attorney for final contract, title commitment and to hold your escrow funds.
• A buyer’s agent serves as an extra set of ears as a witness at court or arbitration– When the builders sales representative is familiar with all rules, features and prices and it’s all new to buyer – it is good to have experienced person on buyer’s side listening with buyer and taking notes, a lot of information is verbalized in short period of time.
• Attend the signing of the Agreement of Sale
• Assist with the buyer’s financing and review financing paperwork. This is especially important if the builder is tying “free” options and upgrades to the use of a builder-affiliated lender.
• Check on the property during construction and keep a photo record at different stages.
• Assist in options selections to optimize budget and maximize resale.
• Be your leverage with the builder as problems arise during construction.
• Keep everything in writing– Sometimes even the very nicest builder makes verbal promises that later become a point of contention. An experienced buyer’s agent is conditioned and trained to “put it in writing” even though at the time it doesn’t seem necessary.
• Arrange for a final inspection with a license building inspector and generate a “punch list” to be completed before final closing.
• Document and help resolve any issues with construction, financing, title, etc. throughout the process.
• Attend a pre-settlement walkthrough with the buyer to make sure that all items are satisfactorily completed or that a proper punch list is established to assure completion after settlement.
• Obtain and review a preliminary HUD-1 settlement statement to be sure it is accurate and advise the buyer of the amount needed for settlement.
• Assist buyer with utilities, security and HOA requirements, decorators, service professionals, schools, et. al.
• Attend settlement with the buyer.
• A buyer’s agent will be there even after the home closes. It is routine for issues to arise during the first year of a new home. Site agents tend to forget a buyer’s name after the contract is signed.
• NO ADDITIONAL COST TO YOU!

Read My Reviews from New Home Construction Clients!

Filed under: Blog, Boca Raton real estate, closing costs, contracts, Down Sizing, Exclusive Buyer Agency, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, home Inspections, Home Maintenance, Homebuyer Advice, International Home Buyers, Jupiter FL Gated Communities, Mortgage Information, new home construction, Real Estate, Real Estate Investment, Relocation, Retirement, second home, South Florida Real Estate, vacation home by Kim Bregman
Comments Off on Why Use an Exclusive Buyer’s Agent for New Home Construction?

If you’ve been house-hunting in recent years, you’ve really been through it. Maybe you were waiting out the market, hoping the rocketing prices would start to flatten. Now, of course, they have — but between 2021 and 2022, mortgage rates have more than doubled, from less than 3 percent to more than 7 percent.

If you are renting and trying to save for a down-payment, the cost of your rental has likely increased as well.

Sellers who are sitting on low mortgage rates are not listing their homes for sale and supply shortages, cost of land, and cost of lending, along with higher labor and building costs have slowed down new construction.

All these factors contribute to a continued shortage of desirable inventory and home prices are staying propped up and not decreasing as one would expect.

Buyers need to adjust their expectations…Every buyer needs to do a gut check on how much house they can afford now. That might seem daunting, but higher mortgage rates don’t have to derail your dream of buying a home. In fact, historically, today’s rates are not considered particularly high.

Review your Budget: When you review your budget, keep in mind that newly built homes typically come with builder and manufacturer warranties and new energy-efficient appliances. Those advantages of a new home can lower your monthly housing costs. That’s especially true if you currently own an older home that needs repairs and has inefficient appliances.

Raise More Cash: Another option to buy a home with a higher rate is to spend more cash up-front. You can use cash to increase your down payment as a percentage of your loan amount, pay for builder upgrades in cash, or buy down your loan’s interest rate. You should work with your lender on the best use of your cash to achieve the lowest ongoing expenses to home ownership.

Evaluate Loan Options: A third strategy is to get a hybrid loan. This type of mortgage has a fixed rate that resets at the end of a specified period and is then fixed or adjustable for the remainder of the term. An example is a 7/1 hybrid adjustable-rate mortgage (ARM). This type of loan has a lower fixed rate for the first seven years. After that, the rate is adjusted annually (that’s the “1” part) for the remainder of the 30-year term.

Hybrid loans can be more affordable since the initial rate is usually lower. But there’s a risk: If you don’t refinance or sell your home before the rate resets, your payment could rise significantly for the rest of the term. If you can’t afford the higher payment, you could lose your home.

Rethink Your Needs and Wants:   Buying a less costly home is another way to cope with higher rates. Less costly doesn’t have to mean a home you don’t like or that doesn’t fit your needs.

Reconsider Your Timing: Interest rates fluctuate, sometimes dramatically, over time. If you postpone buying a home, rates might be lower in the future, making the home you want more affordable. Or they could be higher, putting the home you want further out of reach. Experts are predicting the latter. The question for homebuyers is whether waiting and hoping makes sense. The answer is never as clear as a crystal ball.

Experts recently polled project average 30-year mortgage rates to fall between 5-9.31%in 2023. No one is expecting a move downward in the next 5 years. Several factors could lead to unexpected rate movements in the coming year.

Owning a home has certain benefits that renting doesn’t offer. Renting means no control over future [home price or interest rate] increases, no accumulation of equity through price appreciation, no tax deduction for property taxes and mortgage interest if you itemize your deductions, and no benefit for improvements you make to the property. Waiting to buy while you hope rates move lower means forgoing those benefits.

The lost opportunity of not buying due to a fear of higher rates far outweighs the benefits of homeownership. It’s best to take advantage of what the rates are today and build equity sooner rather than later.

Filed under: 2022 Real Estate, Blog, Boca Raton real estate, cash out refinance, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, International Home Buyers, International investors, Mortgage Information, peer to peer lending, private money lender, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, Refinancing, Relocation, Retirement, second home, Self Directed IRA, Seller Financing, South Florida Real Estate by Kim Bregman
Comments Off on Planning for 2023 As Mortgage Rates Rise

Filed under: 2022 Real Estate, Blog, Boca Raton real estate, downtown boca raton, Exclusive Buyer Agency, Exclusive Buyer Agent, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Homebuyer Advice, Homeowners Insurance, International Home Buyers, International investors, Jupiter FL Gated Communities, Real Estate, Real Estate Investment, real estate news, Real estate trends, second home, short term rentals, South Florida Real Estate, vacation home by Kim Bregman
Comments Off on Short-Term Rentals As Investments

• Private money lenders
• Seller financing
• Peer-to-peer lending
• Hard Money Loans
• Personal Loans

Filed under: Blog, Boca Raton real estate, cash out refinance, contracts, Down Sizing, Exclusive Buyer Agency, First Time Homebuyers, Florida Real Estate, Foreign Home Buyers, HELOC, home equity, Home Financing, Homebuyer Advice, House Closings, International Home Buyers, International investors, Mortgage Information, peer to peer lending, private money lender, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, Refinancing, Retirement, Reverse Mortgage, second home, Self Directed IRA, Seller Financing, South Florida Real Estate, vacation home by Kim Bregman
Comments Off on Using Home Equity To Buy  Another Property