Real Estate

A backyard pool is a luxurious retreat that can enhance or hinder a home’s
attractiveness to buyers. Learn how swimming pools affect property values

A backyard pool is a luxurious retreat that can enhance or hinder a home’s
attractiveness to buyers. Learn how swimming pools affect property values.

Are you thinking about making a move? If so, now may be the perfect time to
start the process. That’s because experts say the best week to list your
house is just around the corner.

Florida’s scorching real estate markets raise the bar for home sellers.
Spending a fortune on extravagant upgrades is ill-advised because you’re
unlikely to recoup 100% of your expenses. What you must do is make your
house presentable enough to grab the attention of buyers with plenty of
tantalizing property options to choose from.

In real estate, a good first impression is key. If the outside of a house
looks welcoming, more people will want to come in and see it.

* Your agent helps you by giving advice on what you may want to
prioritize, finding easy fixes that make a big difference, knowing
what buyers in your area like, and showing off your updates in your
listing.

* Let’s connect so you have expert advice on what’ll have the biggest
impact in our area. 

One of the biggest hurdles buyers have faced over the past few years has
been a lack of homes available for sale. But that’s starting to change.

Accessory dwelling units (ADUs) and home additions are smart strategies to enhance your property’s value and appeal. They create a versatile space that can serve as a rental unit, guest house or extended living area, and boost your home’s market value and attractiveness to buyers. Home additions — whether expanding living space or adding new rooms — tailor your property to your needs and make it stand out in the competitive real estate market. However, how long does it take to build one?Preliminary PlanningClarifying your project’s scope is crucial. Determining whether your goal is to create a rental income source with an ADU or to expand your living space with a home addition will guide your planning, design, and budgeting phases.This initial step ensures your project aligns with your long-term desires. In 2022, 10% of renovations in the U.S. were home additions, underscoring the popularity of expanding to meet evolving homeowner needs.Researching local regulations and obtaining the necessary permits is essential to the process. Zoning laws, building codes and permit requirements can significantly impact your project from design to completion.Remember — the time it takes to navigate this stage can vary widely depending on your location. In some areas, you might secure permits in weeks, while it could take months in others. Starting this research early and planning accordingly will help you set realistic timelines and avoid potential setbacks.Design and PermitsWorking with architects or designers is pivotal in turning your vision for a home addition or an ADU into a tangible plan. This collaboration begins with sharing your ideas and requirements, allowing the professionals to draft initial designs.Be prepared for a process requiring several iterations, as your feedback leads to revisions. The complexity of your project and the number of design drafts can significantly influence the time frame for finalizing plans.Navigating the permit process is another crucial phase, with waiting times that can vary significantly across different municipalities. Some areas process your application within weeks, while others could take several months. Florida jurisdictions may reduce permit fees by up to 75% if you retain a private provider for building inspection services, potentially offering substantial savings. Contractors or building companies experienced in local building requirements often understand the ins and outs of the process in your area, which can help secure permits more efficiently.In addition, you must obtain permission for other projects, such as installing a pool or deck, and updating the electrical system or plumbing. Ensure your plans are complete and comply with local codes before submission to streamline this step.Construction TimelinesThe construction phase starts with vital initial steps such as site preparation and foundation work. During site preparation, workers clear, level and prepare the area for construction. Then, they start with foundation work, which involves excavating, setting footers, and pouring concrete to support your ADU or home addition.This foundational stage typically spans several days, depending on the project’s scale and site conditions. It’s essential to account for this time frame in your overall project planning, as a solid foundation is critical for the durability and safety of your new structure.As the foundation sets, construction moves to framing, roofing and interior finishes. Framing gives your addition its shape and structure. Meanwhile, roofing protects it from the elements, and interior finishes transform it into a livable space.The construction of the addition can vary in time, usually taking several months to complete. While a typical project might progress smoothly within expected time frames, it’s wise to anticipate potential delays due to weather, materials shortages or labor availability.The final phase includes a thorough inspection to ensure everything meets local building codes and standards, followed by necessary adjustments. This last step is crucial and can take additional weeks. It underscores the importance of building in extra time into your project timeline for these final touches.Factors Affecting Timelines and How to Manage ThemWeather is significant in construction schedules, particularly for external work such as framing, roofing and foundation setting. For instance, rain, snow or extreme temperatures can halt work, extending the timeline of your project. These delays are inconvenient and can impact other scheduled tasks, pushing your completion date further.To mitigate weather-related risks, planning your construction during your area’s most stable weather periods is wise. However, always prepare for unexpected changes by incorporating buffer times into your schedule.Material delays and labor shortages are other critical factors that can extend your project. The current market experiences many fluctuations, leading to unforeseen delays in material delivery and a need for more skilled labor. Financial preparation for material and cost escalation can prevent unnecessary spending and ensure your project continues progressing despite rising prices.Partnering with reputable contractors with established supply chains and workforce can also help mitigate these risks. Since more complex or larger projects naturally take longer, setting realistic expectations is crucial. Understanding the potential for delays and budgeting your schedule and finances accordingly guarantees a smoother construction process.Planning for SuccessWhen planning your ADU or home addition project, embracing flexibility is crucial. Incorporate buffer periods to manage unexpected delays gracefully. Clear communication with architects, contractors and local authorities is paramount. For example, keeping your sentences below 25 words promotes straightforward, effective exchanges that help keep your project on track.This approach aids in maintaining timelines and in navigating the financial aspects of your project. In addition, budgeting for unforeseen delays or costs prepares you for any scenario. It reduces stress, which allows for a smoother project flow.Maximizing Property Value with ADUs and Home AdditionsConstructing an ADU or home addition can significantly enhance your property’s value, offering appealing benefits for sellers and buyers. Approach these projects with patience, flexibility, and thorough planning to guarantee the best outcomes and maximize the return on your investment. While the timeline of a build varies by design, home and construction crew, this basic schedule provides a rough estimate of when your new space should be complete.

3% Commission to the Agent and over 10K in upgrades for the buyer.

In today’s housing market, more and more single women are becoming
homeowners. According to data from the National Association of Realtors
(NAR), 19% of all homebuyers are single women, while only 10% are single
men.

Buying a home is exciting, especially if this is your first time. However, knowing how much house you can realistically afford before dreaming of a new place is crucial. You might only consider the price tag, but a home purchase involves more than that. Understanding the various costs helps you make the right decision and ensures your property becomes a wise investment. Understanding Home AffordabilityUnderstanding home affordability is your first step in the quest to find a home. This involves more than asking yourself if you can pay the mortgage — you must also look at your financials. This way, you can enjoy your new home without stretching your budget too thin.What Does Home Affordability Mean?Home affordability is about balancing your dream home’s cost with your financial health. It ensures your monthly house payments are manageable based on income and debts. This helps you maintain a comfortable lifestyle while enjoying your new place.Income vs. DebtThe relationship between your income and debt is key in determining what you can afford. Lenders evaluate this through your debt-to-income (DTI) ratio, a percentage of your gross monthly income used to pay off debts. A healthy number signifies to lenders that you can manage a mortgage comfortably on top of your obligations.The 28/36 Rule and New RecommendationsThe 28/36 rule is a traditional rule of thumb for assessing affordability. This guideline suggests that up to 28% of your gross monthly income should be dedicated to housing expenses and no more than 36% to total debt service.However, a recent report from ATTOM highlights a more conservative approach, especially for average wage earners looking at median-priced single-family homes. Because house prices are rising, ATTOM recommends a maximum DTI of 28%, assuming a 20% down payment. Prices and wages can differ greatly from one area to another in Florida, so adhering to this guideline ensures homeownership does not cause financial strain.Key Factors Influencing Home AffordabilitySeveral key factors influence how much house you can afford:Home price: The starting point in your home affordability calculation is the price of the residence. While the median listing price for a house in the U.S. is around $300,000, remember that the market can vary greatly in different areas.Interest rates: Your mortgage interest rate will impact your monthly payments and the total amount you’ll pay over the life of the loan. Lower rates make homes more affordable by reducing the cost of borrowing.Realtor costs: Buying or selling a home usually involves Realtor fees, which are typically a percentage of the home’s sale price. These costs can affect the total amount you’ll spend in the homebuying process.Home inspection and closing: A home inspection is essential before finalizing your purchase to identify any issues with the property. Closing costs also add to your total expenditure, including loan origination fees, title insurance and more. It’s particularly important in Florida to consider the costs of hurricane damage and flooding inspections.Property taxes and home insurance: Property taxes vary by location and can affect monthly housing costs. Home insurance is also a must and can add to monthly expenses.Wages and credit score: Your income and credit score are critical in determining how much you can borrow and at what interest rate. Higher wages and a better credit score can lead to more favorable loan terms, making your house more affordable.How to Calculate How Much House You Can AffordMake it easy to calculate how much house you can afford by following a few simple steps:1. Do a Quick CalculationYou can quickly calculate how much house you can afford using the 28/36 rule. To get a rough estimate, calculate your monthly income by adding up your annual income before taxes and dividing by 12. Then, apply the 28% rule by multiplying your monthly income by 0.28.This figure gives you an expectation of the monthly mortgage payment you can afford. For example, say you make $5,000 per month. Multiply $5,000 by 0.28 and you get $1,400. With this monthly budget for your mortgage, you can consider the total loan amount to which this monthly payment may correspond.2. Check Your Credit ScoreAfter you’ve estimated what you can afford, the next step is to check if your credit score is good enough to qualify for a mortgage loan. A higher number indicates to lenders that you’re a lower-risk borrower, which can lead to more favorable loan conditions. The magic number is 740 or above for receiving the lowest interest rates. While securing a mortgage with a lower score is possible, you may face higher interest rates, resulting in more expensive monthly payments.Check your credit score by getting a free report each year from major credit reporting agencies like Experian, Equifax and TransUnion. You can review these reports at Annual Credit Report.com for a comprehensive look at your history and score.3. Gather Your Financial InformationIt’s important to have all your financial information at hand before approaching mortgage lenders. This includes your monthly household income, details of existing debts, and an overview of your savings and investments. Having a clear understanding of your finances streamlines the mortgage application process while accurately determining how much you can afford to pay.4. Determine Your Debt-to-Income RatioAfter gathering your financial details, determine your DTI. Lenders use this metric to evaluate your ability to manage monthly payments and repay debts. Maintaining a DTI ratio within acceptable limits is essential for securing a mortgage that aligns with your financial goals and capabilities.5. Calculate Your Home AffordabilityOnce you have a clear picture of your financial situation, you can calculate how much house you can afford. This step involves synthesizing the information you’ve gathered so far. The goal is to pinpoint your price range while keeping your finances in check.To calculate your home affordability, consider factors such as a 3%-20% down payment, interest rate, loan term, taxes and insurance. Using online mortgage calculators can simplify this process. Inputting your financial details can give you a detailed estimate of how much house you can afford. Tools like these consider current interest rates, your down payment and other critical variables to provide a picture of total affordability.Setting the Stage for Homeownership SuccessAs you look forward to finding your dream house, remember that preparation is key. Carefully assessing your finances and understanding the full scope of home affordability will set you up for a stress-free homebuying experience. With the right tools and knowledge, you’ll be ready to make informed decisions that align with your financial well-being and homeownership goals.